Liberty Media has published Formula 1 financial results for the third quarter of 2020. Revenue decreased by $ 36 million compared to the same period last year – from $ 633 million to $ 597 million.
Even more significant were the net losses of the championship. If in the third quarter of 2019 Formula 1 managed to earn $ 44 million, then in the third quarter of 2020 the losses amounted to $ 104 million. The losses are partly due to a decrease in revenue from the sale of tickets for races.
“Most of the decline in Formula 1 revenue is due to a reduction in payments from stage promoters due to the fact that fans were denied access to the stands at all stages in the third quarter, but one,” said in a statement Liberty Media. – Revenues from TV broadcasts, advertising and sponsorship were lower than initially estimated.
The change in the season calendar has led to a decrease in TV revenues in accordance with contracts with certain broadcasters and with the revision of contracts for this year. ”