Business of Formula One 2023 – Property Profile, Sponsorship and Media Landscape
Business of Formula One Report Overview
The annual sponsorship revenue from Formula One in the 2023 season is estimated to be $360.5 million. The racing series boasts a portfolio of 20 main brand partners including a major new deal with Qatar Airways which replaces Emirates as the competition’s official airline partner.
The Formula One 2023 season is set to feature six sprint races in 2023 with the aforementioned Las Vegas event set only to be the fourth ever F 1 race held on a Saturday Taking place at night, the event should offer a prime time viewing platform for the local market as it looks to kick off its maiden event in Nevada in style, whilst also aiding the accessibility for fans in other markets with the time difference. Furthermore, another evolutionary change added to the F1 in 2023 is surrounding the launch of an all-female development category academy aimed at preparing young female drivers in the sport.
The Business of Formula One report offers a clear and in-depth look at the key commercial entities linked to the teams, drivers, and the competition itself, including social media, TV figures, and key sponsorship deals. In addition, the report covers key breakdowns made throughout each section for a crisp understanding and analysis of the sports ecosystem.
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Business of Formula One – Broadcasters
The key broadcasting partners of Formula One are SuperSport, AzTV, Bandeirantes, ESPN, Fox Sports, Viaplay, Sport TV, SportKlub, Coupang Play, DAZN, S Sport, Sky, BeIN Sports, Sky Italia, Canal+, and RTBF; Telenet & Play Sports among others. Formula One’s media landscape has changed significantly over the past decade, with its most recent changing landscape coming after the Formula One Group was sold to Liberty Media in 2017 with media rights now believed to represent the second biggest source of revenue in F 1 behind only venue hosting fee’s. One of the best media-based decisions made in F1 in recent years has been its decision to partner with Netflix for the ‘Drive to Survive’ series. The series has been a big success and has really seen F 1 look to engage with market trends, with streaming services such as Netflix becoming increasingly popular over the past decade. The series follows the drivers across the entire season and goes behind the scenes at important race meets as fans are offered unseen footage and a deeper understanding into how F 1 operates. Over the past 12 months Formula One has signed some major deals in a number of key markets which has seen the series look to continue its pursuit of maximizing its broadcasting revenue by signing with pay tv markets.
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Business of Formula One – Sponsors
The key brand sponsors in Formula One are Heineken, Qatar Airways, Saudi Aramco, Rolex, MSC, Salesforce, DHL, Crypto.com, Lenovo, Pirelli, BBS Motorsport, AWS, Workday, Cyderes, Ferrari Trento, Tata Communications, Liqui Moly, 188Bet, Alpha Tauri, and Patron Tequila among others. Dutch beer brand Heineken are the biggest spenders in the sport and for this they unrivalled visibility across the championship, including the title naming rights at multiple Grand Prix events and significant pouring rights at different venues The next two biggest brand spenders in the sport are both based in the Middle East and is represent the kind of effort and attention made by brands from this region to foray into the global sports more widely. Both are relatively new sponsors in the world of Formula One, with Qatar Airways only coming on board as the airline partner this season, replacing Emirates Brands from the region are continuing to spend big to partner with the biggest sports competitions and properties as a means of growing the national reputation and building it global economy.
Business of Formula One Analysis, by Sponsors 2023 (%)
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Business of Formula One Market Overview
| Annual Sponsorship Revenue | $360.5 million |
| Key Broadcasters | SuperSport, AzTV, Bandeirantes, ESPN, Fox Sports, Viaplay, Sport TV, SportKlub, Coupang Play, DAZN, S Sport, Sky, BeIN Sports, Sky Italia, Canal+, and RTBF; Telenet & Play Sports |
| Top Sponsors | Heineken, Qatar Airways, Saudi Aramco, Rolex, MSC, Salesforce, DHL, Crypto.com, Lenovo, Pirelli, BBS Motorsport, AWS, Workday, Cyderes, Ferrari Trento, Tata Communications, Liqui Moly, 188Bet, Alpha Tauri, and Patron Tequila |
Scope
The report is has been produced to offer expert insight and analysis around one of the most growing popular sports competitions around the world, with a particular focus on the sponsorship and media revenue generated for the 2023 season. The team also breaks down the main commercial deals around each of the ten competing teams as well as the 20 drivers which compete for the world championship title. The reports offers a comprehensive overview of the championship which is well regarded as the pinnacle of motor racing.
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The annual sponsorship revenue from Formula One is estimated to be $360.5 million for the 2023 season.
The key broadcasting partners of Formula One are SuperSport, AzTV, Bandeirantes, ESPN, Fox Sports, Viaplay, Sport TV, SportKlub, Coupang Play, DAZN, S Sport, Sky, BeIN Sports, Sky Italia, Canal+, and RTBF; Telenet & Play Sports.
The key sponsors in Formula One are Heineken, Qatar Airways, Saudi Aramco, Rolex, MSC, Salesforce, DHL, Crypto.com, Lenovo, Pirelli, BBS Motorsport, AWS, Workday, Cyderes, Ferrari Trento, Tata Communications, Liqui Moly, 188Bet, Alpha Tauri, and Patron Tequila.
Heineken retains its position as the most active sponsor in Formula One, followed by Qatar Airways and Saudi Aramco.
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