Formula 1 has enjoyed a further increase in its revenues over the first quarter of this year.

Despite only two grands prix figuring on the latest accounts provided by parent company, Liberty Media Corporation, figures show a US$21million jump in total F1 revenue compared to the same period last year, rising from US$360m to US$381m.

Primary F1 revenue, which includes race promotion revenue, media rights fees, and sponsorship fees, has risen from nine percent from US$287m to US$314m.

Media rights revenue increased due to continued growth in F1 TV subscriptions and increased fees under new and renewed contractual agreements.

The growth in race promotion was due to contractual increases in fees, whilst sponsorship revenue increased due to the addition of new sponsors and the growth in revenue from existing sponsors.

One offset is an increase in team payments against the first quarter of 2022, rising from US$100m to US$112m due to the pro rata recognition of increased payments across the race season.

There were also approximately US$6m of costs associated with the planning of the Las Vegas Grand Prix which includes selling, general and administrative expenses over the first quarter of this year.

F1 president and CEO Stefano Domenicali said: “The power of our platform continues to draw interest from commercial partners, with a number of new and expanded sponsors already announced season-to-date.

“We hope to continue to leverage F1 brands to drive innovation and commercial success for the sporting and entertainment worlds.

“It is an exciting time for Formula 1 on the track and in the commercial operation.”

Domenicali confirmed that global TV audiences exceeded 70 million viewers for the first two races of this season, with significant increases in key markets across Europe and North America.

Across the sport’s digital channels, F1 reached 62.9m social media followers, an increase of 31 percent compared to the same quarter last.