Liberty Media has released its fourth quarter and yearly results showing a more than USD $400 million uptick in revenue for Formula 1 Group.

That figure marks a 20 percent increase on the $2.136 billion it released for 2021 as the sport rebounded from the COVID-hit 2020 campaign.

Of the $2.573b, teams received $1.157b while its total costs came in at a total of $1.75b.

That’s despite a weaker final quarter in comparison to the year prior, when Formula 1 had a total revenue was $787 million versus $754 million in 2022.

All told it makes for an adjusted OIBDA of $593 million for the year, and a total operating income of $239 million.

That equates to a 160 percent increase on the $92 million the year prior.

“Formula 1 saw record attendance at its races in 2022 and we were once again the fastest growing major sport on social media,” said Formula 1 president and CEO Stefano Domenicali.

“We are continuing to build fan engagement through our high-quality broadcast, enhanced content on F1 TV, social channels and new immersive experiences including the F1 Arcade and F1 Exhibition products.

“F1’s global relevance and sustainability efforts are enticing the entry of premier OEMs including Audi and Ford in 2026, and we are confident they will bring significant value to our sport.

“We look forward to a record 23 race calendar this year including, in particular, the inaugural Las Vegas Grand Prix.”

Formula 1 derives its income from three primary streams; race promotion (28.6 percent), media rights (36.4 percent), and sponsorship fees (16.9 percent).

The sport reported growth across all three streams, though noted the decrease in the fourth quarter which it attributed to lower race promotion and media rights revenues due to the fact only six races were held in the period, versus seven in 2021.

It also reasons a different mix of events in the period meant that earnings were lower.

An increase in freight costs was cited while $19 million was shelled out for costs associated with the planning and launch of the Las Vegas Grand Prix.