Motor racing’s top-tier Formula 1 (F1) series secured third-quarter (Q3) growth – year-on-year (YoY) – of 24% in the three months to September 30, 2023.

The series’ income rose from $715 million for the equivalent period in 2022 to $887 million this year, financial results unveiled by its owning company Liberty Media have shown.

Meanwhile, operating revenue rose by 61% YoY, to $132 million for Q3.

Between them, the 10 F1 teams shared payments of $432 million during Q3, up from $370 million for the same period in 2022.

This year, eight races took place during the three months in question – with substantial hosting fees having been secured from the Singapore and Japanese Grands Prix in particular.

In Q3 2022, meanwhile, only seven were held.

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Primary F1 revenue in Q3 came to $790 million, up from $624 million last year.

While securing higher income through hosting more races than in Q3 2022, costs for Liberty also rose, for the same reason.

Stefano Domenicali, the series’ chief executive, said: "F1 continues to experience sell-out crowds, record race attendance, and strong growth across our social and digital platforms, outpacing that of other major sports leagues.

"This growth is attracting commercial partners, including our recent agreement with American Express that marks the first new sports vertical it has sponsored in over a decade.”

Meanwhile, Liberty Media chief executive Greg Maffei said that the inaugural F1 race in Las Vegas, scheduled for November 19, “will be the highest attended sporting event drawing the biggest viewing audience in Vegas history.” 

He added: “This event will deliver a spectacular fan experience and is accruing long-lasting commercial benefits for the broader F1 ecosystem."

In its unveiling of the results, Liberty said that the cost rise was due to “higher hospitality costs driven by cost inflation and the mix of events held in the current period, as well as increased freight costs due to two additional races outside of Europe [Singapore and Japan].”

The corporation added that in terms of planning the Las Vegas event, there were “$8 million costs associated.”

In total, Liberty Media's revenue during Q3 came to $3.2 billion.

In the last few months, F1 has struck several major commercial deals, including the multi-year regional partnership with American Express, as well as a renewal of Pirelli as the series’ global tire partner.

Last week, meanwhile, the competition’s owners extended a deal to race in Sao Paulo, Brazil, until 2030.

The extension will see the Sao Paulo Grand Prix at the Interlagos circuit remain on the 24-race F1 calendar for an additional five years.

The extension was announced before this year’s Sao Paulo Grand Prix, which took place yesterday (November 5) and was on by Red Bull’s Max Verstappen.

F1 also recently extended its contract with the Belgian Grand Prix at the Spa-Francorchamps racing circuit until at least 2025.