Female fans will fuel Formula One in 2023
Liberty Media bought Formula One Group for $8 billion in 2017. The operating income was $40 million in the quarter ending September 2022. More races would boost sales from sponsorship, tickets and broadcasts. Netflix's docuseries "Drive to Survive" has been effective in reaching new fans. Around 40% of F1 fans are now female. Women's sports are going nowhere but up. F 1 hasn't welcomed a lady to the grid since Maria Grazia “Lella” Lombardi, who raced in 1970s.
Formula 1 will launch the F1 Academy in 2023 to prepare young female drivers for higher levels of competition. Formula 1 Group's operating income fell by 6% to $64 million in the quarter ending September 2022. Revenue grew 7% in same period to $715 million. Netflix docuseries "Drive to Survive" was most-watched show in 33 countries.
