Total ticket sales for Formula One recorded a 6% increase in 2015, according to recent investigations undertaken in the Formula Money Grand Prix Attendance Report, the first study of its kind to monitor ticket and attendance data. Revenue soared from $606.4m in 2014, to $644.7m last year, which is great news for the sport and event organisers, who receive the income from ticket sales.
The report, which studied the highest and lowest ticket prices and attendance for every day of every F1 grand prix over the past decade, also revealed a few surprise statistics. Findings showed that F1’s total ticket revenue has increased by a substantial 35% over the last ten years, rising from $478.1 million since 2006, giving F1 a total combined ticket revenue of $6.2 billion over that period.
The report, put together by experts at Formula Money, the organisation behind the study, evaluates the key trends that have affected grand prix attendance during the last decade, making it a prized source for not only existing grand prix hosts, but also those thinking of testing the waters in the F1 arena, as well as other F1 stakeholders.
Every race from 2006 to 2015 was evaluated during this comprehensive study, and research shows that total receipts have risen by an average of 4.2% year on year. That increase has occurred despite competition from other leisure events and pastimes set on luring the public their way, as well as the knock on effect of the 2008 recession. Analysis of the highest and lowest ticket prices were used to procure this information.
The data also confirmed that the aggregate attendance at F1 races has improved since 2009, when the global economic downturn affected public spending dramatically and numbers dropped to 2.9 million. The addition of new races and increasing popularity in the existing ones has helped bring about that turnaround.
The British Grand Prix at Silverstone has played a big part in the soaring figures, recording the highest ever combined race day attendance in the last ten years, with as many as 1.12 million members of the public enjoying the event during that time. No doubt the success of British drivers Jenson Button (2009 F1 world champion) and Lewis Hamilton (2008, 2014 and 2015 F1 world champion) will have played a part in that, but it also confirms the popularity of this iconic event has never waned. The Australian Grand Prix held in Albert Park, Melbourne, was just behind the UK event with a cumulative attendance of 1.06 million.
Until now it has not been possible to get hold of such a complete and comprehensive set of data, as each F1 race is operated independently, with organisers keeping tabs on their own figures, but the results will make many in the business extremely happy, and further studies of this kind will no doubt be welcomed.
With revenues on the up, it makes F1 an increasingly attractive proposition to new venues throughout the globe, giving the sport a chance to grow in new and different locations. The Mexican Grand Prix made a comeback to the F1 calendar in 2015 after a break of 23 years, and was immediately the most popular race of 2015, recording total attendance figures of 335,850, which aided the increase in total race attendance for the year to 3.5 million.
This year saw the debut of the European Grand Prix in Baku, situated at the heart of the capital city of Azerbaijan, seeing a record 21 races on this year’s calendar. With F1 Chief Bernie Ecclestone continually looking to add further destinations to the card, the continuing growth in the sport’s popularity revealed in the attendance report, should make that a relatively easy prospect for the 85-year-old.