Over 75 million people will tune in to watch this weekend’s Mexican Grand Prix, which is tipped to be a win for viewers, advertizers and sponsors. The race is predicted to bring a much-needed cash injection into the Mexican economy. The three-day event will generate 8,120 jobs and is hoped to provide an $800 million boost to Mexico’s tourism industry.
According to AECOM and Formula Money, the 2023 Mexican Grand Prix generated an economic impact of 15,096 million Mexican pesos (US $757 million).
This year’s sold-out event, starting Friday and ending Sunday, will be held at Autódromo Hermanos Rodríguez. The 110,000-capacity venue has been host to the event since 2015, when the Mexico City circuit returned after a 21-year hiatus. According to a University of Michigan study, During the Grand Prix weekend in Mexico City this weekend, visitors will spend an average of about $1730 per person on goods and services unrelated to Formula One.
F1, the world’s most expensive sport, had a 2023 annual revenue of $3.2 billion, which was a 25% increase from the previous year. F1 teams are now valued at $1.8 billion, up from $500 million in 2019. The most valuable team, Ferrari, is worth $4 billion. Mercedes is valued at $3.8 billion and Red Bull at $2.6 billion.
The F1 season, which usually runs from March to November, hosts twenty-two annual races in twenty countries spanning five continents. It’s global prevalence and value has risen significantly since Liberty Media Corporation’s acquisition in 2017. In the post-pandemic era, the company has become more popular due to the Netflix docuseries “Formula 1: Drive to Survive”. The series has seen the sport reach newer, younger audiences and seen the brand’s value increase.
This weekend’s race in Mexico will see fans spend up to $10,000 on tickets alone. Considering the cost of living pressure, F1 has seen no reduction in investment from its dedicated fans who are watching due to the brand and the celebrities, not just the race.
Ahead of the 2024 Mexican Grand Prix, Max Verstappen leads F1 standings with 354 points, followed by Lando Norris and Charles Leclerc.
By CEO NA Editorial Staff
