Mercedes, the numbers add up
There Mercedes he no longer wins on the track but he can smile with the math. Mercedes-Benz Grand Prix Ltd, the company that manages the F1 team, has in fact declared a turnover of £546.5 millionalmost 72 more than those declared at the end of 2022. Profits, however, fell slightly: from 89.7 million in 2022 Mercedes went to 83.8 million pounds, above all due to the higher costs (for example, those to develop the car went from 41 million to 52.2 million, but the average staff, from 1114 to 1289, which produced an increase in the cost of salaries of 29.6 million).
The data (freely available from the annual report) state how Mercedes has a turnover of 161 million more than Red Bull Technology, the company that manages the world champion F1 team (385.6 million in 2023). The record turnover, confirms Mercedes, depends first and foremost on greater commercial revenue through sponsors: thanks to these numbers, Mercedes is the first F1 team to exceed half a billion pounds in turnover.
In the same document, Mercedes specifies how “the team's share of television coverage saw a small decline to 14.7% for 2023, reflecting the team's fewer podium finishes compared to 2022. Cumulative Advertising Value Equivalent (AVE) remained strong for business partners and shareholders, with 5.3 billion dollars. The team continued to grow strongly on social media, with a cumulative follower count of 36 million (+15%) and total engagements of 465 million (+9%)“.
“Throughout 2023, the team has welcomed seven new commercial partners and introduced a world-class hospitality offering at the Las Vegas Grands Prix, to meet the increased demand for VIP race attendance as F1 continues to grow globally. In July, Forbes estimated the team's value at $3.8 billion“.
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