Formula One: Mercedes announces a WHOPPING turnover for 2023 season
F1: Mercedes team announces a whopping turnover for 2023
The Mercedes F1 team hasannounced a staggering $680.7 millionturnover for the year 2023, showcasing a whopping increase of $89.56 million from the previous year. With this, the Lewis Hamilton-starrer team has created history by becoming the first-ever F1 team in history to surpass the £500 million ($622mn) mark. The revelation, made by Mercedes-Benz Grand Prix Ltd -- owner of the team -- comes at a time when the team's performance has been below-par throughout the season.
Notably, despite the increase in turnover, Mercedes' generated profit was 6.57 per cent less when compared to 2022. Two years back, the F1 team had churned out $11.17 million in profit, compared to $10.4 million in 2023
The Mercedes report read, "The team’s share of television coverage showed a small decline to 14.7% for 2023, reflecting the lower number of podium finishes the team enjoyed versus 2022."
"The cumulative Advertising Value Equivalent (AVE) remained strong for commercial partners and shareholders, at $5.3 billion. The team continued to grow strongly on social media, with a cumulative followership of 36 million (+15%) and a total of 465 million engagements (+9%)."
Mercedes alsopointed out the various factors leading to this favourable turnover. The cast cap, regulated by the FIA, had a positive bearing on the team's spending coupled with the increase in the staff working -- from 1,114 to 1,289 -- also made a significant difference. In addition, the team revealed in its statement that the television coverage had gone down due to the smaller number of podiums they managed throughout the F1 season, but grew positively on social media platforms.
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At present, Mercedes has not had the best of starts to the ongoing season, despite a modified design. They are currently occupying the fourth position in the championship.
Meanwhile, Mercedes is also gearing up for Hamilton's farewell as the veteran driver is set to join Ferrari in the 2025 season.