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Following an exciting race in China, the 2024 Formula One season is preparing for its sixth race, the Miami Grand Prix, scheduled to take place at the Miami International Autodrome.

The event has witnessed a significant increase in the number of fans and audience, growing from around 40,000 in 2022 to 2023.

Considering this, officials in Miami and organizers have planned to expand the grandstand due to the rising audience numbers.

The increase in audience numbers may lead to an increase in ticket prices for the Miami Grand Prix to recover from the expenses incurred in developing the circuit.

Here’s a piece we recommend for you to learn more about ticket prices in detail.

Read more:Best F1 Miami Grand Prix Seats: Tickets, Price and Everything You Need To Know

Let’s take a look on, How much revenue was generated during the 2022 and 2023 seasons when F1 took place in Miami?

F1 Miami Grand Prix Revenue For the Previous Year

A recent press release revealed that a report conducted by Applied Analysis found that both the 2022 and 2023 Miami Grand Prix events brought in an estimated $798 million to the state of Florida.

An independently commissioned economic report also highlighted that the local economy gained $449 million from the 2023 race, representing a 29% increase from 2022.

This brings the total impact over the race’s first two years to $798 million.

Additionally, visitor spending in the Greater Miami region during race week exceeded $195 million.

Also read:F1 Miami Grand Prix Predictions: 5 Formula 1 Teams To Look Out For

Furthermore, total attendance rose by nearly 15% in 2023, showcasing Miami’s status as a destination race on the calendar.

The event also unveiled that it generates greater employment opportunities, with salaries and wages reaching around $150 million, marking a 41% increase from the first race.

The construction of a new permanent Paddock Club building also led to a 60% increase in construction-related economic activity, with an impact of $230 million on the Greater Miami region in the months leading up to May’s event.

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Gaurang is a writer at the SportsOrbit covering articles related to F1,Gaurang was 14 when he cared more about playing football than studying. But when COVID hit and he had to stay home, he discovered Formula 1. It immediately caught his interest. Since then, he's been really into Formula 1, watching every race and learning all about it. He still loves football, but now he's also a big fan of Formula 1, especially Lewis Hamilton. Even though he loves racing, he still looks up to Cristiano Ronaldo as his idol.