Last year, the Formula 1 Grand Prix in Miami resulted in a significant economic boost for the city, generating around $350 million dollars in new spending alone, according to data collected by Applied Analysis. Race fans spent an average of $1,940 per person during the event, double the amount spent by a typical tourist in Miami, as reported by Front Office Sports.
But this figure, which is quite responsible, leaves many unmeasured revenues and clearly has been surpassed by a wide margin in 2023. The impressive logistics of the race allow city vendors to receive unprecedented income. In addition to hotels, gastronomy, and tourism, the city receives a huge injection of advertising and F1 sponsor activations throughout the perimeter of Miami. If you take a close look at Miami today, companies like Heineken, Jack Daniel's, Red Bull, Michelob Beer, Ray-Ban, and hundreds of brands have made a massive investment, generating job opportunities, improving local businesses, and driving significant sales in the city, as caused by O.O.H (out-of-home advertising on billboards and all types of public spaces). Companies like Outfront have made an impeccable impact with their development and brand deployment in the city, attracting a new economy to Miami.
"It's evident how the event comes to life in the city," said Charles Khabouth, CEO and founder of INK Entertainment, owner, and operator of several restaurants in Miami. "I have firsthand experienced the great impact that international events like this have on the local economy, with an influx of tourists and increased foot traffic for local businesses. The appeal of Formula 1 is undeniable."
During the 2023 Formula 1 Crypto.com Miami Grand Prix, ticket prices on the official race website started at $880 for three-day passes and went over $5,000 per person for three-day grandstand seats that included access to the track during qualifying rounds. However, the majority of tickets requested this year were in the $1,400 range. These prices make the Miami Formula 1 Grand Prix the second most expensive race on the F1 calendar, surpassing even the Singapore Grand Prix, which offered a $70,000 bottle service in some clubs during last year's race weekend.
While the official figures of 250,000 visitors in 2022 seem close to those of 2023, where the strictly reported number is 275,000 people, it is already being revised, and everything indicates that it is closer to 290,000. Clearly, the most striking aspect of this event is the enormous number of people who work logistically on-site, accompanying the experiences of corporate contingents, tour packages, and experiences within the Hard Rock Stadium. But the reality is that in 2023, everything was exponentially enhanced, from the fan sector to the thousands of experiences inside and outside the fabulous Hard Rock Stadium.
Additional accommodations organized by Formula 1 at the Fontainebleau Miami Beach raise the total price to $6,149. Race attendees enjoyed significant upgrades in the Paddock Club, an exclusive space that offered tastings of Tequila Cincoro and pairings with Petrossian Caviar, among a hundred exclusive proposals of all kinds that the Miami F1 had all sold out in 2023, and that are already on sale for 2024.
For example, the clubhouse provided service with three separate levels and could accommodate over 6,000 guests in private suites with views of the team garages.
While there are many cities that now have the immense privilege of hosting an F1 race, few have the coordinated development that both the city of Miami and Hard Rock Stadium, along with the entire ecosystem of Miami's economy, marketing, and tourism, have displayed, generating a billionaire income that deserves to be valued and thoroughly documented.
But Miami has also experienced an invasion of celebrities, media coverage, and millions of photos and videos uploaded to Instagram and TikTok that have circulated around the world, carrying incalculable value and a direct impact on its culture and economy.
We recommend checking out the incredible photo gallery of the F1 Miami Grand Prix.
What challenges lie ahead for 2024?
Surely, it will involve amplifying corporate experiences for companies from all over Latin America and the United States, and perhaps even creating F1 MIAMI experiences outside of the venue that "replicate" this enormous temple of sport and passion in a similar fashion.
Today, Miami is competing for the podium of the best F1 race and is in the race with the best times and the best competition team.
Miami has now become synonymous with F1 and mega revenues.
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