Formula One events have taken on a global dimension and are, along with the Olympic Games and the FIFA World Cup, some of the most publicized sporting events worldwide. The increase in popularity has led to a rise in the total global TV audience in recent years. The combined television viewership of Formula One races worldwide stood at 445 million in 2021, with thousands of spectators attending Grands Prix events live across the globe.
The Formula One Group's revenue rose from 1.78 billion U.S. dollars in 2017 to over two billion U.S. dollars in 2019. During the same year, Formula One teams split a pot of over one billion U.S. dollars - an increase of 99 million U.S. dollars compared to the previous year. This increase is, in part, due to the increase in the group's overall revenue. However, due to the COVID-19 pandemic, revenues shrunk by close to half following in 2020. Among Formula One car manufacturers, Ferrari is the most valuable team brand, although the Italian company’s revenue is slightly eclipsed by its German rival Mercedes. In terms of race wins, Michael Schumacher and Lewis Hamilton are the most successful drivers in the history of Formula 1, as well as in terms of number of world championships won and number of podium finishes.