Yep, and overestimated, as did COTA, how many people would pay insane prices. The ticket price fall is pretty much mimicking COTA's this year. I've been saying for a while that the COVID/Netflix bubble is bursting, at least in the US. Yesterday a Vegas article pretty much confirmed that.
https://thenevadaindependent.com/article/as-vegas-f1-race-approaches-questions-loom-over-lofty-economic-projections
"But dwindling prices may not be an isolated incident.
Andrew Balfour, a writer who runs the website F1 Destinations and who has tracked F1 ticket prices for years, told The Nevada Independent earlier this year that in-person ticket costs have increased across the board at Formula One races in 2022, amid a surge of fan interest for grandstands that had been limited or closed entirely during pandemic-affected seasons in 2020 and 2021.
But in 2023, Balfour said fans have soured on rising costs. That was particularly acute in Miami and Austin — two of the most expensive races on the calendar, alongside Las Vegas, Monaco and Mexico City — where tickets were ultimately discounted amid lower-than-expected demand.
“These races haven't sold out this year, and I think people are more price sensitive,” he said."