F1 Reports Huge Revenue Increase As Revenue Revealed

Alex Harrington | Aug 8, 2024

May 4, 2024; Miami Gardens, Florida, USA; Red Bull Racing driver Max Verstappen (1) lead the field into turn one during the F1 Sprint Race at Miami International Autodrome. Mandatory Credit: Peter Casey-USA TODAY Sports / Peter Casey-USA TODAY Sports

Formula One Group has reported a remarkable 20% year-over-year revenue increase for the second quarter of 2024, showcasing a surge to $871 million from $724 million in the corresponding quarter of 2023. This financial upswing is paired with an operating income rise of 17%, reaching $84 million compared to the previous year's $72 million.

During April to June 2024, the F1 calendar expanded to include eight races, up from six in the same period last year. Notably, the 2024 schedule marked the return of the Chinese Grand Prix and the addition of the Emilia Romagna GP—both events that were not held in 2023.

The increased number of races has naturally increased revenues from media rights and sponsorships. However, race promotion revenue has remained stable, with additional race fees offset by a varied event mix. Moreover, Formula One has seen a spike in 'other revenue', attributed to improved services like hospitality, as well as technical and travel services, and the inclusion of additional F2 and F3 race events.

Team payments saw a marginal increase, barely nudging from $344 million in Q2 2023 to $345 million in the same quarter this year.

The season's viewer engagement and public interaction are also noteworthy. New U.S. live viewership records were set for five races. Social media growth has been robust, with a 30% increase in followers across Formula 1 platforms. Additionally, the first half of the season drew approximately 3.7 million attendees, with ten events selling out.

Further enriching the Formula 1 experience, the inauguration of the F1 Academy this season has been deemed a success, running concurrently with F1 race weekends. This initiative, along with Sprint races and the inclusion of FIA F2 and F3 competitions, has significantly enhanced the on-track action, benefiting fans, promoters, and sponsors alike.

Greg Maffei, President and CEO of Liberty Media said the following:

"F1 is having an incredible season with particularly high engagement in growth markets. Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead."

Stefano Domenicali, CEO of Formula One Group, also praised the season's competitive spirit:

“The F1 season is seeing phenomenal racing, with seven different winners through fourteen races and tighter gaps across the grid.” He added, “Social media followers are up over 30% across F1 platforms, and we had 3.7 million race attendees through the first half of the season with ten sellout crowds.” Domenicali further commended the F1 Academy's initial season.

“F1 Academy is off to a strong start in its first season running all events alongside F1 race weekends. Together with the Sprint and FIA F2 and F3, it is adding to the exciting on-track action and bringing added value to our fans, promoters, and sponsors.”