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Formula One’s revenue in the second quarter of this year increased by 20% compared to the same period in 2023.
This year had 8 races during the period, while last year only had 6 races. The return of Imola and the Chinese Grand Prix, along with the change of the Japanese round to April, contributed to this growth.
Greg Maffei, Liberty Media President and CEO, commented on the success of Formula 1 this season, highlighting the high engagement in growth markets and exciting upcoming opportunities like Apple’s F1 film set to debut in June 2025.
Revenue in Q2 reached $871m (£682m) compared to $724m (£567m) in 2023, with operating income increasing to $84m (£66m) from $72m (£56m) in 2023, a 17% rise.
Team payments for the period were $435m (£341m), up 26% from $344m (£269m) in 2023, explaining the resistance from teams towards new entries.
Primary revenue growth was driven by media rights and sponsorship, with the additional races resulting in higher season-based revenue and increased fees.
Media rights revenue saw growth from F1 TV subscriptions, while sponsorship revenue benefited from new sponsorships and events impact on fees.
Race promotion revenue remained stable, with the increase in fees from extra races offset by event mix differences compared to the prior year. Other F1 revenue increased due to higher income from various services driven by the additional races.
Operating income and Adjusted OIBDA(2) rose in Q2, with higher team payments expected for the full year due to more races in the current period.
Other F1 costs increased from more commissions, partner servicing, and various expenses related to revenue streams and additional races.
F1 CEO, Stefano Domenicali, expressed optimism for the rest of the 2024 season and the exciting prospects for 2025, emphasizing the competitive racing and growing fan engagement.
The sport currently has no plans to increase the number of races, focusing on strategic balance and enhancing the race experience for fans.
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