Formula 1 generated £442 million ($553m) in revenue during the first quarter of 2024, an increase of 45% compared to the same period last year.
The championship held one more round during that time compared to 2023 due to changes in the calendar. The first race weekend of the new season began in February instead of March.Formula 1 Group’s operating income rose to £76m in the first quarter, a steep rise compared to £12.8m the year before.
As well as holding an extra round, which brings more revenue from hosting fees, F1 generated more income from new media rights agreements, sponsorship deals and its live streaming service F1 TV.
Formula 1’s revenue from other activities rose from £53.6m to £72m partly thanks to income from the sale of the new car introduced to Formula 2 this year.
F1 paid £130m ($163m) to its 10 teams in total. This was an increase of 45% compared to the previous year, partly due to the extra race which was held, and also as it expects a further rise in team payments later this year.
The series is resisting efforts by the FIA, the governing body of motorsport, to expand the grid to 11 teams. The FIA approved a bid by Andretti Global to enter the championship last year, but F1 turned them down in January.
Formula 1 president and CEO Stefano Domenicali said the series is “seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement.”
“We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula 1 world championship. We recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritise our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”
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Formula 1
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Aq
8th May 2024, 18:46
Domenicalli should keep up the excellent work.
Dex
8th May 2024, 21:27
Yeah, I’m so glad that they are earning extra millions. It’s thrilling.
PacificPR (@streydt)
9th May 2024, 7:02
It’s all ’bout the money – It’s all ’bout the dum dum da da dum dum…
Mayrton
11th May 2024, 13:47
imho: All of the above
dragoll (@dragoll)
8th May 2024, 23:55
Sooooo, does that mean they can afford to increase the prize pool for extra teams to come in, so that existing teams aren’t impacted by the addition of more cars?
Crawliin-from-the-wreckage (@davedai)
9th May 2024, 0:43
I think somewhere along the line as revenue milestones are met that the revenue distributed to teams as a percentage .. decreases. I think it started out at 50/50 but already decreased to 55/45 in favour of Liberty
I’m sure someone here will know for certain.
anon
9th May 2024, 22:29
@davedai we don’t know for certain, because the exact terms are part of the private agreement between the teams and FOM, so we only have broad indications of how the money is split.
You are right that the indication from organisations such as Autosport is that the net revenue is initially split on a 50/50 basis between the teams and FOM, but then the balance shifts towards FOM if the earnings are past certain thresholds. However, the point at which FOM starts getting a higher percentage of the profits is not known for certain, and it seems that the split between the teams and FOM has varied over the past couple of years.
It seems that, in 2022, the split was closer to 55% for FOM and 45% for the teams, but in 2023 the split seems to have been closer to 50/50 again. I suspect that revenue from other sources, such as the one off increase due to the sale of new Formula 2 cars, might not necessarily go to the Formula 1 teams either, and it might be that the split this year is closer to the 55/45 split from 2022.
Jere (@jerejj)
9th May 2024, 6:35
One more, yes.
2023: Bahrain-SA-Australia-Azerbaijan-Miami
2024: Bahrain-SA-Australia-Japan-China-Miami
Dex
9th May 2024, 12:13
Thanks for the verification…
MichaelN
9th May 2024, 8:24
This got a huge price hike in many countries.
Had I wanted to subscribe, it went from €65/year in 2023 to €12/month in 2024, more than double.
But hey, apparently it’s working for them.
spoutnik (@spoutnik)
9th May 2024, 8:29
More capitalism glory and neverending growth dogma.
SteveP
9th May 2024, 11:39
Could someone translate that into additional overtake moves please?
I’m not picky, I will take the answer(s) as percentage or absolute values per race.
F1statsfan (@f1statsfan)
9th May 2024, 14:45
“We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula 1 world championship.
No 2024 is the 75th driver championship, 2025 will be 76th season.
Or if you want to be really precise 2025 will be the 74th F1 championship as 1952 & 1953 were run with F2 rules. That said Albert Ascari is considered a 2 time F1 champion not a F2 champion.
Funny that Domenicalli keeps making this mistake as even the official F1 website says
“34 different drivers have been crowned world drivers’ champion across 74 Formula 1 seasons.” Which is 1950-2023, 2024 is 75th and 2026 is 76th.
SteveP
9th May 2024, 14:57
Maybe he’s not paid enough to be right about everything?
:)
anon
9th May 2024, 23:10
@f1statsfan there are a couple of ways you could argue it.
Strictly speaking, it was only in 1981 that the FIA explicitly linked the World Drivers Championship to Formula 1. Until then, the FIA had chosen which races would count towards the World Drivers Championship, and had usually, but not always, chosen the races that were held to Formula 1 regulations, as that was the highest competition class of open wheeler racing. If you therefore strictly refer to just the term “FIA Formula 1 World Drivers Championship”, then this is only the 44th season where that exact term has been used.
Of course, most people treat the seasons before 1981 the same as the seasons from 1981 onwards, as in practice the World Drivers Championship and Formula 1 were effectively synonymous. Technically, however, until then the FIA had the power to decide which races would count towards the World Drivers Championship and what regulations they had to run to – hence why the South African Grand Prix was later stripped of it’s championship status in 1981, and was technically classified as a Formula Libre race in the end.
However, 1952 and 1953 are different – and, in your post, you highlight the popular misconception that believes Formula 1 switched to Formula 2 regulations.
In 1952 and 1953, the FIA made the decision that the races which would count towards the World Drivers Championship would be Formula 2 races. However, the regulations for Formula 1 racing were not officially withdrawn at the end of 1951 – they were in fact not withdrawn until the start of 1954, which is when a new set of regulations officially took over (the 2.5 litre capacity regulations).
Now, because Formula 1 regulations were expensive to run to, there were not many races held to those rules at the time – most organisers either held Formula 2 races, or went for Formula Libre races (the latter, having looser rules, being easier to organise). However, there were still some races that ran to Formula 1 regulations during that period – for example, the 1952 Valentino Grand Prix was technically held to Formula 1 regulations (and, in fact, the failure by BRM to appear at that race is why the FIA announced that the races that would count towards the World Drivers Championship in 1952 would all be to Formula 2 regulations).
Ascari therefore won the World Drivers Championship, but it so happens that the races he competed in were Formula 2 regulations. However, there also technically wasn’t a separate Formula 2 championship either, so he wasn’t a Formula 2 champion per se (you can see why this starts getting quite complex and most people tend to gloss over it).
You can therefore say that 2025 is the 76th World Drivers Championship, or the 74th World Drivers Championship where the races ran to Formula 1 regulations, or you could say that it would be the 45th FIA Formula 1 World Drivers Championship.