Formula 1 generated £682m ($871m) in revenue over the second quarter of 2024, an increase of 20% over the same period last year.
The sport’s owners, Liberty Media, announced their latest financial results on Thursday, boasting an increase in revenue for the world championship over April, May and June.The series held two additional rounds over the three month span compared to the same period in 2023. The quarter saw the earliest ever Japanese Grand Prix and the return of the Chinese Grand Prix at Shanghai in April, with the Miami Grand Prix and the Emilia-Romagna Grand Prix in Imola taking place in May after it was cancelled last year due to flooding in the region. The Monaco, Canadian, Spanish and Austrian Grands Prix were all also held during the second quarter of 2024.
As well as the increased race promotion revenue from hosting two additional events, Formula 1 also generated more revenue from increased race hosting fees under their existing contracts. Despite increasing the subscription price for their F1 TV direct-to-consumer streaming service, Formula 1 also reported an increase in subscriber figures of 11% year-on-year with a 16% growth in the United States.
Payments to the ten F1 teams increased by 26% from £269m ($344m) in Q2 of 2023 to £340m ($435m) for 2024. That almost triples the amount that the teams received – £130m ($163m) – over the first quarter of the year.
Formula 1 CEO Stefano Domenicali hailed the intensified competition at the front of the field as the season has progressed as driving a growth in revenue for the sport.
“By many measures, we have never had more competitive racing,” Domenicali told investors during Liberty Media’s Q2 conference call.
“I expect that the remainder of 2024 season will continue to deliver great racing for our fans. And as we look forward, the increasingly close racing offers very exciting prospect for 2025.
“The incredible competition on track is leading to even higher engagement as our diverse fan basis continues to grow. We have welcomed over 3.7 million attendees through the first 14 races of this season with the Canadian Grand Prix seeing record attendance of 350,000 and Silverstone matching its incredible 2023 record attendance of 480,000. We continue to see sold-out events and there is strong demand for the races still to come this season.”
While Domenicali said there “continues to be significant demand from potential new race hosts,” FOM does not currently plan to expand the world championship’s calendar beyond its current 24 race limit.
“Our duty is to ensure the right strategic balance for the long-term future of the sport,” he said. “The added benefit of this demand with limited race slots creates increased incentives for promoters to innovate and improve the experience of races across the calendar.”
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pcxmac (@pcxmac)
9th August 2024, 12:07
not surprising as there is plenty of money to spend at the top of an investment boom. Will it keep going, will it crash, we will know soon. But quality > quantity, and maybe it’s just quantity and squeezing.
notagrumpyfan
9th August 2024, 12:33
This is of course not ‘investment value’ but ‘revenue’; two totally different things.
As for revenue it is rather disappointing for commercialising a global sport. Not as easy to compare to NFL, NBA, MBL (as those are franchise structures), but each of them have significantly higher franchises and a lot less global.
I believe that even the Premier League TV revenue is higher than this.
Even the
notagrumpyfan
9th August 2024, 17:53
* but each of them have significantly higher revenues
Biskit Boy (@sean-p-newmanlive-co-uk)
9th August 2024, 14:06
To know the revenue figure is interesting, but to know the profit would be much more interesting.
Even more interesting would be to know where that profit goes….
Robbie1
9th August 2024, 15:44
Ofcourse….after it was reported in Q1 that viewership was significantly down compared to last year, Red Bull magically fell back and the likes of Magalaren (who are in extreme financial dire btw) all of the sudden became very competitive.
Sure, some of that can be attributed to the current BoP system F1 implemented, giving a boost to said incompetents but surely not all of it.
Unicorns and fairytales appear very plausible now.
sam
9th August 2024, 16:24
Could someone translate this into English for me?
anon
9th August 2024, 16:34
I doubt even the original poster entirely understands what they were saying.
Neil (@neilosjames)
9th August 2024, 21:08
I think it’s something like:
“Less people watched at the start of the season, so F1 implemented a secret plan to artificially bring multiple teams (including one with papaya cars and no money and a boss who met Donald Trump) on a level with Red Bull.”
SteveR (@stever)
9th August 2024, 23:18
I’ll give it a shot, but not saying I agree!
1) Viewership was down in the first quarter compared to a year ago so Red Bull conspired to slow down and McLaren, who as a business are losing money, was boosted somehow.
2) Because of the way F1 is run it has effectively become a balance of performance spectacle.
3) It would take magic for this to happen without some sort of conspiracy to boost viewership.
Esploratore (@esploratore1)
10th August 2024, 1:24
Yes, it’s very plausible, I don’t understand that comment about translating it in english, was pretty easy to understand what they meant.
And ofc, suspicious that when there’s domination and viewing figures are down, suddenly something happens (newey leaving, the dominant team becoming a lot worse) and now the fight for the front position is very competitive, this will surely have a positive impact money-wise for liberty media, so it’s natural to wonder if there’s been some manipulation behind the scenes.