Formula One’s first quarter revenues increased by 45 per cent year-over-year (YoY) to US$553 million, largely thanks to an additional race during the three-month period.
Confirmed:
- Primary revenue increased by 47 per cent YoY to US$463 million
- Other Formula One revenue rose by 37 per cent to US$90 million
- Team revenue payments increased to US$163 million from last year’s amount of US$112 million
- The series saw its operating income grow to US$136 million, up 289 per cent YoY
Context:
The headline-grabbing increase can be attributed to the race calendar, with the Australian Grand Prix on 24th March meaning there was one more race held during the reporting period compared to 2023.
Formula One’s owners Liberty Media said that the additional race, as well as increased fees from new and existing partners, played a key role in driving growth for its primary revenue streams, which comprise race promotion income, media rights fees and sponsorship payments.
In the last three months, Formula One expanded its global partnership with DHL and brought on IT firm Globant as a series partner. In the broadcast space, a new deal with BeIN Sports was reached for the MENA region through 2033, as well as a long-term extension with Viaplay for the Netherlands and Nordic countries.
Formula One also generated an increase in revenue from the sale of new Formula Two cars and associated parts, and higher freight income from the additional Grand Prix. As well as making expanded team payments, Formula One also was impacted by lease costs for the Las Vegas Grand Prix Plaza.
Comment:
“The 2024 season is underway, including our return to China for the first time since 2019 and our third year in Miami which saw another incredible event demonstrating the growing strength of F1 in the US,” said Stefano Domenicali, Formula 1 president and chief executive.
“We are 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 One 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.”
Coming next:
The Emilia Romagna Grand Prix marks the seventh race of the 2024 Formula One season, and will take place from 17th May to 19th May.
Go deeper:
Don’t miss the latest news and insights from across the business world of motorsport. Subscribe to the BlackBook Motorsport Weekly newsletter here.