F1 revenue climbs 20% YoY to US$871m in Q2 2024

Formula One’s revenue climbed 20 per cent year-over-year (YoY) to US$871 million for the three months ended 30th June.

Confirmed:

• Operating income increased 17 per cent YoY to US$84 million
• Cost of Formula One revenue rose 24 per cent to US$645 million
• Team payments increased 26 per cent to US$435 million
• Eight races took place in the period, compared to six last year

Context:

Revenue rose with growth across media rights and sponsorship. The former benefitted from the two additional races in the period, while Formula One agreed a partnership with the Las Vegas Convention and Visitors Authority (LVCVA). Media rights revenue also benefitted from continued growth in F1 TV subscriptions.

The additional races meant team payments increased compared to last year, while the series had to pay a lease expense for the Las Vegas Grand Prix Plaza, a cost that wasn’t incurred previously. However, all this highlights Formula One’s continued momentum at a time when the on-track racing is at its most competitive. 

The financial results also revealed that Liberty Media expects to close its acquisition of MotoGP by the end of this year, and BlackBook Motorsport understands it should be by November.

Comment:

“The F1 season is seeing phenomenal racing, with seven different winners through 14 races and tighter gaps across the grid,” said said Stefano Domenicali, Formula One president and chief executive.

“Social media followers are up over 30 per cent across F1 platforms and we had 3.7 million race attendees through the first half of the season with ten sellout crowds.

“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.”

Coming next:

Formula One is currently on its summer break, but returns to action at the Dutch Grand Prix from 23rd to 25th August.

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