- Only the NFL generated more sponsorship revenue in 2024 (US$2.49bn)
- Technology drove US$543m in F1 team sponsorship revenue, the most lucrative sector
Formula One teams generated US$2.04 billion in sponsorship revenue in 2024, according to a study from SponsorUnited.
That is more than four of the five major US sports leagues, trailing only the National Football League (NFL) which generated US$2.49 billion in its 2024/25 season.
But the average sponsorship spend in Formula One dwarfs the competition. None of the major US leagues average over US$1 million per deal, whereas Formula One boasts an average spend of US$6.01 million per deal.
Formula One is a much more exclusive sport commercially with 340 deals across the ten teams. The NFL, by comparison, has 3,466 deals across its 32 teams.
Technology is a huge driver of revenue for Formula One, accounting for US$543 million in team sponsorship revenue in 2024. The closest sector in terms of value is financial services, which generated US$379 million last season.
SponsorUnited estimates that the airbox and the sidepod are the most expensive advertising spots in Formula One with a cost of between US$5.3 million and US$7.5 million for the season.
Related posts
Formula One’s commercial activity has exploded in recent years and it looks set to improve with a swathe of new brands on board for 2025, including LVMH Group, Nestlé, and PepsiCo.
The teams are also revelling in this boom in popularity, with McLaren Racing in particular the biggest beneficiaries with the most partnerships last season.
A lot of this is down to the marketing power of the drivers. McLaren’s Lando Norris and Oscar Piastri combined for over 50 million branded engagements last season, the most of any driver pairing in Formula One.
The most-followed driver is Lewis Hamilton, then of Mercedes and now at Ferrari, but it’s his teammates at both that are the only other drivers in double figures for branded engagements. George Russell had 24.8 million branded engagements last season, while Charles Leclerc has slightly more at 29.2 million.
Don’t miss the latest news and insights from across the business world of motorsport. Subscribe to the BlackBook Motorsport Weekly newsletter here.