Liberty Media, owner of Formula 1, published a financial report for the first quarter of 2024.
Compared to the same period last year, Formula 1 revenues increased by $172 million (45%) to $553 million. Prize money paid to ten championship teams during the reporting period was $286 million, up from $206 million a year earlier. Formula 1’s operating profit grew by no less than 289%, from $35 million in the first quarter of 2023 to $136 million in the first quarter of 2024.
Liberty Media listed several factors that influenced revenue growth. Firstly, it involves holding one more race in the first quarter of 2024 compared to last season and, in connection with this, an increase in promoter fees.
Revenues from the sale of television broadcast rights increased due to the signing of new agreements, higher payments under existing contracts and an increase in the number of subscribers to the F1 TV service. Income from sponsors has increased, partly due to new contracts and higher payments under existing contracts.
Another source of income for Liberty Media was the sale of new Formula 2 cars and spare parts for them.
Stefano DomenicaliPresident and CEO of Formula 1 said: “With the 2024 season in full swing, we returned to China for the first time since 2019 and hosted the Miami Grand Prix for the third time, celebrating Formula 1’s growing popularity. 1 in the United States.
We see continued growth in both financial performance and fan base, in part by expanding the way we engage with viewers. We have already announced a 24-race calendar for 2025, which will celebrate the 75th anniversary of the Formula 1 World Championship.”
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
