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…
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