F1 revenues up 45%, exceed $500m in Q1 results

Liberty Media’s financial results have shown that Formula 1 revenue increased by 45% to over half a billion dollars in Q1 compared to the same period last year.

The increase is driven in part by the difference in the calendars, with 2023 featuring just two races in the opening quarter of the year, while this season there was an extra round that fell in Q1 as Australia took place on March 24. Compared to last year’s figure of $381 million in revenue for the first quarter, Liberty has announced the Formula One Group generated $553m this year.

Liberty says there was growth across F1’s primary revenue streams of race promotion, media rights and sponsorship, with the extra race playing a central part. While primary revenue was up 47%, there was also a 34% increase in other F1 revenue that was largely down to the sale of the new Formula 2 car and associated parts, as well as higher freight incomes due to the race in Australia falling into Q1.

The knock-on impact is that team revenue payments were higher, increasing from $112m in 2023 to $163m this year, while Liberty puts the 31% increase in other costs of revenue as being impacted by lease costs for the Las Vegas Grand Prix Plaza.

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“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 U.S.,” F1 CEO Stefano Domenicali said.

“We are seeing continued momentum both in financial performance and amplification of our fan base, 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 1 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 prioritize our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”

The results were announced just a day after the viewing figures from the Miami Grand Prix were released, showing the race to be the most-watched ever in U.S. TV history with an average audience of 3.1 million.