Formula One Group has announced a significant revenue increase in the second quarter of 2024, up 20% from the previous year, totaling $871 million. This growth, compared to $724 million in Q2 2023, reflects a thriving season marked by increased race numbers and viewer engagement.
The earnings boost also saw operating income rise by 17% year-over-year, reaching $84 million from $72 million. This financial success was underpinned by the expansion of the race calendar from six to eight races during Q2, including the return of the Chinese Grand Prix and the addition of the Emilia Romagna GP. Despite the addition of these races, race promotion revenue remained steady due to a carefully balanced mix of events.
Greg Maffei, President and CEO of Liberty Media, which holds the commercial rights to Formula 1 said the following via F1i:
“F1 is having an incredible season with particularly high engagement in growth markets.
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“Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead.”
From an operations standpoint, while the cost implications of additional events slightly increased team payments—from $344 million to $345 million—the competitive spirit of the season soared. Stefano Domenicali, CEO of Formula One, outlined the intense competition:
“The F1 season is seeing phenomenal racing, with seven different winners through fourteen races and tighter gaps across the grid.”
On the digital front, Formula 1’s social media presence grew by over 30%, signaling a strong global fanbase. He added:
“Social media followers are up over 30% across F1 platforms and we had 3.7 million race attendees through the first half of the season with ten sellout crowds.”
Additional contributions to the F1 calendar included the successful launch of the F1 Academy, which runs events concurrently with F1 race weekends.
“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,” said Domenicali.
The Formula One Group’s enlargement efforts, integrating the Sprint series and enhancing the FIA F2 and F3 championships, have cultivated a comprehensive racing experience, not only improving the spectator experience but also firming up the organization’s financial footing.
For now, the leadership of Formula One remains optimistic about the sport’s future and its continuous appeal on a global scale. As Formula One carves out its path forward, it does so on a solid foundation of increasing financial success, broadening viewership, and an unwavering commitment to exhilarating motorsport. The question is, how will the 2026 regulation changes affect this?
