Formula 1: Additional races boost second quarter 2024 revenue
Formula One Group reported a year-over-year 20 per cent boost in revenue for its second quarter 2024, an increase driven in part by two additional races taking place during the period compared to 2023.
Total revenue for Q2 2024 amounted to $871 million compared to $724 million during the same quarter in 2023, while operating income for the period came in at $84 million, a 17 per cent increase compared to $72 million a year ago.
The return this year of the Chinese GP and the inclusion in the quarter of Emilia Romagna GP, both of which were cancelled in 2023, meant that F1 held eight events during the April to June period, up from six races in 2023.
Subsequently, the company benefited from growth across media rights and sponsorship.
"F1 is having an incredible season with particularly high engagement in growth markets," commented Greg Maffei, President and CEO of Liberty Media, F1’s commercial rights holder.
"Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead."
The company said that race promotion revenue was relatively flat in the second quarter as fees from the additional races were offset by the different mix of events compared to the prior year period.
Furthermore, other F1 revenue increased in the second quarter primarily due to higher hospitality, freight, travel, technical services and F2 and F3 income driven by the additional races held in the current period.
Thanks to the quarter’s additional events, team payments increased from $344 million to $345 million year-over-year.
“The F1 season is seeing phenomenal racing, with seven different winners through fourteen races and tighter gaps across the grid,” said Formula One Group CEO Stefano Domenicali.
"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.
“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.”
Formula One maintained its full 24-race calendar for the 2024 season.
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