Liberty Media reports a stunning 45% increase in F1 revenue, crossing the $553 million mark in the first quarter of 2024.
Liberty Media has announced its quarterly financial results, showing increased revenues for F1. The owner of the premier class of motorsport revealed that its revenues rose by 45% in the first quarter compared to the same period in 2023.
In 2023, the first quarter had brought in $381 million for Liberty Media, a figure that has risen to $553 million in the first quarter of 2024. This increase is notably due to the inclusion of three races instead of two in this period.
This has led to revenue growth related to race promotion, broadcast rights, and sponsorship. Costs have also increased, particularly in terms of team revenues, which reached $163 million compared to $112 million last year.
Among the rising costs, freight for the Australian Grand Prix is obviously one of the reasons, as is the rent for the Las Vegas Grand Prix Plaza. Stefano Domenicali, the CEO of F1, welcomed these results.
“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 United States,” said Domenicali, CEO of F1.
“We are seeing continued momentum both in terms of financial performance and in amplifying our fan base, including expanding our fan engagement methods. We have already announced our 24-race calendar for 2025, a year that will mark the 75th anniversary of the FIA Formula 1 World Championship.”
“We recently published our very first impact report and are proud to highlight that we are on track to achieve our net zero target by 2030 and that we continue to prioritize our efforts in diversity and inclusion with programs such as the F1 Academy Discover Your Drive, STEM Challenge Days, and many others.”
F1 Revenue Soars 45% in Q1, Hits $553M Milestone. F1 Revenue Soars 45% in Q1, Hits $553M Milestone
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