Formula 1 has recorded a significant revenue increase in the second quarter of 2024 compared to that of last year, according to owners Liberty Media.
In a list of financial results published by Liberty Media, F1 saw a 20 per cent increase from 2023 in the months of April, May and June.
There are a number of reasons that can be attributed to the increase, including year-on-year subscriptions of its streaming service F1 TV rising by 11 per cent, with a 16 per cent growth in US subscribers.
As well as this, F1 saw more races taking place within this period, with eight in total, upping the amount of revenue received.
These included the return of the Emilia Romagna Grand Prix – which was cancelled due to local flooding last year – the new slot for the Japanese Grand Prix; showpiece events in Miami and Monaco, and the re-introduction of the Chinese Grand Prix, the first after a five-year COVID-induced absence.
The sport has also increased the costs of hosting a Grand Prix in deals with the circuits that host races.
The financial windfall is welcome news for F1’s CEO Stefano Domenicali. The Italian, who has held the position for the past three years, has credited the financial gains to the higher level of competition in the 2024 season, which has seen seven different race winners so far with ten rounds remaining.
In a recent conference call, Formula 1’s CEO Stefano Domenicali told Liberty Media investors: “By many measures, we have never had more competitive racing.
“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.”
Domenicali also commented that there is no current plan to extend the number of Grands Prix held within a year, with this year’s calendar inflated to a record 24 races.
“Our duty is to ensure the right strategic balance for the long-term future of the sport,” he said, adding: “The added benefit of this demand with limited race slots creates increased incentives for promoters to innovate and improve the experience of races across the calendar.”
This statement comes in conjunction with Domenicali also confirming that a meeting will take place next month to discuss the possibility of a Grand Prix being held in Rwanda, with Africa having not hosted a F1 race in 31 years.
