Liberty Media has shared the financial report of Q1 of F1 2025 in comparison to the same time in 2024, as revenue is down.
With the start of the year 2025, Liberty Media has presented its financial record of Q1 of the ongoing season which saw two races held in the period as opposed to three in the same period last year. Looking at the numbers, the total revenue of F1 stood at $553 millions in 2024 when compared to $403 millions in 2025.
The decrease in the ‘primary’ revenue was due to one less race which resulted in less race promotion fees and media rights. The primary revenue – race promotion revenue, media rights fees and sponsorship fees – in 2025 was down to $319 millions from 2024’s $463 millions. The other revenue dropped to $84 millions in 2025 from $90 millions in 2024 due to Paddock Club revenue decrease.
The same period saw F1 pay the teams – excluding Concorde payments – $114 millions in 2025 as opposed to $163 millions paid in 2024. There was operating loss of $28 millions in 2025 from operating income of $136 millions in 2024. In same way, the total income of F1 after adjusted OIBDA decreased to $85 millions in 2025 from $208 millions in 2024.
“2025 is off to a strong start, “said Derek Chang. “Formula 1 is benefiting from exciting racing on the track and financial momentum underpinned by new commercial partnerships that took effect this year. We believe Formula 1’s contracted and diversified revenue streams position it well against the current macro and consumer backdrop.
“The business fundamentals remain strong and we’re confident in our ability to deliver long-term value. At Live Nation, strong first quarter results and key forward indicators are pointing to another record year ahead with sustained demand for live music and continued growth in the global experience economy.”
Here’s full explanation –
There were two races held in the first quarter of 2025 compared to three races held in the first quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season which will impact the year-over-year revenue and cost comparisons on a quarterly basis.
Primary F1 revenue decreased in the first quarter with declines across media rights, race promotion and sponsorship driven by the calendar variance compared to the prior year. Race promotion revenue decreased due to one less race in the quarter and the different mix of races held. Lower media rights and sponsorship revenue was driven by one fewer race held in the current period resulting in a lower proportion of season-based revenue recognized, and sponsorship revenue also decreased due to the impact of the mix of races on event specific revenue. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. The decline in sponsorship revenue was largely offset by revenue recognized from new sponsors and growth in revenue from existing contracts. Other F1 revenue decreased in the first quarter primarily due to lower hospitality and experiences revenue driven by one less Paddock Club and the mix of events held, partially offset by higher freight income.
Operating income and Adjusted OIBDA decreased in the first quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one less race held in the current period, partially offset by the expectation of higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to higher freight costs driven by the mix of races and longer routes required as well as increased commissions and partner servicing costs associated with servicing Primary F1 revenue streams for the full year, partially offset by lower hospitality and experiences, travel and FIA regulatory costs due to one fewer event. Other cost of F1 revenue in the first quarter was also impacted by higher costs associated with the Grand Prix Plaza in Las Vegas due to more activity in its events business. Selling, general and administrative expense increased primarily due to higher marketing costs associated with the 75th season launch event at London’s The O2 and increased personnel costs.
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