Liberty Media shared the financial figures for Q1 of F1 2024 in comparison to the same period in 2023 to kick-off the new season.
With the start of the new year in 2024, Liberty Media has presented its financial record for the first three months of the financial year when compared to the same period last year. There is significant growth in the numbers as F1 continue to rise up the market.
Looking at the Q1 numbers, the total revenue of F1 stood at $553 millions in 2024 when compared to $351 millions in 2023. The increase in the ‘primary’ revenue was primarily due to one extra race being held this year with three in all than the two last year.
The primary revenue – race promotion revenue, media rights fees and sponsorship fees – in 2024 was up to $463 millions to 2023’s $314 millions. The other revenue increased to $90 millions in 2024 from $67 millions in 2023 due to sale of new F2 cars, etc.
The same period saw F1 pay the teams $163 millions in 2024 as opposed to $112 millions paid in 2023. The operating income increased to $136 millions in 2024 from $35 millions in 2023. In same way, the total income of F1 after adjusted OIBDA increased too to $202 millions in 2024 from $105 millions in 2023.
“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 US,” said Stefano Domenicali. “We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement.
“We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula One World Championship. We recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritize our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”
Here’s the full explanation from Liberty Media regarding their growth in terms of finance in Q1 of F1 2024:
Primary F1 revenue increased in the first quarter with growth across race promotion, media rights and sponsorship partly driven by one more race held in the current period, which resulted in a greater proportion of season-based revenue recognized. Race promotion revenue also increased due to fees from the additional race held in the period and contractual increases in fees. Media rights revenue also benefited from contractual increases in fees, higher fees from new and renewed contractual agreements and continued growth in F1 TV subscription revenue.
Sponsorship revenue also increased due to recognition of revenue from new sponsors and growth in revenue from existing contracts. Other F1 revenue increased in the first quarter primarily driven by the sale of new F2 cars and associated parts at the start of the new F2 vehicle cycle, higher hospitality and experiences revenue and higher freight income driven by the additional race held in the current period.
Operating income and Adjusted OIBDA increased in the first quarter. Team payments were higher compared to the prior year due to the pro rata recognition of payments across the race season with one more race held, as well as an expectation of increased 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 the cost of supplying the new F2 cars and associated parts, increased commissions and partner servicing costs associated with higher Primary F1 revenue streams as well as increased freight, travel, technical, digital and FIA regulatory costs from the additional race. Other cost of F1 revenue in the first quarter was also impacted by lease costs for the Las Vegas Grand Prix Plaza, the 39-acre site in Las Vegas. Selling, general and administrative expense was relatively flat during the quarter.
Here’s the Q4 numbers and 12 months figures for F1 2023
Here’s F1 2024 sponsor list
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