Formula One Group has announced a significant revenue increase in the second quarter of 2024, up 20% from the previous year, totaling $871 million. This growth, compared to $724 million in Q2 2023, reflects a thriving season marked by increased race numbers and viewer engagement.
The earnings boost also saw operating income rise by 17% year-over-year, reaching $84 million from $72 million. This financial success was underpinned by the expansion of the race calendar from six to eight races during Q2, including the return of the Chinese Grand Prix and the addition of the Emilia Romagna GP. Despite the addition of these races, race promotion revenue remained steady due to a carefully balanced mix of events.
Greg Maffei, President and CEO of Liberty Media, which holds the commercial rights to Formula 1 said the following via F1i:
“F1 is having an incredible season with particularly high engagement in growth markets.