Method 1 generated £682m ($871m) in income over the second quarter of 2024, a rise of 20% over the identical interval final yr.
The game’s homeowners, Liberty Media, introduced their newest monetary outcomes on Thursday, boasting a rise in income for the world championship over April, Might and June.
The sequence held two further rounds over the three month span in comparison with the identical interval in 2023. The quarter noticed the earliest ever Japanese Grand Prix and the return of the Chinese language Grand Prix at Shanghai in April, with the Miami Grand Prix and the Emilia-Romagna Grand Prix in Imola happening in Might after it was cancelled final yr attributable to flooding within the area. The Monaco, Canadian, Spanish and Austrian Grands Prix had been all additionally held through the second quarter of 2024.
In addition to the elevated race promotion income from internet hosting two further occasions, Method 1 additionally generated extra income from elevated race internet hosting charges beneath their present contracts. Regardless of growing the subscription value for his or her F1 TV direct-to-consumer streaming service, Method 1 additionally reported a rise in subscriber figures of 11% year-on-year with a 16% progress in america.
Funds to the ten F1 groups elevated by 26% from £269m ($344m) in Q2 of 2023 to £340m ($435m) for 2024. That nearly triples the quantity that the groups obtained – £130m ($163m) – over the primary quarter of the yr.
Method 1 CEO Stefano Domenicali hailed the intensified competitors on the entrance of the sector because the season has progressed as driving a progress in income for the game.
“By many measures, we’ve got by no means had extra aggressive racing,” Domenicali informed buyers throughout Liberty Media’s Q2 convention name.
“I count on that the rest of 2024 season will proceed to ship nice racing for our followers. And as we glance ahead, the more and more shut racing gives very thrilling prospect for 2025.
“The unimaginable competitors on monitor is resulting in even greater engagement as our numerous fan foundation continues to develop. We have now welcomed over 3.7 million attendees by means of the primary 14 races of this season with the Canadian Grand Prix seeing document attendance of 350,000 and Silverstone matching its unimaginable 2023 document attendance of 480,000. We proceed to see sold-out occasions and there may be sturdy demand for the races nonetheless to come back this season.”
Whereas Domenicali stated there “continues to be vital demand from potential new race hosts,” FOM doesn’t at present plan to develop the world championship’s calendar past its present 24 race restrict.
“Our responsibility is to make sure the precise strategic stability for the long-term way forward for the game,” he stated. “The additional advantage of this demand with restricted race slots creates elevated incentives for promoters to innovate and enhance the expertise of races throughout the calendar.”
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