Formulation 1 generated £442 million ($553m) in income through the first quarter of 2024, a rise of 45% in comparison with the identical interval final yr.
The championship held yet one more spherical throughout that point in comparison with 2023 as a consequence of adjustments within the calendar. The primary race weekend of the brand new season started in February as a substitute of March.
Formulation 1 Group’s working revenue rose to £76m within the first quarter, a steep rise in comparison with £12.8m the yr earlier than.
In addition to holding an additional spherical, which brings extra income from internet hosting charges, F1 generated extra revenue from new media rights agreements, sponsorship offers and its reside streaming service F1 TV.
Formulation 1’s income from different actions rose from £53.6m to £72m partly because of revenue from the sale of the brand new automotive launched to Formulation 2 this yr.
F1 paid £130m ($163m) to its 10 groups in whole. This was a rise of 45% in comparison with the earlier yr, partly because of the further race which was held, and in addition because it expects an extra rise in group funds later this yr.
The collection is resisting efforts by the FIA, the governing physique of motorsport, to increase the grid to 11 groups. The FIA permitted a bid by Andretti World to enter the championship final yr, however F1 turned them down in January.
Formulation 1 president and CEO Stefano Domenicali mentioned the collection is “seeing continued momentum each in monetary efficiency and amplification of our fanbase, together with by means of increasing our strategies of fan engagement.”
“We now have already introduced our 24-race calendar for 2025, a landmark yr that can mark the seventy fifth anniversary of the FIA Formulation 1 world championship. We not too long ago printed our first ever Influence Report and are proud to spotlight that we’re on monitor to succeed in our internet zero goal by 2030 and proceed to prioritise our variety and inclusion efforts with packages just like the F1 Academy Uncover Your Drive, STEM Problem Days and extra.”
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