🏎 Formula 1’s Record Revenue

Posted by eRacr.gg May 10, 2024 in The Money Lap

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Formula 1’s Record Revenue

📈 Formula 1’s Fiscal Results: Liberty Media reported a staggering 45% surge in Formula 1 revenues, crossing the $500 million mark in Q1. This uptick to $553 million, up from last year’s $381 million, is fueled by an expanded race calendar including an additional race in Australia this quarter.

🏎️ Racing Ahead: The revenue growth spans across race promotion, media rights, and sponsorship, boosted by the new race addition. Notably, F1’s primary revenue streams saw a 47% increase.

💸 Impact on Teams: With revenues racing upwards, team payouts also accelerated, jumping from $112 million to $163 million. However, costs saw a 31% uptick, influenced by expenses like the Las Vegas Grand Prix Plaza lease.

🌍 Global Outlook: F1 CEO Stefano Domenicali highlighted, “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 U.S.” He also pointed to F1’s expanding fan engagement strategies and a future-looking calendar.

📊 Record Views: The Miami Grand Prix set a new record, drawing an average U.S. TV audience of 3.1 million, making it the most-watched race in U.S. history.

🌱 Sustainable Speed: Domenicali also emphasized F1’s sustainability efforts, “We are on track to reach our net zero target by 2030,” showcasing their commitment to environmental and social initiatives.

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