Liberty Media shared the monetary figures for Q3 of F1 2024 compared to the identical interval in 2023 to showcase progress albeit with added particulars.
Amidst a closely-fought 2024 season to this point, Liberty Media has offered its monetary report for the final three months of the monetary yr when in comparison with the identical interval final yr. There is progress within the numbers but the figures dropped from 2023 for varied components.
One of the big components that lowered the figures was one much less race held in 2024 as against 2023 when there have been eight races to this yr’s seven. Looking on the Q3 numbers, the full revenue of F1 stood at $861 tens of millions in 2024 when in comparison with $887 tens of millions in 2023.
The main revenue – race promotion revenue, media rights charges and sponsorship charges – in 2024 dropped to $758 tens of millions from 2023’s $790 tens of millions. The different revenue, although, elevated to $103 tens of millions in 2024 from $97 tens of millions in 2023 as a result of licensing revenue from Las Vegas GP.
The similar interval noticed F1 pay the groups $371 tens of millions in 2024 as against $432 tens of millions paid in 2023. The working income elevated to $146 tens of millions in 2024 from $132 tens of millions in 2023. In similar approach, the full income of F1 after adjusted OIBDA elevated to $207 tens of millions in 2024 from $197 tens of millions in 2023.
“Our business is benefitting from excellent competitive and financial momentum,” stated Stefano Domenicali. “We signed a ground-breaking partnership with LVMH for 2025, expanded {our relationships} with Lenovo and American Express, and secured licensing agreements with LEGO and Mattel’s Hot Wheels which increase F1 past our race calendar into the properties of our followers.
“The thrilling racing and tight championship has benefitted viewership and digital engagement as the season has progressed. Race attendance is up season-to-date at 5.8 million with sellout crowds at nearly all races. It is great to see the on-track talent of both our seasoned drivers as well as young talent who hopefully have long F1 careers ahead.”
Here’s the complete clarification from Liberty Media concerning their progress in phrases of finance in Q3 of 2024:
Primary F1 revenue decreased within the third quarter as a result of much less media rights and sponsorship revenue pushed by one fewer race held within the present interval which resulted in a decrease proportion of season-based revenue acknowledged. Sponsorship revenue additionally decreased because of the affect of the combo of races on occasion particular charges, partially offset by recognition of revenue from new sponsors. The decline in media rights revenue acknowledged was partially offset by contractual will increase in charges and continued progress in F1 TV subscription revenue. Race promotion revenue grew within the third quarter as a result of charges from the totally different combine of occasions held in comparison with the prior yr interval.
Other F1 revenue elevated within the third quarter primarily as a result of greater licensing revenue and revenue generated from third-party occasions on the Las Vegas Grand Prix Plaza, partially offset by decrease hospitality income because of the combine of occasions within the present interval. Operating income and Adjusted OIBDA elevated within the third quarter. Team funds decreased because of the professional rata recognition of funds throughout the race season with one fewer race held within the present interval, partially offset by the expectation of greater crew funds for the complete yr. Other value of F1 revenue is essentially variable in nature and is usually derived from servicing each Primary and Other F1 revenue alternatives.
These prices elevated as a result of greater commissions and associate servicing prices related to servicing Primary F1 revenue streams and better digital prices, partially offset by decrease FIA regulatory, technical, hospitality and journey prices because of the combine of occasions held. Other value of F1 revenue within the third quarter was additionally impacted by greater prices related to F1 Academy and lease expense for the Las Vegas Grand Prix Plaza which wasn’t incurred within the prior yr. Selling, common and administrative expense elevated as a result of greater personnel, IT, property and advertising and marketing prices as nicely as authorized and different skilled charges, partially offset by overseas alternate favorability.
Here’s Q2 figures for F1 2024
Here’s extra on GPDA letter
Here’s hyperlink to a F1 Discord channel, take part to work together
