Liberty Media shared the financial figures for Q3 of F1 2024 in comparison to the same period in 2023 to showcase growth albeit with added details.
Amidst a closely-fought 2024 season so far, Liberty Media has presented its financial record for the last three months of the financial year when compared to the same period last year. There is growth in the numbers but the figures dropped from 2023 for various factors.
One of the large factors that lowered the figures was one less race held in 2024 as opposed to 2023 when there were eight races to this year’s seven. Looking at the Q3 numbers, the total revenue of F1 stood at $861 millions in 2024 when compared to $887 millions in 2023.
The primary revenue – race promotion revenue, media rights fees and sponsorship fees – in 2024 dropped to $758 millions from 2023’s $790 millions. The other revenue, though, increased to $103 millions in 2024 from $97 millions in 2023 due to licensing revenue from Las Vegas GP.
The same period saw F1 pay the teams $371 millions in 2024 as opposed to $432 millions paid in 2023. The operating income increased to $146 millions in 2024 from $132 millions in 2023. In same way, the total income of F1 after adjusted OIBDA increased to $207 millions in 2024 from $197 millions in 2023.
“Our business is benefitting from excellent competitive and financial momentum,” said 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 expand F1 beyond our race calendar into the homes of our fans.
“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 full explanation from Liberty Media regarding their growth in terms of finance in Q3 of 2024:
Primary F1 revenue decreased in the third quarter due to less media rights and sponsorship revenue driven by one fewer race held in the current period which resulted in a lower proportion of season-based revenue recognized. Sponsorship revenue also decreased due to the impact of the mix of races on event specific fees, partially offset by recognition of revenue from new sponsors. The decline in media rights revenue recognized was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. Race promotion revenue grew in the third quarter due to fees from the different mix of events held compared to the prior year period.
Other F1 revenue increased in the third quarter primarily due to higher licensing revenue and revenue generated from third-party events at the Las Vegas Grand Prix Plaza, partially offset by lower hospitality income due to the mix of events in the current period. Operating income and Adjusted OIBDA increased in the third quarter. Team payments decreased due to the pro rata recognition of payments across the race season with one fewer race held in the current period, partially offset by the expectation of higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities.
These costs increased due to higher commissions and partner servicing costs associated with servicing Primary F1 revenue streams and higher digital costs, partially offset by lower FIA regulatory, technical, hospitality and travel costs due to the mix of events held. Other cost of F1 revenue in the third quarter was also impacted by higher costs associated with F1 Academy and lease expense for the Las Vegas Grand Prix Plaza which wasn’t incurred in the prior year. Selling, general and administrative expense increased due to higher personnel, IT, property and marketing costs as well as legal and other professional fees, partially offset by foreign exchange favorability.
Here’s Q2 figures for F1 2024
Here’s more on GPDA letter
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