US media giant Liberty, which owns Formula 1 (F1), has today reported a slight 6% rise in revenue for the iconic motor racing series during the 2024 financial year, although its fourth quarter (Q4) income fell.
That strand of the Liberty empire – known as Formula One Group – brought in $3.65 billion in total during the 12 months up to December 31, 2024, compared to $3.2 billion across 2023.
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This revenue was primarily split between race promotion (29.3%), media rights income (32.8%), and sponsorship fees (18.6%).
This all led to operating income of $492 million across 2024 for F1, and adjusted operating income before depreciation and amortization (OIBDA) of $791 million. Q4 operating income for Formula One Group declined to $126 million, while adjusted OIBDA fell to $200 million.
Stefano Domenicali, Formula 1 president and CEO, has said: “Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA. We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand.
“Our sponsorship roster is the strongest in the sport’s history and the commercial pipeline remains robust. This commercial success is paired with on-track excitement, as we expect more intense competition after last season’s highly competitive championship.”
For Q4, F1 revenue was down from the previous year, with only $1.17 billion brought in, compared to $1.23 billion in 2023, primarily due to lower race promotion and media rights revenue.
There were 24 and six races held in the full year and fourth quarter of 2024, respectively, compared to 22 and six races held in the full year and fourth quarter of 2023.
Primary F1 revenue grew for the full year, with increases across all main revenue streams.
Sponsorship income grew “due to recognition of revenue from new sponsors, contractual increases from existing sponsors, and additional sponsorship inventory with two additional races held.”
Media rights revenues, meanwhile, were up due to increased fees under new and renewed contractual agreements and continued growth in F1 TV subscriptions.
The series also claims it generated 1.6 billion cumulative TV viewers and 97 million social media followers in 2023, while in-person attendance was up to 6.5 million, a rise of 9% compared to 2023.
The rise in race promotion revenue was attributed to fees from the two additional races held compared to the prior year, following the return of China and Imola to the calendar, as well as contractual increases in fees, partially offset by lower ticketing revenue generated from the Las Vegas Grand Prix.
In Q4, F1 renewed several race promotion agreements, including the Belgian Grand Prix in multi-year rotation, Dutch Grand Prix through 2026, Chinese Grand Prix through 2030, and Italian and Monaco Grands Prix through 2031.
The series also announced an extended partnership with Crypto.com until 2030 and signed a new agreement with global lottery operator Allwyn as an official partner.
Meanwhile, Liberty Media has extended the date for regulatory approval of its acquisition of the MotoGP motorcycling series to June 30, 2025.
Late last year, the company also announced it would split off its Liberty Live Group into a separate public entity.
Following the split-off, Liberty Media will be an independent, asset-backed company holding its motorsport businesses and related sports investments.
Derek Chang, who was appointed to replace the long-serving Greg Maffei as Liberty Media president and CEO last month (January), said: “As I reflect on my first month as CEO, I am energized by the opportunities ahead at Liberty Media and our portfolio companies.
“My time as a board member has enabled an efficient transition as we move quickly to accomplish our strategic priorities for 2025. This includes capitalizing on Formula 1’s success with the key building blocks to drive continued growth, closing the acquisition of MotoGP, and addressing the Liberty Live structure.
“I am committed to maintaining our current momentum and working with the Liberty team as we execute our strategy to drive shareholder value.”
F1’s financial results have been disclosed ahead of the start of the 2025 season, which begins with the Australian Grand Prix on March 16.
