The Formula 1 (F1) motor racing series posted a 20% year-on-year (YoY) increase in revenue for the second quarter of 2024, driven primarily by two additional races held in the period compared to the prior year.
Revenue for Liberty Media’s Formula One Group came to $871 million for Q2, up significantly from $724 million in 2023.
Operating income for the period, meanwhile, stood at $84 million, a 17% rise from $72 million a year ago.
This year’s return of the Chinese Grand Prix and the inclusion in the quarter of the Emilia Romagna race in Italy, both canceled in 2023, meant that F1 held eight events between April and June, up from six last year.
The Chinese Grand Prix returned to the F1 calendar for the first time since 2019.
Primary F1 revenue - race promotion, media rights, and sponsorship fees - was $739 million, up 20% from $618 million.
This was attributed to growth across media rights and sponsorship with the two additional races.
Race promotion revenue was relatively flat in the second quarter as fees from the additional races were offset by the different mix of events compared to the prior year period.
Notable deals in the quarter saw F1 secure a new long-term sponsorship with technology innovation company Globant and renew a licensing agreement with ear defender manufacturer Alpine Hearing Protection.
Greg Maffei, Liberty Media president and chief executive, said: “Formula 1 is having an incredible season with particularly high engagement in growth markets.
“Five races have already set US live viewership records for their events. Global demand hasn’t slowed as indicators point to another record year ahead.”
Due to the quarter’s additional events, team payments increased from $344 million to $345 million YoY.
Formula One Group is on track for a year of record revenue after its Q1 turnover was up 45% to $553 million.
Liberty also remains on course to complete its acquisition of the MotoGP motorcycling series by the end of 2024.
The company acquired Dorna Sports, MotoGP’s commercial rights holder and organizer, for a deal valued at €4.2 billion in Q1.
The agreement will see Dorna remain an independently run company attributed to Liberty’s Formula One Group tracking stock.
The 2024 F1 season resumes on August 25 with the Dutch Grand Prix, with 10 rounds remaining in the record 24-race calendar.
