Q4 revenue for Formula One Group fell from US$1.23bn to US$1.17bnGlobal cumulative TV viewership hit 1.6bn, with an average of 66m per race on linear platformsFan attendance rose 9% YoY to 6.5mLiberty extends deadline for approval of MotoGP acquisition to 30th June‘Should not be too long’ until more news is revealed on Cadillac’s F1 entry
Formula One’s annual revenue rose for the fourth year running to US$3.65 billion in 2024.
Revenue increased 14 per cent year-over-year (YoY) compared to US$3.2 billion in 2023, though it did dip in the fourth quarter of 2024 to US$1.17 billion having been at US$1.23 billion in Q4 2023.
The drop in Q4 was due to a decrease in race promotion revenue as the Las Vegas Grand Prix generated less money from tickets and hospitality.
Derek Chang, president and chief executive of Liberty Media, said on an earnings call that “the team has moved very quickly … to enact changes that will benefit 2025 and support a financially successful race for F1 and continued growth and positive impact for the Las Vegas community”.
For the full year, Formula One’s main sources of revenue came from media rights (32.8 per cent), race promotion (29.3 per cent) and sponsorship (18.6 per cent).
Several race promotion deals were renewed, including the Belgian Grand Prix moving to a rotational basis. The Chinese Grand Prix was extended until 2030, while the Italian and Monaco Grands Prix will both be on the schedule until at least 2031.
On the sponsorship front, DHL signed an extension to its US$40 million-a-year deal and Crypto.com agreed a US$20 million-a-year extension until 2030. However, a lot of Formula One’s lucrative new partnerships, such as the ten-year contract with LVMH, don’t kick in until 2025.
“As I reflect on my first month as CEO, I am energised by the opportunities ahead at Liberty Media and our portfolio companies,” said Chang.
“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 One’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.”
Compared to 2023, global TV viewership for Formula One grew from 1.5 billion to 1.6 billion, with about 66 million global viewers per race on average on linear platforms. Social media followers rose from 70.5 million to 97 million.
F1 TV subscribers grew 15 per cent last year, with the largest market being the US. Stefano Domenicali, president and chief executive of Formula One, revealed a new higher-priced premium tier will launch in 2025 “to target avid fans”.
The official fan attendance figure hit 6.5 million in 2024, a nine per cent YoY increase, thanks to a record 24-race calendar.
The financial results also reveal that Liberty has extended the deadline for regulatory approval of its MotoGP acquisition to 30th June, but Chang said the company is “working constructively with the regulators towards approval”.
On the impending entry of Cadillac to Formula One, Domenicali said “it should not be too long” until there is an update and that he was “looking forward to seeing them on track together with the other teams”.
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