Formula 1 enjoys increase in revenue for second quarter 2019

The Formula One Group reported its results for the second quarter of 2019, indicating an increase in revenue from $585m to $620m compared to the same period last year

The sports' operating income also increased for the April-June quarter, boosted from $14m to $26m, while the teams' slice of the pie was hiked from $307m to $335m compared to last year.

The revenue increase in Q2 was derived from seven races, although the very cost-effective Bahrain Grand Prix, with its very high fee paid to F1, took place in the first quarter of the season, contrary to last year when the event was held in April, this contributing to F1's Q2 numbers.

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"Race promotion revenue decreased due to the differing fees associated with specific races held in the second quarter of 2019 compared to 2018, partially offset by rate increases in the underlying contracts," the Formula One Group revealed.

"Broadcast revenue increased primarily due to contractual rate increases. Advertising and sponsorship revenue increased due to revenue from new sponsorship agreements entered into beginning in the second half of 2018.

"Other F1 revenue decreased in the second quarter primarily due to the mix of races, which resulted in lower TV production and Paddock Club revenue."

F1 CEO Chase Carey said the sport was on track to hits its targets for 2019.

"F1 heads into our summer break on the heels of some unforgettable races," said Carey.

"We're excited by the growing competitiveness of Red Bull and Ferrari the return of Honda as a winning engine supplier.

"We were thrilled to announce that season two of the Netflix Series 'Formula 1: Drive to Survive' will air in 2020 and will feature all ten teams. We are pleased with our growth in revenue and profitability and on target to hit our goals for 2019."

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