Formula One Group enjoys record year in revenue in 2024

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Liberty Media has announced a record financial performance for Formula 1 in its fiscal year 2024, marked by an increase in overall revenue.

The Formula One Group hauled in $3.65 billion over the 12 months ending December 31, 2024 –
a 6% jump from 2023’s $3.2 billion.

However, the fourth quarter revealed a slight downturn, setting the stage for a year of continued evolution and strategic shifts

Despite the late-year stumble, the sport’s growth across key revenue streams and its global fanbase painted a picture of a series firing on all cylinders as it gears up for its 75th anniversary in 2025.

Revenue Breakdown and Growth Drivers

F1’s revenue mix told a familiar story: media rights led the pack at 32.8%, followed by race promotion at 29.3%, and sponsorship fees at 18.6%.

The year’s total operating income hit $492 million, with adjusted OIBDA (Operating Income Before Depreciation and Amortization) climbing to $791 million.

Stefano Domenicali, Formula 1 president and CEO, hailed the results.

“Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA,” he said.

“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.”

F1 CEO Stefano Domenicali

Two additional races, with China and Imola returning to the calendar, bolstered the revenue uptick in 2024 (24 races) compared to 2023 (22 races).

Race promotion revenue grew thanks to these events and contractual fee hikes, though lower ticketing revenue from the Las Vegas Grand Prix tempered gains.

Media rights income rose with higher fees from new and renewed deals, plus steady growth in F1 TV subscriptions. Sponsorship income also surged, driven by new sponsors, contractual increases, and extra inventory from the added races.

Fourth Quarter Challenges

The final quarter, however, hit a speed bump. Q4 revenue dropped to $1.17 billion from $1.23 billion in 2023, dragged down by declines in race promotion and media rights revenue.

Operating income fell to $126 million, with adjusted OIBDA at $200 million.

The Las Vegas Grand Prix, a highlight of recent seasons, underwhelmed with reduced ticketing revenue, contributing to the downturn despite the same number of races—six—as in Q4 2023.

Fan Engagement and Strategic Moves

Beyond the balance sheet, F1’s global reach soared. The series boasted 1.6 billion cumulative TV viewers and 97 million social media followers in 2023, while in-person attendance rose 9% to 6.5 million in 2024.

On the partnership front, F1 secured key renewals, including the Belgian Grand Prix in a multi-year rotation, the Dutch Grand Prix through 2026, and the Chinese, Italian, and Monaco Grands Prix through 2030 and 2031.

New commercial deals included an extended partnership with Crypto.com until 2030 and a fresh agreement with global lottery operator Allwyn.

Liberty Media also laid groundwork for future growth. The company extended the regulatory approval timeline for its MotoGP acquisition to June 30, 2025, and announced the split-off of its Liberty Live Group into a separate entity.

Derek Chang, Liberty Media’s new president and CEO, expressed his confidence in the future.

“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.”

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.