F1 News
Liberty Media presents quarterly results, Formula 1 performs well
- Tygo Bekkema
Liberty Media, the owner of Formula 1, has presented its first-quarter figures for this year. They show that Formula 1's revenue increased by as much as 45% compared to the same period last year.
The increase in revenue is partly due to an extra race in the first three months of 2024. Indeed, last year there were only two, but this year the Australian Grand Prix also counted towards this year's first financial consideration. Liberty Media claims there was an increase in revenue in all primary areas, including media rights, sponsors and advertising surrounding the races.
Domenicali satisfied
Formula 1 CEO Stefano Domenicali says the following in Liberty Media's report: "The 2024 season is underway, including our return to China for the first time since 2019 and our third year in Miami which saw another incredible event demonstrating the growing strength of F1 in the US.
The Formula One boss continued: "We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement. We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the FIA Formula One World Championship. We recently published our first-ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritise our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.
This article was written in collaboration with Ben Stevens.