Formula 1 has reported a 45% growth in total revenue to the end of the first quarter of 2024 from the same period in 2023.
Results released by Liberty Media ahead of its Q1 investor call, for which RacingNews365 was present, show that in the three-month period from January-March, F1's revenue was $553 million, up from $381 million in the same period 12 months prior.
F1's revenue is drawn from three major areas: race promotion fees, media rights and sponsorship, with these areas all seeing higher growth partly due to there being three races in the 2024 Q1 period, as opposed to two in 2023, with the Bahrain, Saudi Arabian and Australian Grands Prix all taking place in March.
As result of the extra race hosting fee collected, F1 reported higher, contracted, media fees as well as the continued growth and expansion of the F1 TV subscription service.
The revenue also rose due to the sale of the new Formula 2 cars as well as higher hospitality and experience income.
The leasing of the Las Vegas Grand Prix plaza also had an impact on the revenue.
Team payments climbed to $163 million from $112 million - a rise of 46% "due to the pro rata recognition of payments across the race season with one more race held, as well as an expectation of increased team payments for the full year."
The operating income rose from $35 million in 2023 Q1 to $136 million in 2024 Q1, a climb of 289%.
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Domenicali responds
Both Liberty Media chief Greg Maffei and F1 CEO and president Stefano Domenicali were on the call, having been made the subject of an investigation into the blocking of Andretti's F1 entry bid by the power US chair of the House Judiciary Committee Jim Jordan.
They have until May 21st to respond to Rep. Jordan's questions.
Referring to the financial figures, Domenicali said: "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.
"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 1 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."
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