Formula One revenue dropped three per cent year-over-year (YoY) due to fewer races being held in the three month period ended 30th September 2024.
Primary revenue for Formula One decreased due to a reduction in media rights and sponsorship income, which was driven by one fewer race being held in Q3. Sponsorship revenue also decreased due to the impact of the mix of races on event specific fees.
- Revenue falls slightly from US$887 million in Q3 2023 to US$861 million
- Operating income increased 11 per cent YoY to US$146 million
- Team payments fell from US$432 million to US$371 million
Revenue from new sponsors partially offset the overall decrease, while a decline in media rights revenue was partially offset by contractual increases in fees and continued growth in F1 TV subscription revenue. Race promotion revenue actually grew compared to last year despite the fact there were less races held in the period, although hospitality revenue from those races fell.
“Our business is benefitting from excellent competitive and financial momentum,” said Stefano Domenicali, president and chief executive of Formula One.
“We signed a ground-breaking partnership with LVMH for 2025, expanded our relationships with Lenovo and American Express, and secured licensing agreements with Lego and Mattel’s Hot Wheels which expand F1 beyond our race calendar into the homes of our fans.
“The thrilling racing and tight championship has benefitted viewership and digital engagement as the season has progressed. Race attendance is up season-to-date at 5.8 million with sellout crowds at nearly all races.
“It is great to see the on-track talent of both our seasoned drivers as well as young talent who hopefully have long F1 careers ahead.”
