P1racenews AI automatic summary:
Formula 1 has recorded a significant revenue increase in the second quarter of 2024 compared to that of last year, according to owners Liberty Media. In a list of financial results published by Liberty Media, F1 saw a 20 per cent increase from 2023 in the months of April, May and June. There are a […]
According to Liberty Media’s financial results, Formula 1 experienced a 20% increase in revenue during the months of April, May, and June 2023. This increase can be attributed to various factors, such as an 11% growth in year-on-year subscriptions for F1 TV streaming service and a 16% rise in US subscribers. With eight races held during this period, including the Emilia Romagna Grand Prix’s return and the introduction of new events in Miami, Monaco, and China, revenue generation was positively impacted. CEO Stefano Domenicali credits the financial success to heightened competition in the 2024 season, with seven different race winners and high fan engagement. Despite record attendance at races like the Canadian Grand Prix and Silverstone, there are no current plans to expand the number of annual Grands Prix beyond the current 24 races. Domenicali highlighted that maintaining a strategic balance is essential for the long-term prosperity of the sport while emphasizing the need for promoters to enhance the race experience. Additionally, plans are being made for a potential Grand Prix in Rwanda, marking Africa’s return to hosting an F1 race after 31 years.
