P1racenews AI automatic summary:
Liberty Media’s financial results have shown that Formula 1 revenue increased by 45% to over half a billion dollars in Q1 compared to the same period last year. The increase is driven in part by th…
Liberty Media announced that Formula 1 revenue surged by 45% to over $500 million in Q1 compared to last year. The increase was fueled partly by the difference in calendars, with an extra race this season in Q1. Total revenue for the first quarter this year reached $553 million, up from $381 million last year. Growth was observed in race promotion, media rights, and sponsorship, with a 47% increase in primary revenue. Team revenue payments also rose significantly, while costs were impacted by the Las Vegas Grand Prix Plaza lease. F1 CEO highlighted the successful start of the 2024 season, emphasizing financial performance, fan engagement, and sustainability targets including net zero emissions by 2030. The Miami Grand Prix set a record as the most-watched race in U.S. TV history with an average audience of 3.1 million viewers.
