P1racenews AI automatic summary:
The figures were revealed ahead of an investor call by Liberty Media.
Formula 1 has reported a 45% growth in total revenue by the end of the first quarter of 2024 compared to the same period in 2023. This growth was driven by higher race promotion fees, media rights, and sponsorship income, with revenue reaching $553 million in the 2024 Q1 period. The increased revenue was also attributed to the hosting of three races in 2024 Q1, including the Bahrain, Saudi Arabian, and Australian Grands Prix. Additionally, F1 saw growth in contracted media fees, F1 TV subscriptions, and the sale of new Formula 2 cars. Operating income rose significantly from $35 million in 2023 Q1 to $136 million in 2024 Q1, showing a 289% increase. Liberty Media chief Greg Maffei and F1 CEO Stefano Domenicali addressed the findings on a recent investor call amid ongoing investigations. The F1 management emphasized their plans for the future, including the return to China, the third year in Miami, and the upcoming 75th anniversary celebration in 2025, while maintaining a focus on sustainability and diversity initiatives.
