F1, a record year for Liberty Media: over $3 billion in revenue, a boom on track and on social media
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2024: A year of records for Liberty Media and F1
Whether it's due to the 24 races or—more likely—the fact that after a season start dominated by Red Bull and Max Verstappen, the championship became suddenly competitive and unpredictable, the result is clear: the just-concluded season has been a record-breaking one for Liberty Media. Formula 1 will close 2024 with revenue exceeding $3 billion, according to estimates by the German magazine Auto Motor und Sport.
Liberty Media: Over $3 billion in revenue for F1
The well-informed correspondent Michael Schmidt reports that, even with partial data only up to the third quarter, the revenue record is already a reality. After nine months, the Formula One Group recorded $2.3 billion in revenue, compared to $1.5 billion during the same period in 2023. Surpassing $3 billion should be far from impossible, especially considering that the year's final three months are historically the most profitable.
Record attendance at circuits
This growth is also evident in fan attendance at circuits, which exceeded six million over the entire 2024 season. According to Auto Motor und Sport, 17% of races were sold out, with Silverstone, Melbourne, Austin, and Mexico City drawing over 400,000 attendees over the three-day race weekends. In 11 other Grands Prix, total attendance exceeded 300,000 spectators.
TV and social media boom
Television also saw strong growth. With over three million people watching live in the U.S., the Miami GP became the most-watched Formula 1 race ever in the United States. Record viewership was also noted in China, with a 50% increase compared to the last race there in 2019, and in Canada, which recorded its highest audience since the first GP held at Mosport in 1967 (Formula 1 moved to Montreal in 1978). Thanks to Lewis Hamilton's first victory in over two years, the British GP drew 22.4 million viewers in the UK alone.
Social media also showed significant growth: +16% for F1 on YouTube, +23% on TikTok, and +25% on Instagram, with Facebook and Twitter seeing +7% and +9% growth, respectively. The official Formula 1 app recorded a 52% increase in active subscriptions compared to 2023, surpassing seven million users worldwide. According to Liberty Media's calculations, the total fan base now stands at around 750 million people, with 41% being women and 42% under 35.
The fastest-growing markets? Unsurprisingly, the United States—where F1 interest was marginal before Liberty Media's arrival and Netflix's Drive to Survive docuseries—but also England and Germany, despite the absence of a GP on the calendar since 2019.
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