Liberty Media with growing revenue: $13 billion to teams
Today at 10:24 AM
Liberty Media has published the financial statements for the year 2024 on its official website. Total revenue from the Formula 1 World Championship continued to grow for the fourth consecutive year, reaching a record $3.65 billion, marking a 14% annual increase compared to 2023.
The main sources of revenue came from TV and media rights (32.8%), contracts with individual race promoters (29.3%), and sponsorships (18.6%). Additional income was generated from the management of the Paddock Club, logistics, and support races held during F1 weekends, including F2, F3, F1 Academy, and the Porsche Supercup.
The increase in overall revenue is also linked to the expansion of the Grand Prix calendar, which for the first time reached 24 races. However, not everything went as expected. The fourth quarter of 2024 saw a decline compared to the same period the previous year due to lower-than-expected revenue from the Las Vegas Grand Prix, both in terms of public attendance and Paddock Club sales.
Derek Chang, President and CEO of Liberty Media, confirmed that changes to the Las Vegas event are already being considered, some of which—such as an earlier race start time by two hours—are already known.
Regarding sponsorships, 2024 saw the renewal of agreements with DHL and Crypto.com, along with the formalization of a decade-long deal with the LMVH group, which will have an impact starting from the 2025 financial report. The list of partners is growing and includes global market leaders such as Aramco, AWS, Heineken, Lenovo, LMVH, MSC Cruises, Pirelli, Qatar Airways, and Salesforce.
Liberty Media also shared specific data on the media impact of the 2024 season. Compared to 2023, the global TV audience for the F1 World Championship grew from 1.5 to 1.6 billion, with an average of 66 million viewers per race on traditional broadcasters.
Social media followers increased from 70.5 million to 97 million. Subscriptions to F1 TV grew by 15%, with the United States being the largest market.
Record revenue figures will also lead to an increase in the prize fund allocated to teams. The total amount to be distributed through the complex system outlined in the Concord Agreement is estimated to be just under $1.3 billion.
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