In the third quarter of 2024, Formula 1 (F1) reported a 3% decline in revenue, reaching US$861 million. The parent company of the category, Liberty Media, published its financial report this Thursday, November 7, 2024. Operating profit reached US$146 million, an 11% increase.
The reduction in revenue is attributed to one fewer race being held during the period, which impacted media rights and sponsorship income. The division offset part of the loss with a reduction in payments to teams, which fell from $432 million to $371 million.
“Our business is benefiting from an excellent moment, competitive and financial,” says Stefano Domenicali, president of F1.
In the current season, an average of 5.8 million people watched each race. According to the F1 president, the driver dispute was a contributing factor in the rise in digital engagement.
Liberty Media, which owns F1 and MotoGP, reported a net loss of $3 billion in the period, a result attributed to the discontinued operations of Liberty SiriusXM Holdings. The F1 Group alone posted revenue of $911 million, up from $887 million in the same quarter of 2023. Operating profit grew to $110 million from $107 million.
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