Liberty Media, the owner of Formula 1, has every reason to celebrate. The company has reported impressive financial results for the second quarter of 2024, showing a significant increase in revenue compared to the previous year. The return of the Grands Prix of China and Emilia-Romagna played a key role in boosting profits.
Formula 1 has grown by twenty percent compared to a year ago, as revealed in Liberty Media’s quarterly financial report. The increase in the number of races in the second quarter was a crucial factor in this growth. In 2023, there were only six races on the calendar, while this year, the number has increased to eight. The Grand Prix of Emilia-Romagna, which was cancelled last year due to heavy rainfall and flooding, and the Grand Prix of China, the first since the pandemic, were added this year.
Significant Growth in the American Market
The increase in the number of races is not the only factor contributing to the growth of Formula 1. The American market also plays a significant role. Since Liberty Media became the owner of Formula 1, the number of American viewers has doubled. Last year, the number of American subscribers to F1TV increased by sixteen percent.
Formula 1 CEO Stefano Domenicali Delighted with Quarterly Figures
For Formula 1 CEO Stefano Domenicali, the quarterly figures are fantastic news. “In many ways, we have never raced so competitively,” the Italian told investors, according to Motorsport Week. “I expect the rest of the 2024 season to continue to deliver great races for our fans. And as we look ahead, the increasingly exciting races offer very good prospects for 2025.”
Domenicali has long been trying to make Formula 1 more ‘exciting’. He was involved in the introduction of sprint races in the premier class. His plan seems to be succeeding, at least in terms of visitor numbers. “We have welcomed more than 3.7 million visitors during the first fourteen races of this season, with a record number of visitors for the Canadian Grand Prix of 350,000. We continue to see sold-out events and there is high demand for the races still to come this season,” said Domenicali.
