Formula One continues to find winning ways according to the motorsports series’ latest financial results, with revenue continuing to climb year-over-year.
The racing championship, which is owned by American mass media firm Liberty Media, reported revenue of $3.6bn as of 31 December 2024, up 11% from $3.2bn the year prior.
Though quarterly revenue was down slightly, with Q4 down from $1.23bn to $1.16bn. It also appears that profit has taken a hit, with Q4 profit down from $122m to $23m and full year profit down from $297m to $287m.
“Formula 1 capped off a record 2024 in race count, revenue and Adjusted OIBDA,” said Stefano Domenicali, Formula 1 President and CEO.
“We are equally optimistic about 2025 as we mark F1’s 75th anniversary which will provide incremental momentum for our brand, and we celebrated this milestone by welcoming the entire F1 community to a first of its kind season launch event at The O2 last week.”
F1’s 2025 sponsorship drive
Despite the drop in profit, the motorsports series’ financial outlook remains incredibly positive, driven by new sponsorship revenue streams, increased attendance and both TV and social media viewership.
Total attendance was up 9% to 6.5 million people throughout 2024 while a total of 1.6 billion TV viewers and 97 million social media followers were also recorded. Sponsorship activity has also been stepped up.
Notably, Crypto.com’s partnership with the racing series has been extended to 2030. This comes at a time of heightened interest in crypto among the international general public, and as such crypto exchanges are keen on maximising public visibility.
Meanwhile, F1 has also highlighted its recent deal with Allwyn, an international lottery company which manages the likes of the Czech, Hungarian and British national lotteries.
In an interview with SBC News, after the partnership was announced, Allwyn’s CEO took note of how F1 has transformed itself into the world’s biggest fan-driven sport’ over the past five years.
Domenicali continued: “Our sponsorship roster is the strongest in the sport’s history and the commercial pipeline remains robust.
“This commercial success is paired with on-track excitement, as we expect more intense competition after last season’s highly competitive Championship and we welcome several rookie drivers to the grid.”
