F1 maintains financial strength as Q1 revenue climbs to over $550m

The Formula 1 (F1) motor racing series generated increased revenue of $553 million for the first quarter of 2024, up significantly from the same period in 2023.

In financial results now released by the series’ owner Liberty Media, F1 revenues jumped 45% from $381 million last year.

Primary F1 revenue – race promotion, media rights, and sponsorship fees – came in at $463 million, up 47% from $314 million last year.

This rise was attributed to three races being held in the first quarter of 2024 – in Bahrain, Saudi Arabia, and Australia during March – compared to just two in 2023.

Media rights revenue benefited from contractual increases in fees (higher fees from new and renewed agreements), and continued growth in F1 TV subscription revenue.

In the quarter, F1 secured a new broadcast deal with international pay-TV giant BeIN Sports across MENA through 2033, extended with media group Viaplay in the Netherlands and Nordic countries through 2029, and signed up streaming platform FanCode in India through 2025. Sportcal