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Method 1 generated £442 million ($553m) in income in the course of the first quarter of 2024, a rise of 45% in comparison with the identical interval final 12 months.
The championship held yet one more spherical throughout that point in comparison with 2023 resulting from modifications within the calendar. The primary race weekend of the brand new season started in February as an alternative of March.
Method 1 Group’s working revenue rose to £76m within the first quarter, a steep rise in comparison with £12.8m the 12 months earlier than.
In addition to holding an additional spherical, which brings extra income from internet hosting charges, F1 generated extra revenue from new media rights agreements, sponsorship offers and its reside streaming service F1 TV.
Method 1’s income from different actions rose from £53.6m to £72m partly due to revenue from the sale of the brand new automobile launched to Method 2 this 12 months.
F1 paid £130m ($163m) to its 10 groups in whole. This was a rise of 45% in comparison with the earlier 12 months, partly as a result of further race which was held, and likewise because it expects an additional rise in workforce funds later this 12 months.
The collection is resisting efforts by the FIA, the governing physique of motorsport, to increase the grid to 11 groups. The FIA accredited a bid by Andretti International to enter the championship final 12 months, however F1 turned them down in January.
Method 1 president and CEO Stefano Domenicali stated the collection is “seeing continued momentum each in monetary efficiency and amplification of our fanbase, together with by increasing our strategies of fan engagement.”
“Now we have already introduced our 24-race calendar for 2025, a landmark 12 months that may mark the seventy fifth anniversary of the FIA Method 1 world championship. We lately revealed our first ever Impression Report and are proud to focus on that we’re on observe to succeed in our internet zero goal by 2030 and proceed to prioritise our range and inclusion efforts with packages just like the F1 Academy Uncover Your Drive, STEM Problem Days and extra.”
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