Formula 1’s commercial rights holder revealed total revenues of AUD $1.289 billion (USD $861m) for the third quarter, down from AUD $1.328 billion (USD $887m) the year before.
The three percent delta is rationalised by the 2024 calendar, with seven events occurring in the period versus eight twelve months ago.
“There were seven races held in the third quarter of 2024, compared to eight races held in the third quarter of 2023,” Liberty’s earnings release noted.
“There are 24 events scheduled for the 2024 race calendar, compared to 22 events held in 2023.
“Primary F1 revenue decreased in the third quarter due to less media rights and sponsorship revenue driven by one fewer race held in the current period which resulted in a lower proportion of season-based revenue recognized.
“Sponsorship revenue also decreased due to the impact of the mix of races on event specific fees, partially offset by recognition of revenue from new sponsors.”
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The Q3 window this year covered the period from the British Grand Prix through to Singapore, with the notable addition of Azerbaijan in place of Japan, while the Austrian Grand Prix fell into the previous reporting period.
While revenue was down, operating income was up, from AUD $197.6 million (USD $132m) in 2023 to AUD $218.6 million (USD $146m) in 2024, an 11 percent change.
The business remains on target for a strong full-year result, with income having already surpassed 2023 levels thanks to a strong opening quarter.
It is also on target to post record revenues, with a modest fourth quarter set to take it beyond the AUD $4.82 billion (USD $3.22b) it posted in its last full-year accounts.
F1 derives its income from three primary sources, namely race promotion fees, media rights, and sponsorship.
Formula 1 will welcome a number of new partners for 2025, with a 10-year deal with LVMH, American Express, which will expand its interest from a regional partner, and a deal with Lenovo will also be expanded.
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