Liberty Media: F1 revenue up 6% in 2024

Liberty Media Corporation has released its financial results for the fourth quarter and the full year 2024. With an extended calendar of 24 Grand Prix in 2024 compared to 22 in 2023, F1 generated an annual revenue of $3.41 billion. This represents an increase of 6% compared to the $3.22 billion of the previous year. The adjusted operating profit reached $791 million, up 9% compared to the $725 million of 2023.

The analysis of F1’s primary revenues, which represent the majority of its turnover, shows growth across its three financial pillars: race promotion fees (29.3% of total turnover), media rights (32.8%), and sponsorship contracts (18.6%). More specifically, sponsorship revenues benefited from new partners and contractual increases with existing sponsors. Media rights gained from contract revaluations and continued growth in F1 TV subscriptions, while promotion revenues increased mainly due to two additional races.

Attendance at the circuits reached a record level with 6.5 million spectators, an increase of 9% compared to 2023. F1 also strengthened its media presence with a cumulative 1.6 billion viewers and 97 million social media followers. Liberty Media also reports that its other F1 revenues benefited from the sale of new F2 cars and associated parts at the start of the new vehicle cycle.

A fourth quarter in decline

Although the annual results remain positive, the fourth quarter of 2024 shows a slight slowdown. Revenues decreased by about 8% to $1.13 billion compared to $1.23 billion in the same quarter in 2023. This decline is mainly due to a decrease in ticket sales from the Las Vegas Grand Prix and a different distribution of seasonal revenues throughout the championship. In fact, with 6 races out of 24 in the last quarter of 2024, compared to 6 out of 22 in 2023, this distribution has shifted from approximately 27% to 25%.

This quarterly drop in revenue led to a decrease in adjusted operating profit to $202 million, compared to $238 million for the same period in 2023, representing a 15% decline.

On the spending side, payments to teams increased by 4% over the year, reaching $1.27 billion. This rise is explained by the growth in F1’s revenue and the associated impact on the calculation of payments. It should also be noted that these payments, which are 100% variable according to the 2021 Concorde Agreement, went from 62.6% of the adjusted operating income before amortization (EBITDA) before team payments in 2023 to 61.5% in 2024, which means there has been an improvement in profitability for Liberty Media.

Other operating costs also increased over the year, notably due to rental charges for the Las Vegas Grand Prix Plaza, higher commissions and costs related to new contracts, as well as increased expenses for freight and FIA regulations related to additional races.

Perspectives and Strategic Developments

Liberty Media also confirmed several important contract renewals, notably with the Belgian Grand Prix, which will now be part of a multi-year rotation, the Netherlands (until 2026), China (until 2030), Italy, and Monaco (until 2031).

On the commercial partnerships front, the American group has extended its agreement with the cryptocurrency platform Crypto.com until 2030 and signed a new contract with the global lottery operator Allwyn.

Speaking about this financial report, Stefano Domenicali, CEO of Formula 1, expressed optimism for 2025: « Formula 1 concluded a record year in 2024 in terms of the number of races, revenue, and adjusted EBITDA. We are equally optimistic for 2025, as we celebrate the 75th anniversary of F1, an event that will bring additional momentum to our brand. We marked this milestone by bringing together the entire F1 community for an unprecedented season launch at the O2 last week. Our sponsor portfolio is the strongest in the sport’s history, and our business momentum remains robust. »

A future marked by growth

For 2025, Derek Chang, the new CEO of Liberty Media since January, has identified as strategic priorities the capitalization on the current success of F1 and the completion of the MotoGP acquisition announced in 2023. To this end, the group has extended the deadline for obtaining the necessary regulatory approvals for this acquisition until June 30, 2025. If this takeover is successful, it would strengthen Liberty Media’s position, which would then hold the two main motorsport competitions in the world.

The 2024 financial results confirm the upward trajectory of F1 since its acquisition by Liberty Media. The diversification of revenue, global expansion of the calendar, and focus on the fan experience appear to be paying off, even though the slowdown in the last quarter calls for some caution.