Formula One Group has reported a remarkable 20% year-over-year revenue increase for the second quarter of 2024, showcasing a surge to $871 million from $724 mil
lion in the corresponding quarter of 2023. This financial upswing is paired with an operating income rise of 17%, reaching $84 million compared to the previous year's $72 million.
The increased number of races has naturally increased revenues from media rights and sponsorships. However, race promotion revenue has remained stable, with additional race fees offset by a varied event mix. Moreover, Formula One has seen a spike in 'other revenue', attributed to improved services like hospitality, as well as technical and travel services, and the inclusion of additional F2 and F3 race events.
The season's viewer engagement and public interaction are also noteworthy. New U.S. live viewership records were set for five races. Social media growth has been robust, with a 30% increase in followers across Formula 1 platforms. Additionally, the first half of the season drew approximately 3.7 million attendees, with ten events selling out.
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