There was a lot of chatter about F1 being boring when Max Verstappen was winning races left, right, and center in 2023. However, the 2024 season has been a different story for the Dutchman. Verstappen has only won three out of the last nine races with other drivers getting their moment in the sun and it has resulted in a big boost in F1 viewership.
And this boost in viewership has translated into a big boost in revenue as well. According to a report from Newsweek, Formula One Group has reported a 20% revenue increase in the second quarter of 2024, relative to Q2 of last year.
The company earned $871 million, which is up by $147 million compared to Q2 in 2023. The surge in earnings also led to a 17% increase in operating income — reaching $84 million compared to $72 million the previous year.
Formula 1 sees a 20% jump in revenue in Q2 2024 vs. Q2 2023.
F1 teams were paid 26% more money in 2024.
F1’s results: (in millions, vs. 2Q23)
Revenue: $871 (+20%)
Team payments: $435 (+26%)No.of races: 8 (more races vs. 2023 (6) is the key reason for diff. numbers)#F1 pic.twitter.com/xpbNKsVJJQ
— Kunal Shah (@kunalashah) August 8, 2024
According to Greg Maffei, the CEO of Liberty Media, a key factor in this financial success was the expansion of the race calendar from six to eight races during the quarter. The return of the Chinese Grand Prix and the Emilia Romagna GP were also big highlights. Maffei stated,
“F1 is having an incredible season with particularly high engagement in growth markets. Five races have already set US live viewership records for their events, and we look forward to our new opportunities ahead.”
F1 CEO Stefano Domenicali also highlighted the intensity of the racing to be the biggest reason for the surge in viewership, noting that the season had already seen seven different winners across 14 races.
The Lewis Hamilton factor behind F1’s financial gains
Among the seven drivers who have taken race victories in 2024, Hamilton is the biggest racing icon with a global fanbase. And Hamilton winning two races so far in 2024 is a huge thing for his fans, especially after a frustrating drought for about two and a half seasons.
↕️‼️as requested, full INSIDE STORY episode on sir lewis hamilton’s british gp win ~
its a dramatic retelling of the race, including team radios and garage personnel reactions which were previously not broadcast.
(video by F1TV | #F1) (shoutout @mo__xnda and @nthatyyy) https://t.co/BeONpWy2hx pic.twitter.com/bGGo8kYyHm
— sim (@sim3744) July 13, 2024
Besides, Hamilton is in his final season with Mercedes — a team with which he has achieved six of his seven world titles. So, that could be another reason for the rise in viewership as fans don’t want to miss his final few races with the Silver Arrows.
The American audience seems to be loving this increased excitement, as F1 has broken several viewership records in the US this year. The 2024 Miami GP is a perfect case in point, seeing a growth of 48% in terms of active viewers as reported by ESPN.
