In 2023, Max Verstappen faced immense criticism for fans losing interest in Formula 1, as his dominance was said to have ‘bored’ viewers who were no longer eager to watch him win race after race. However, just one year later, F1 achieved record earnings, driven largely by an intense battle in which Verstappen played a key role.
F1 generated $2.369 billion in revenue during the first three quarters of 2024, according to AMuS. This represents a significant increase compared to the $1.542 billion earned during the same period in 2023—a rise of $827 million.
This figure is expected to rise even further once the final three months of the 2024 financial year are accounted for. Typically, the last quarter—driven by ratings, ticket sales, and viewership during the season’s climax—is the strongest period for revenue generation.
F1 set new records for on-track attendance in 2024, with 17 races selling out. Silverstone, Melbourne, and Austin each attracted over 400k fans, while 11 other circuits surpassed the 300k, as reported by AMuS. These figures highlight the immense enthusiasm among fans for attending live events.
MAX VERSTAPPEN IS THE 2024 F1 WORLD CHAMPION!
A brilliant fourth title in-a-row! Incredible!!!#F1 #LasVegasGP pic.twitter.com/kiBpPmV86H
— Formula 1 (@F1) November 24, 2024
While not all of the success in 2024 can be directly attributed to Verstappen, the Red Bull driver undoubtedly played a big role. If the decline in viewership in 2023 was linked to his dominant form, the surge in revenue in 2024 can surely be credited, in part, to his intense Championship battle with McLaren’s Lando Norris.
This season, Verstappen wasn’t driving an unbeatable car. The RB20 was plagued with balance issues, forcing him to push its limits while fending off a fierce challenge from Norris to secure his fourth title. This added unpredictability and excitement significantly increased fan engagement and race appeal.
Where Verstappen couldn’t save F1
F1 fans crave a Championship battle. After Verstappen’s dramatic duel with Lewis Hamilton for the World Title in 2021, the sport’s popularity skyrocketed. While the 2024 season wasn’t nearly as exciting, Norris’ push certainly captured attention.
Despite having an exciting title battle, F1 lost out on certain TV rights this year. This was likely a result of the sport’s focus on driving subscriptions to F1TV and other streaming platforms for live coverage. However, the impact wasn’t substantial enough to pin the loss of TV rights solely on F1’s strategy. That’s because viewership numbers soared.
According to a report from AMuS, 3.1 million people watched the Miami GP this season, marking a turning point in the campaign as Norris secured his first-ever F1 victory. Other notable examples included the races in China, Canada, and Britain, all of which recorded their highest viewership numbers to date.
