Source:REUTERS/SIMON WOHLFAHRT
[Saba Sports News] Liberty Media Group, the parent company of F1, released its financial report for the second quarter of 2024. The report shows that its total revenue increased from $724 million in the same period in 2023 to $871 million, a growth of 20%. However, F1’s operating costs in the second quarter of 2024 also increased, rising from $519 million last year to $645 million, a 24% increase. It is reported that F1’s main sources of revenue include event promotion income, media rights fees, and sponsorship fees. Some media outlets attributed the growth in the second quarter of 2024 to the return of the Chinese Grand Prix and the Imola Grand Prix. The data shows that F1 held eight Grand Prix events in the second quarter of this year, compared to just six in the same period last year. Additionally, F1’s other income also increased this quarter, primarily from hospitality fees, freight fees, travel expenses, technical service fees, and revenue from F2 and F3 events. Some fans commented that the Chinese Grand Prix has significantly boosted F1’s economic income, with the stands at the Shanghai International Circuit packed with people. In recent years, the popularity of F1 in China has never been higher, largely thanks to China’s first F1 driver, Zhou Guanyu.