Formula 1: An Epic Race Toward New Revenue Records

February 27, 2024

In a week, the green light will kick off the new Formula 1 season, rich in novelties and adrenaline.

30 races in 24 countries, with Italy confirming its role with the appointments of Imola and Monza, will keep millions of fans glued to their TVs and the stands.

Dizzying Numbers

In 2022, the total number of spectators reached 5.7 million, marking a 36% increase compared to 2019, the year before the impact of the Covid-19 pandemic restrictions.

According to estimates by Il Sole 24 Ore, 2023 would have brought this number to nearly 6 million, thus confirming the growth trend.

Formula 1, a $3 Billion Machine

Under the aegis of Liberty Media Corporation, Formula 1 has also experienced a surge in revenues, with a 20% increase in 2022.

An influx of a younger audience, attracted by the entertainment surrounding the event, has also fueled the wave of popularity, as evidenced by the spectacular success of the Netflix series Drive to Survive.

On February 28, the comprehensive data for the past year will be presented, which are expected to be record-breaking.

The goal of reaching $3 billion in revenue is within reach: nearly achieved in 2023, it will almost certainly be met in 2024.

Sponsorship and Partnership Agreements

“This growth is attracting commercial partners, including American Express, marking the first new sports event sponsored in over a decade“, said Stefano Domenicali, CEO of Formula One Group.

Among the renewals are MSC Cruises as a global partner, Puma as the official supplier of sports apparel, Paramount+ and Liqui Moly as official partners, and Pirelli as the global tire partner until 2027.

Formula 1 2024: An Epic Race Towards New Records

With a season full of novelties and a constantly growing fan base, Formula 1 is preparing to write a new chapter in its legendary history.

Once again, the roar of engines is ready to resonate around the world, kicking off a spectacle like no other.

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