Formula One saw a slight revenue drop in Q3 based on an earnings report from its parent company, Liberty Media.
Primary F1 revenue dropped to $861 million from $887 million last year due to fewer media-rights and sponsorship fees, though this was more circumstantial as there were seven races this past quarter versus eight in the same quarter last year. There are 24 total races this year, the most ever for an F1 season, compared to 22 last season.
The Formula One Group, which includes Primary F1 as well as corporate and other revenue, was up to $911 million from $887 million last year. In October, the company secured a global sponsorship deal with luxury brand conglomerate LVMH starting in 2025, a 10-year deal that could be worth as much as $1 billion, according to Fortune. The partnership means that Rolex, the official timepiece of F1 since 2013, is expected to be replaced by TAG Heuer.
Liberty reported a net earnings loss of $3 billion coming from discontinuing operations of Liberty Sirius XM holdings following its split with SiriusXM on Sept. 9. Liberty also spun off MLB’s Braves in July 2023, which turned the franchise into a publicly traded entity. Their earnings were reported on Wednesday.
Plenty Still on the Line
With three races left in the 2024 calendar, the drivers’ championship is Red Bull driver Max Verstappen’s to lose as he holds a comfortable 62-point lead over McLaren’s Lando Norris.
However, the constructors’ championship is still a three-horse race as McLaren has a 36-point advantage over Ferrari, which leads Red Bull by just 13 points.
It’s unclear how much each team would win based on where they will finish in the standings, but Motorsport.com estimated Red Bull’s 2023 winnings to be $140 million, compared to $131 million for the second-place Mercedes and $122 million for the third-place Ferrari.
F1’s next race weekend is in Las Vegas starting Nov. 21, the second iteration of the race scheduled to grace the Strip once a year until 2032. Last year’s controversial race included a bevy of complaints from residents and local businesses, while a loose drain cover on the track was run over by Ferrari driver Carlos Sainz during Practice 1, forcing him to change his car’s energy storage system and triggering a 10-place grid penalty.
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