The Formula 1 (F1) motor racing series generated increased revenue of $553 million for the first quarter of 2024, up significantly from the same period in 2023.

In financial results now released by the series' owner Liberty Media, F1 revenues jumped 45% from $381 million last year.

Primary F1 revenue – race promotion, media rights, and sponsorship fees – came in at $463 million, up 47% from $314 million last year.

This rise was attributed to three races being held in the first quarter of 2024 – in Bahrain, Saudi Arabia, and Australia during March – compared to just two in 2023.

Media rights revenue benefited from contractual increases in fees (higher fees from new and renewed agreements), and continued growth in F1 TV subscription revenue.

In the quarter, F1 secured a new broadcast deal with international pay-TV giant BeIN Sports across MENA through 2033, extended with media group Viaplay in the Netherlands and Nordic countries through 2029, and signed up streaming platform FanCode in India through 2025.

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DAZN, the global sports streaming service, also recently acquired F1 rights in Portugal for the next three seasons.

Sponsorship income, meanwhile, increased with new sponsors signed up and growth in revenue from existing contracts.

F1 expanded its partnership with DHL as global partner and secured new sponsorship deals with Globant as an official partner, and with McDonald’s as a regional partner in Latin America.

The figures translated into an operating income of $206.7 million, a 289% increase on the previous year, while team payments for the 10 F1 outfits climbed from $170 million to $247 million during the same period.

In 2023, F1 revenue came in at $3.2 billion, up 25% from $2.57 billion in 2022.

Stefano Domenicali, Formula 1 president and chief executive, has said: “We are seeing continued momentum both in financial performance and amplification of our fanbase, including through expanding our methods of fan engagement.

“We have already announced our 24-race calendar for 2025, a landmark year that will mark the 75th anniversary of the Formula One World Championship.”

In the first quarter, Liberty also announced its acquisition of Dorna Sports, the commercial rights holder and organizer of motorcycling’s premier MotoGP series, for a deal valued at €4.2 billion.

Liberty will acquire 86% of MotoGP, with the series' management retaining approximately 14% of their equity in the business.

The agreement will see Dorna remain an independently run company attributed to Liberty Media’s Formula One Group tracking stock.

The transaction is expected to be completed by the end of the year.

The 2024 F1 season resumes on May 19 with the Emilia Romagna Grand Prix at Imola in northern Italy, with another 18 rounds remaining in total.