The addition of two grand prix events helped Formula 1 to an all-time high in revenue during a second quarter, the company said in an earnings report.
F1 parent company Liberty Media reported on Thursday the racing promotion reeled in $871 million in revenue in Q2, its best ever for an April-June earnings period and up 20% from the same time last year, when the motor racing company brought in $724 million. The sizable jump can be attributed to F1 increasing the number of events from six to eight during those three months.
The Chinese Grand Prix in April and the Emilia-Romagna Grand Prix in May were both back this year after being canceled in 2023, contributing to the increase in second quarter primary revenue, which includes media rights and sponsorship fees.
With the additional races, however, team payments jumped 26% in the quarter, from $344 million to $435 million.
F1, which reported 3.7 million race attendees through the first half of the season, touted the growth of the circuit during the investor call on Thursday. CEO Stefano Domenicali says F1’s social media followers are up more than 30% across all platforms.
“Demand for our sport continues to be huge,” Domenicali said.
Liberty Media announced that it plans to close on the acquisition of bike racing championship Moto GP by year’s end. The Colorado-based company also announced it has expanded its relationship with Las Vegas Convention and Visitors Authority. The official partnership deal with the local marketing organization comes after the two teamed up to deliver the inaugural Las Vegas Grand Prix last November. This year’s event takes place Nov. 23.
Atlanta Braves Holdings Inc., which split off from Liberty Media last year, reported that the Braves’ total revenue increase 5% from $270 million to $283 million in the second quarter. Major League Baseball’s only publicly traded franchise managed to slightly lift baseball revenue 4% despite playing three fewer games than in the same period last year. That jump can be attributed to an increase in season-ticket rates and existing sponsorship contracts, among other things.
Baseball revenue—which includes local broadcasting rights, ticket sales and concessions—jumped from $254 million to $266 million. Development revenue derives from The Battery, a mixed-use development adjacent to Braves homefield Truist Park. The Braves saw that category increase 11% to $17 million with its operating income up 28% (year-over-year) to $25 million and its adjusted operating income before depreciation and amortization (OIBDA) up 9% to $46 million during the second quarter.
The Braves (60-53) currently are jockeying with the New York Mets (60-54) for the second spot behind the Philadelphia Phillies (68-46) in the NL East.
