Formula 1, renowned as one of the most expensive sports globally, thrives on multi-million-dollar sponsorships, lucrative TV deals, and extensive global promotions. Liberty Media reported a $3.6 billion revenue for 2024, marking an 11% increase. However, profits dipped slightly to $287 million. With an optimistic outlook for 2025, officials plan to commemorate F1’s 75th anniversary with a landmark event.
The immense popularity of Formula 1 is reflected in attendance figures, boasting 6.5 million race-goers and 1.6 billion TV viewers. Top teams earn through sponsorships, race attendances, and prize money. McLaren, for instance, secured an estimated $161 million last year. Despite high revenues, continuous investment is necessary for engineering excellence and maintaining competitiveness in the sport. This financial commitment underpins the allure and enduring legacy of Formula 1.
Key Takeaways:
- Liberty Media reported $3.6 billion in revenue for 2024 despite a slight dip in profits.
- 6.5 million race attendees and 1.6 billion TV viewers underscore Formula 1’s global appeal.
- Prize money and significant sponsorship deals are vital revenue streams for top teams.
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