Formula 1 generated £442 million ($553m) in revenue during the first quarter of 2024, an increase of 45% compared to the same period last year.

The championship held one more round during that time compared to 2023 due to changes in the calendar. The first race weekend of the new season began in February instead of March.

Formula 1 Group’s operating income rose to £76m in the first quarter, a steep rise compared to £12.8m the year before.

As well as holding an extra round, which brings more revenue from hosting fees, F1 generated more income from new media rights agreements, sponsorship deals and its live streaming service F1 TV.

Formula 1’s revenue from other activities rose from £53.6m to £72m partly thanks to income from the sale of the new car introduced to Formula 2 this year.

F1 paid £130m ($163m) to its 10 teams in total. This was an increase of 45% compared to the previous year, partly due to the extra race which was held, and also as it expects a further rise in team payments later this year.

The series is resisting efforts by the FIA, the governing body of motorsport, to expand the grid to 11 teams. The FIA approved a bid by Andretti Global to enter the championship last year, but F1 turned them down in January.

Formula 1 president and CEO Stefano Domenicali said the series is “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 FIA Formula 1 world championship. We recently published our first ever Impact Report and are proud to highlight that we are on track to reach our net zero target by 2030 and continue to prioritise our diversity and inclusion efforts with programs like the F1 Academy Discover Your Drive, STEM Challenge Days and more.”

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