Liberty Media has reported its third-quarter revenue for its Formula One Group as the championship’s performance continues to rise. Also included is the first contribution from MotoGP following the company’s acquisition of Dorna Sports in July.
Its revenue from Q3 includes figures from Formula 1, MotoGP, and Quint – its events business – reaching $1.085billion compared with the $911million it saw just 12 months earlier.
Of this total, F1 generated $869million, up 1% compared to last year, despite there being one fewer grand prix weekend during the period, with an operating income of $168million. Revenue from hospitality and licensing made up for this.
“We are nearing the end of another incredible season showcasing the very best of F1 – thrilling racing, tight competition and nearly half the grid reaching the podium,” Formula 1 CEO Stefano Domenicali said in a statement.
“F1 remains a cultural cornerstone, evidenced by the global box office success of the F1 movie and further underscored by increasing engagement across our channels.
“We completed multiple commercial agreements this quarter and continue to have success accelerating renewals and signing new partners with attractive terms, including our new US distribution partnership with Apple that will highlight the collaborative innovation between our brands for continued growth in the US.
Charles Leclerc, Ferrari, Lando Norris, McLaren
Photo by: Bryn Lennon / Formula 1 / Getty Images
“Recent strong race renewals and early extensions in key markets including Austin, Azerbaijan and Monaco also demonstrate the value F1 brings to the cities in which we race. We are confident in the next chapter of growth at F1.”
MotoGP, now under the umbrella of Liberty Media after the organisation acquired 84% of Dorna Sports on 3 July, delivered $169million of Q3 revenue. This comes as MotoGP renewed a number of race agreements, extended its broadcast rights and several sponsorships, and refinanced its debt with longer maturities and lower interest rates.
“Our first few months with Liberty have been exciting and productive, and we look forward to working together to accelerate our growth in the years ahead,” said Carmelo Ezpeleta, MotoGP president and CEO.
“We’ve signed new sponsors and renewed existing partners this quarter as we continue building on the momentum from our brand refresh last year. The season is closing out with record attendance and growth in TV viewership, digital engagement and social followers.
“We continue to work on expanding our engagement with new audiences while deepening relationships with existing fans and are confident in the long-term opportunity.”
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