Formula 1 Posts Record $3.6 Billion Revenue as American Fans Drive Global Growth

Formula 1 reported record annual revenue of $3.6 billion for 2024, a 22% increase from the previous year, as a surge in American viewership and the addition of new races in Las Vegas and Miami transformed the sport's commercial prospects and attracted a wave of new corporate sponsors.

The growth has been driven primarily by the United States, which has emerged as Formula 1's most important growth market. US viewership has grown from 500,000 per race in 2018 to more than 1.5 million today, a threefold increase that has been attributed largely to the Netflix Drive to Survive documentary series, which introduced millions of American fans to the sport's personalities and drama.

The Las Vegas Grand Prix, which debuted in 2023 on a street circuit that winds through the heart of the Strip, has become the sport's most commercially valuable race, generating more than $500 million in economic impact for the city and attracting the highest ticket prices of any event on the calendar.

Formula 1's parent company, Liberty Media, has invested heavily in the US market, partnering with American brands including LVMH, which signed a 10-year sponsorship deal worth $150 million, and adding American drivers to the grid to attract local fans.

"America has fallen in love with Formula 1," said Stefano Domenicali, the sport's chief executive. "The combination of the Netflix effect, the Las Vegas race, and the growing number of American sponsors has transformed our commercial position in the world's largest consumer market."