The Formula One Group have confirmed a modest revenue boost for the second quarter of 2019 compared to 2018.
Formula 1’s revenues rose from $585m to $620m for the April to June period, and there was a further boost with operating income rising from $14m to $26m.
The revenue increase actually comes as a surprise with the Bahrain Grand Prix, which pays one of the highest hosting fees and generates significant Paddock Club revenue, having taken place in the first quarter for 2019.
The 10 teams on the grid also enjoyed a slight climb in their collective payments from $307m to $335m compared with the same period in 2018.
As quoted by Motorsport.com, Liberty Media explained the revenue breakdown: “Race promotion revenue decreased due to the differing fees associated with specific races held in the second quarter of 2019 compared to 2018, partially offset by rate increases in the underlying contracts.
“Broadcast revenue increased primarily due to contractual rate increases. Advertising and sponsorship revenue increased due to revenue from new sponsorship agreements entered into beginning in the second half of 2018.
“Other F1 revenue decreased in the second quarter primarily due to the mix of races, which resulted in lower TV production and Paddock Club revenue.”
Formula 1 CEO Chase Carey was certain that the sport would hit all financial targets for 2019.
“F1 heads into our summer break on the heels of some unforgettable races,” he explained.
“We’re excited by the growing competitiveness of Red Bull and Ferrari and the return of Honda as a winning engine supplier.
“We were thrilled to announce that season two of the Netflix Series ‘Formula 1: Drive to Survive’ will air in 2020 and will feature all ten teams. We are pleased with our growth in revenue and profitability and on target to hit our goals for 2019.”