F1 Revenue on the increase compared to 2018

Revenues for the Formula One Group have been on an increase for the second quarter of 2019 in comparison to 2018.

Liberty Media announced on Thursday its overall results of revenue from F1, which showed in increase from $585m to $620m for the time between April and June.
 
Operating income has risen from $14m to $26m while the teams had an increase in their combined payments from $307m to $335m.
 
This increase in revenue still comes after the loss of the Bahrain Grand Prix in the second quarter, which pays one of the biggest fees for hosting of the F1 calendar, was held at the end of March last year rather than at the start of April this year.
 
2018 held seven races between April and June and the same amount have taken place this year with the Austrian Grand Prix happening just at the end of June.
 
Liberty Media said of their changes in Revenue: "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."

Liberty’s CEO Chase Carey still insists that F1 will reach its financial targets for this year, as well as the increasing level of competition between Red Bull and Ferrari.

Carey said: "F1 heads into our summer break on the heels of some unforgettable races.

"We're excited by the growing competitiveness of Red Bull and Ferrari 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."