F1 2024 - News/Regulation change/Developments

Formula 1 revenue tops $500 million in first quarter 2024


Looking under the hood, Liberty Media reported healthy growth across all primary revenue streams for Formula 1: race promotion, media rights, and sponsorships.

This suggests strong fan engagement, continued media interest, and a healthy sponsorship market surrounding the sport.

The financial report also highlights a 34% increase in "other F1 revenue." This includes income from the sale of the new Formula 2 car and associated parts, higher hospitality and experiences revenue and higher freight income driven by the additional presence on the calendar of the Australian Grand Prix.

The trickle-down effect of Formula 1’s strong translated into a 45% increase in revenue for the teams as payments to the latter increased from $112 million to $163 million in Q1 2024.

 

The thing is these days almost all cars finish the race. For the general public, finishing 11th or 15th doesn´t make much difference but for a backmarker it does because it could mean beating other backmarker in the constructors championship. So giving points for those positions makes some sense.

 

But they already have a tie-breaker system for those backmarkers, so using points is not really necessary. Points would make it a little easier for the casual fan to understand, but they don’t care about the back half of the grid anyway.

 

Constructors that don't finish among the first 10, don' deserve any points, IMO.

 

Deserving or not, all positions count for the Championship. Giving points makes it easier for the spectators and puts into perspective the little fights at the back of the grid.

Anyways, it's not so much drama, at the beginning only the first 5 scored points, then the first 6, 10... Who cares if now it's the first 15.

 

More GPs over the years (from 6 to ...24 now), plus more points attributed from 5 to ... all one day perhaps ?
That completely devalues the championship and makes F1 look like an ordinary series.
The ethics of the World Championship, the pinacle of motorsport, are constantly under attack from those who want to make it a tasteless entertainment.

 

More 'good' news if you are FOM/Liberty:

https://f1i.com/news/507500-f1-playing-promoters-off-each-other-to-boost-race-fees-maffei.html

F1 ‘playing promoters off each other’ to boost race fees - Maffei

Liberty Media chief executive Greg Maffei has confessed that Formula 1 has been able to take advantage of the strong global demand for race franchises “to play promoters off each other” and lift race fees.

Formula 1 currently operates at near capacity with a 24-race calendar, just one shy of the maximum allowed by the sport’s Concorde Agreements.

Grand Prix racing’s global growth has ensured a steady demand for new additions to F1’s calendar. But this has also created a sense of “scarcity” among potential promoters which Formula One Management (FOM) has cleverly leveraged to maximize the value of existing races.


“For a long time, it was perceived that the growth and promotion would come from incremental races,” explained Maffei in a conference call with Wall Street analysts earlier this week.

“We obviously went from 18 or something to up to this 24 level, which is where we do not anticipate growing any more races.

“But, it actually creates a great incentive scarcity, to be able to play promoters off against each other – and not to try and take advantage of them but just given the amount of demand we have, both among fans to attend and among promoters to host an event.

 

2030 for more sound lol. Why the rush idiots??


F1 ready to consider different engines from 2030 in push for more noise
Formula 1 CEO Stefano Domenicali has revealed that he is open to considering different engine rules from 2030 in a bid to deliver more noise to fans.

 

These people are idiots. I swear. We have to wait six years to hear a proper race car. Why not just allow more fuel and let them rev to 16K. That would help right now

 

More cheap to make, expensive to attend even with a crappy seat, street races it appears!

F1 eyeing new races in Asia, not US, amid wild Chicago rumours
Formula 1 has no plans to add a fourth US race but is keen to expand its presence in Asia, which could have consequences for European venues.

 

They should go for it !
There are 50 Asian countries; at least half of them could be interested to host a GP to improve their image.
Some are already on the calendar, others dropped out of the schedule. Liberty can try to fleece other countries !
What are the "consequences" for Europen venues ? Germany and France seem to do alright without a GP.

 

The Asian piece makes sense and if US Congress wants to put in peril US races over Andretti, growth and making up any lost revenue is no problem in Asia. An under served market it is. Wealthy certainly. LIberty has stated they have 11 firm leads in Asia.

 

Thailand’s F1 GP bid moves forward as PM visits Imola
Thailand’s bid to secure a Formula 1 race has edged forward, with the country’s prime minister Srettha Thavisin attending Imola for talks about the idea.

RedBull Controlling family will make this the new home race for RedBull. Sorry RedBull GmbH lol

 

He is on gardening leave as well. So appears he wants to be in a team again possibly. No matter its another blow for the idiot FIA leader.

F1 technical chief Symonds set to leave role
Formula 1's chief technical officer Pat Symonds is to leave his position after seven years in the role, Autosport has learned.

 

Pat has already signed with Andretti-Cadillac.

 

What ever happened to the Vietnam race? I thought it was scheduled for 2020 and even had the track built.

 

I will sleep better now lol

F1 abandons rain wheel cover idea after latest test
The FIA has abandoned the idea of fitting wheel covers to Formula 1 cars in extreme wet conditions following its latest test, Autosport can reveal.

 

Not a secret lol!!


F1 discussing new team $600 million dilution fund formula
Formula 1 is discussing the idea of a new $600 million dilution fund format for new teams as part of the next Concorde Agreement, Autosport has learned.

 

Will this race face cancellation? https://www.businessinsider.com/mexico-city-water-crisis-day-zero-drought-rain-2024-5?op=1

Mexico City could run out of water in a month unless it rains

 

i think it is time

randomly assign drivers to cars

 

Looks over substance lol Go F1!


Exclusive: F1 in livery push for 2025 to make all cars look different
Formula 1 chiefs have begun a push with teams to ensure liveries are more distinguishable from 2025, Autosport can reveal, amid concerns that some cars currently look too similar.

 

Red Bull Ring adjusts circuit after track limits debacle
During last year's Austrian GP, as many as 100 track limit violations were confirmed by the stewards, but it later turned out to be over 1,200. As a result, the race result was announced five hours after the finish by the FIA, who were busy calculating the many penalties handed out. 14 of the 20 drivers changed positions due to the penalties afterwards.


The Red Bull Ring is keen to avoid a repeat of that scenario at the next edition of the F1 race, which takes place on Sunday, June 30. Adjusting the track is not as easy as it seems, as MotoGP also races at the circuit and has different needs to F1. A solution has now been found for both racing classes, track director Ernst Wolf tells Motorsport-Magazin.com.

The solution was made in consultation with the FOM (Formula One Management) and the FIM (Fédération Internationale de Motocyclisme). A temporary strip of gravel will be laid at corners 9 and 10. It will be removed again before MotoGP travels to the circuit in August. A necessary change to "remain one of the best circuits in the world," says the track director.