Liberty Media, the owners of the Formula One, baseball team Atlanta Braves, and an American broadcasting company SiriusXM reported a whopping $2.88 billion in Q2 revenue.
Their revenue was up from $1.91 billion to $2.88 billion overall year-over-year while their total operating income reached $622 million compared to $214 million during the same quarter last year.
Formula One was their major earner with its revenue jumping from $24 million to $501 million year-over-year and up from $180 million in Q1. The spike comes as the sport continues to gain viewers and evolve its offerings. F1 had recently announced a five-year, $100 million global partnership with Crypto.com as well.
Stefano Domenicali, Formula 1 President, and CEO said: “Formula 1 is having an incredible season and the drama on the track is resonating with fans worldwide. The battle for the Championship is intense and very close, evoking memories of some of the sport’s greatest rivalries of the past.”
He further added, “We are seeing increasing numbers of fans tune in at home, and it is great to see the fans returning to the races, with a sellout crowd at Silverstone of 356,000 across the weekend marking one of the largest fan events in the world since COVID. We were very pleased with the first Sprint event and look forward to the next one in Monza, and we continue to prove, despite the challenges presented by the pandemic, that we can adapt and find solutions for the remainder of the season.”
Their MLB side, Atlanta Braves, also saw a surge in revenue from $11 million to $216 million year-over-year. While their broadcasting and radio company SiriusXM — which hosts a wide range of sports programs from NASCAR, ESPN, and others also saw a revenue increase of 15% year-over-year to $2.16 billion.