UHD costs impact Liberty F1 revenues
March 5, 2018
By Colin Mann
Although Liberty Media’s first year as owner of Formula 1 saw 2017 season audience figures increase across TV and digital platforms, with 352 million unique TV viewers across all F1 programming, it revealed in its Q4 and Full Year 2017 results that revenue from activities other than race promotion fees, broadcasting fees and advertising and sponsorship increased modestly, primarily as a result of higher logistics and digital media revenue, contributions from broadcasting in Ultra High-Definition and higher hospitality revenue, partially offset by lower spend by competing teams in the GP3 series it being the second year of the GP3 vehicle cycle.
“When Liberty completed its purchase of F1 last January, we knew the business would require investment to achieve its full potential. Chase Carey and team made great progress on their strategic goals and we look forward to more in 2018,” said Greg Maffei, Liberty Media President and CEO.
“The 2017 season was successful in increasing viewers across TV and digital platforms,” said Carey, Formula 1 Chairman and CEO. “In 2018, we continue to focus on fan engagement through increasing carriage on linear and digital platforms, enhancing the race excitement, hosting more F1 Live events and collaborating with our partners. We look forward to the start of the season later this month in Melbourne.”