The owners of the Formula 1 company Liberty Media, presented the financial report for the second quarter of 2017.
Total revenue compared to the same period last year increased by 3% and amounted to 616 million dollars. At the same time, operating profit has declined from 90 million to 45 million because of growth in spending from April to June.
“Over the first half of the season 2017. The attendance phases and the presence of Formula 1 on digital platforms has increased, – said the Executive Director of F1’s chase Carey. – Now we develop the strategic plan for the next three to five years, paying the main attention to key priorities such as attracting new fans. This has a positive effect on business and will be the basis for results in the long term.”
At the same time, as noted by Cary, in the third quarter spending will continue to grow as the organisation of the Formula One Group continues to be updated with new frames.
“We continue to expand the staff. Most of the new leaders had already been recruited, but the team is still not formed until the end – continued the Executive Director of the Formula 1. – In addition, last month we had an event like F1 Live in London, which we consider very important from the point of view of attracting fans.
We are also collaborating with digital partners. Today we do not have adequate digital platform, so that we only invest. In the coming months, we will present the development plan”.
In light of this financial report interesting is the statement by the Director of Liberty Media Greg Maffia that salary Cary is dependent on the financial performance of Formula 1.
“We are not going to disclose the details of his contract, but I can say that it depends on results: operating performance and stock F1 F1 Group,” said Maffei.
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