As the 2024 Formula 1 season concludes this weekend in Abu Dhabi, the global racing series celebrates an extraordinary milestone: a fanbase of 750 million, according to a new Nielsen Sports study. This marks a 5.7% growth since 2021, with 50 million new fans joining the ranks in just three years.
Women and Middle Eastern Markets Propel Growth
Key to this expansion is the surging interest among women, who now account for 41% of the total fanbase. The fastest-growing segment is young women aged 16-24, reflecting the sport’s evolving inclusivity and appeal.
Jon Stainer, Nielsen Sports’ Global General Manager, highlighted the transformative shift:
“Formula 1 exemplifies innovation in fan engagement. The growth among women and new markets like Saudi Arabia stems from how teams and drivers are showcased today, offering unprecedented access to global audiences. This shift is attracting new sponsorship categories and redefines the brands involved in the sport.”
The Middle East has become a powerhouse for F1 growth, with Saudi Arabia leading with an 11% rise in fan interest and the UAE following with a 6% increase. Notably, female fans in Saudi Arabia surged by 11%, while men’s interest grew by 10%. The older demographic (50-69 years) in Saudi Arabia saw a remarkable 22% increase compared to 2023.
Global Growth Highlights
F1 continues to solidify its presence in traditional strongholds like Europe and emerging markets like the U.S.:
- Europe: The United Kingdom (+2.3%) and Germany (+4.5%) saw steady increases in fan engagement.
- United States: With three races on the calendar (Miami, Austin, and Las Vegas), the U.S. fanbase grew by 3%, climbing from 19% in 2023 to 22% in 2024.
Netflix’s “Drive to Survive” Boosts Fan Engagement
Netflix’s hit docuseries Drive to Survive remains a significant driver of new fandom. According to the study, 35% of viewers expressed an intention to watch more races, and 25% became fans after watching the series.
Sponsorship Revenue Soars
On the business front, Formula 1 sponsorship now accounts for 6.6% of global sponsorship revenue in 2024. The average F1 sponsorship deal value has skyrocketed by 56% since 2019, rising from $2.87 million to $5.08 million.
Crypto and gaming brands like Bybit, OKX, and Crypto.com are among the newer sponsors, alongside luxury and aviation giants such as LVMH and Qatar Airways. Information technology companies account for 20% of F1 sponsorships, with brands like HP, Dropbox, and Globant leading the way. Financial services have also seen exponential growth, jumping from 2% of sponsorships in 2019 to 17% in 2024.
Media Value and Global Impact
Nielsen Sports reports that title partners of F1’s top teams generated an average of over $6 million in media value per race in 2024, emphasizing the sport’s lucrative appeal.
This study, conducted across 37 markets with input from 46,000 respondents, underscores Formula 1’s evolution into a global phenomenon, powered by inclusivity and innovation. As the sport prepares for its finale in Abu Dhabi, it looks ahead to even greater heights in 2025.
