Apple’s F1 film helped drive Formula One Group’s top-speed revenue growth

The F1 movie isn’t just a hit for Apple. The Formula One Group credits Apple in part for its recent revenue boost.

The Hollywood Reporter has the story:

The company, which is owned by Liberty Media, saw a one-time revenue increase from the release of the film in late June, which contributed to the group’s 40 percent rise in revenue year-over-year to hit $1 billion. Executives quantified the impact of the movie on revenue as “as a mid-teens number for the quarter,” with other drivers including continued growth in F1 TV subscriptions, in addition to a calendar variance that led to a larger proportion of season-based income recognized during the second quarter.

After earning more than $500 million globally so far, Apple’s F1 movie was the subject of Liberty Media’s latest earnings call.

“I would say the effect of the movie is not only, of course, about the dollars and economical input, but the sport will have an incredible opportunity to grow its awareness and to generate the circular economy around that,” Domenicali said.

He added that he expects interest, and future revenue opportunities, to continue as the film is later released on Apple’s streaming platform.

Before the F1 movie existed, Netflix’s Drive to Survive docuseries similarly boosted interest in the sport.

What could further boost public interested in Formula One? Apple is in talks to secure U.S. streaming rights for Formula One.

While there’s no date yet for when the F1 movie will arrive on Apple TV+, the film is being re-released across IMAX theaters with tickets currently on sale.