Formula E announces first ever profit

13 Sep 2019

By: Sport Industry Group

Formula E has announced a record revenue of over €200m - up 50% from last season - as well as its first ever profit in earnings before interest, tax, depreciation and amortisation. 

The Championship also claims to have boosted its television audience 24% year-on-year, seeing over 411m tune into Formula E events on TV cumulatively across last season, as well as 400,000 spectators coming through turnstiles to attend events. 

The electric car racing series also claims that it has seen significant growth on its social media engagement, with a 61% increase in video views. Meanwhile, it claims that 72% of its social followers are under 35.

Alejandro Agag, Chairman, Formula E, said: "It’s incredibly positive to again see a significant increase in our growing audience across the board, as well as the number of young fans choosing to watch and follow the ABB FIA Formula E Championship. 

“Like the next generation cars themselves, the speed of growth is getting faster and faster. The progress we’ve made in such a short space of time is very pleasing and is also reflected in record revenues, which exceed over €200 million for the first time. After strategically re-investing in other areas of the business over the first five-year cycle and continuing to do so for the foreseeable future, the rising level of revenue is a testament to the health of our company for many more years to come. 

“Reaching new young fans, the excitement of Formula E is helping to inspire future generations to embrace clean energy and in turn bringing them one step closer to buying an electric car. This ties in with Formula E’s vision of moving towards a cleaner future, faster."

The new Formula E season begins in Saudi Arabia in November and will end in July 2020 with a double header taking place in London’s ExCel Centre and Royal Docks.