Liberty Media has revealed the impact the F1 movie has had on the championship in the second-quarter earnings call, reporting a contribution in the mid-teens millions in revenue from the film directed by Joseph Kosinski, produced by Jerry Bruckheimer and co-produced by seven-time Formula 1 champion Lewis Hamilton.
The Brad Pitt-led film recently surpassed $500million at the global box office, becoming Apple’s highest-grossing film to date.
“Driven by both an exciting season on track and cultural buzz around the F1 movie, F1 drew its largest reach ever on social media in the second quarter with over 20 billion total social impressions, growing over 100% compared to the second quarter of the last year,” F1 CEO Stefano Domenicali explained on the earnings call.
“In June, the movie was released to the world. The movie was the largest global opening weekend ever for a Brad Pitt film and was shown on more than 44,000 screens across 80 markets. In its first five weeks, the F1 movie saw global box office sales over $500million, becoming the highest-grossing Apple film to date. The film will be released on Apple TV later this year and will continue to strengthen fan engagement with our sport.”
When asked by JPMorgan if they could quantify the contribution from the F1 movie, Brian Wendling, chief accounting and principal financial officer of Liberty Media, said it was in the “mid-teens” of millions for the quarter.
Brad Pitt, actor playing Sonny Hayes, a driver of the fictional Apex APXGP F1 team
Photo by: Getty Images
“Absolutely,” Domenicali agreed. “And Brian, I would say the effect of the movie is not only of course about the dollars and economic input, but the sport will have an incredible opportunity to grow its awareness and to generate, I would say, the circular economy around that, because it’s a new product that has been incredibly strong. And actually, why we were in a way quite positive about the impact in US.
“It was fascinating to see the impact on the more mature markets. So these things will generate definitely interest, will definitely bring money to the ecosystem, to the teams, to the F1 stakeholders. So that’s really what we can see happening.”
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