Formula 1’s 2024 season was a spectacle of adrenaline and speed, drawing in masses of fans and establishing a powerful presence in the sporting world. However, one event failed to meet financial expectations: the Las Vegas Grand Prix. The event, which is directly promoted by F1, saw lower-than-expected ticket and corporate hospitality sales, causing a dent in the overall race revenue.
In the world of Grand Prix, a second-year slump in interest is not uncommon, as the novelty of a fresh event begins to wear off. 2024 was no exception, and F1 didn’t take this setback lightly. A transformative approach is in progress to boost the appeal and success of the event, from its marketing to its ticket sales.
F1 has now shifted the promotion and ticket sales responsibilities to its London offices. Other changes are underway as well, with tweaks to the fan zones and hospitality experiences, an expansion of the grandstands, and the addition of F1 Academy to the support bill.
One of the most significant changes for fans is the new approach to ticket sales. The strategy has shifted from high-end pricing to providing better-value offerings. The cheapest single-day tickets will now be available for $50, with a three-day general admission pass up for grabs at $400. This is a significant shift from the previous approach, where prices were initially high and discounts were introduced later.
F1’s chief commercial officer Emily Prazer, who also presides over the Las Vegas GP, explained the new approach: “We’re making the race more accessible to a wider audience by lowering prices and creating flexible payment plans, which will be interest-free. Our on-sale prices will be the lowest possible price.”
However, this does not signify a complete abandonment of the big-ticket offerings. The premium package, the Gordon Ramsay at F1 Garage experience, is available for $25,000 plus taxes and fees.
F1 had initially underestimated certain aspects of the Las Vegas experience. For instance, if fans were unwilling to pay high prices for official hospitality, they had plenty of other options to find a similar experience elsewhere. The F1 team has learned from this experience and will focus on enhancing the views of the track offered by their official hospitality.
The Las Vegas GP will also see significant changes to its timetable in 2025. Previously, the event started at 10pm local time to minimise disruption to the Las Vegas Strip and accommodate European audiences. This caused strain for teams and drivers due to long hours and night shifts. To address this, the race has been brought forward by two hours.
Despite the challenges, F1 remains committed to the Las Vegas GP, viewing the hiccups as a learning experience. The event has also been a catalyst for new ideas for other events. The Las Vegas GP’s contribution to the championship extends beyond the number of tickets sold for that weekend. As Prazer explains, “It has served as the halo effect for the sport.”
The sales for the Las Vegas GP may have been softer than expected, but F1 is confident that they can turn the situation around. The new approach, offering a mix of products and prices that resonate with the market, is expected to yield better results in the future. Moving forward, F1 is eager to use the data and lessons learned from this experience to continue improving and driving the sport forward.
