Shares of Liberty Media Corporation's Formula One Group (NASDAQ: FWONA) surged 5.2% in pre-market trading on Friday, February 28th following the company's impressive Q4 2024 earnings results and upbeat outlook for continued commercial growth and media rights appreciation.

In its Q4 2024 earnings report, Liberty Media highlighted Formula One's strong 6% revenue growth for the full year, fueled by additional races, new sponsorship deals, and contractual escalations across its various revenue streams. Sponsorship revenue in particular saw robust 10% year-over-year growth as major brands clamor for association with Formula One's rising global popularity.

Liberty Media executives expressed optimism about Formula One's commercial prospects, touting over $14.4 billion in contracted future revenue under existing multi-year agreements. The company has ambitious plans to further expand its digital presence, with a new premium subscription tier for F1 TV launching in 2025 after F1 TV subscriptions grew 15% in 2024. Social media engagement also continues to surge, with Formula One now boasting 97 million followers across platforms, up 38% year-over-year.