NBC and Peacock said Saturday's Churchill Downs race averaged 19.6 million viewers and peaked at 24.4 million as Golden Tempo won at 23-1 odds.
Golden Tempo rallied from last on the final turn, giving trainer Cherie DeVaux the first Kentucky Derby victory by a woman and jockey Jose Ortiz the winning ride.
The audience topped last year's 17.7 million average, and Golden Tempo has been invited to the Preakness, though participation is unclear as recent Derby winners have skipped it.
Is the Derby's record viewership a true resurgence or an illusion created by controversial new audience measurement technology?
Beyond Cherie DeVaux's historic win, what systemic changes are needed to ensure more women succeed in horse racing's top ranks?
As new betting platforms emerge, can horse racing protect the financial model that is essential for its very survival?