A Apple obtained the broadcasting rights for Formula 1 in the United States in a five-year deal that will help the technology giant bolster its streaming service with one of the country’s fastest-growing sports, following the success of the film “F1: The Movie.”
The two parties did not disclose the financial details of the agreement this Friday (17). THE CNBC reported that the value was US$140 million per year, much higher than the $90 million that Walt Disney-owned ESPN was paying per season for F1, which it has been broadcasting since 2018.
Apple’s deal begins next year. The iPhone maker will broadcast F1 on Apple TV, its critically acclaimed streaming service, which won 22 Emmy Awards this year, but doesn’t have the scale needed to compete with industry leaders like Netflix and Disney+ despite billions of dollars in investment.
F1 joins Apple’s growing lineup of sports, which includes Major League Soccer and the “Friday Night Baseball”. Live sports have become a key battleground in the streaming industry as platforms compete for expensive rights that attract loyal fans, reduce churn and increase ad revenue.
“We’re excited to expand our relationship with Formula 1 and offer Apple TV subscribers in the U.S. front-row access to one of the most exciting and fastest-growing sports on the planet,” said Eddy Cue, Apple’s senior vice president of Services.
As part of the deal, Apple TV will feature all practice, qualifying, Sprint races and Grand Prix events. Select races and all training sessions throughout the season will also be available to watch for free on the Apple TV app.
The deal follows the box office success of the Apple-produced F1 film, which grossed more than US$628 million worldwide, according to IMDb’s Box Office Mojo. The film will make its global streaming debut on Apple TV on December 12.
Formula 1 gained almost 90 million new fans last year, with China seeing the biggest percentage increase following the sport’s return to Shanghai post-Covid-19, according to data from Nielsen Sports.
