Tech giant Apple aims to acquire Formula 1 racing's U.S. event rights for an estimated 128 million euros
Apple Set to Revolutionize Formula 1 Broadcasting in the U.S.
In a significant move for the world of sports streaming, Apple is poised to acquire the U.S. broadcast rights for Formula 1 races starting in the 2026 season. This marks a shift from traditional cable to streaming platforms for F1 coverage in the U.S. market.
According to reports, Apple has outbid Disney's ESPN, which currently holds exclusive rights through 2025. The tech giant's offer, believed to be around $150 million per year, is nearly double ESPN’s current deal of about $75-85 million annually. ESPN, owned by Disney, is unlikely to match this offer, effectively conceding the rights to Apple.
The growing popularity of Formula 1, aided by Netflix’s "Drive to Survive" series and Apple's own film "F1: The Movie", has motivated Apple to invest in the sport. Negotiations indicate Apple is the frontrunner, with ESPN stepping back from retaining the rights due to the higher bid.
Apple's foray into sports streaming isn't new. The company already streams some baseball games and all MLS matches. However, this would be Apple's third sports streaming deal, marking a significant expansion of its sports content portfolio.
It's worth noting that other interested parties' interest in the Formula 1 rights in the U.S. was reportedly quite low. Netflix expressed interest in F1 rights in 2022 but did not make a provocative offer this time. Our website has reached out to F1 and its owner, Liberty Media Group, for a statement but has not received a response yet.
Representatives from Apple, ESPN, F1, and Liberty Media Group have declined to comment on the negotiations for the Formula 1 rights in the U.S. Despite a decline in TV viewers compared to the heyday of Formula 1 with Michael Schumacher, the racing series remains popular, especially in Germany.
Apple's bid for the Formula 1 rights is a testament to the company's commitment to expanding its content offerings and capitalizing on the growing popularity of sports streaming. The exact amount Apple has bid for the Formula 1 rights is not disclosed beyond being at least $150 million per year.
As we await official confirmation, it's clear that the landscape of sports broadcasting is evolving, with streaming platforms like Apple playing an increasingly significant role. Stay tuned for more updates on this developing story.
[1] Financial Times [2] Puck [3] Variety [4] The Verge
What will Apple's new sports streaming offering include, starting in 2026? Racing sports, such as Formula 1 races. It seems ESPN, the current broadcaster, might no longer hold the exclusive rights, as Apple's bid is nearly double ESPN’s current deal and Disney is unlikely to match it.
