Apple considers $2 billion deal for exclusive Formula 1 broadcast rights

Posted : 09 October 2023

In a potential game-changing move, tech giant Apple is reportedly mulling over a staggering $2 billion per year offer to secure the exclusive global broadcasting rights for Formula 1. This monumental proposition marks a significant leap for Apple's streaming service as it seeks to expand its live sports content portfolio.

Apple's recent foray into the world of global sports, exemplified by the Messi-MLS deal, underscores the transformative impact that marquee sports stars can have on their streaming platform, AppleTV+. Since Lionel Messi's arrival, the MLS Season Pass has witnessed an unprecedented surge in subscriptions, with the first month alone surpassing the combined numbers of the preceding nine months. The signing of Messi led to a staggering influx of 110,000 new subscribers on the day of his debut.

What's even more impressive is that 20% of this new audience chose to subscribe to Apple TV+, making it the platform's best month ever with a remarkable 833,500 new US customers in July.

The success story of Netflix's "Drive to Survive" cannot be overlooked either. The series effectively introduced the stories of Formula 1 drivers to new audiences who had previously not engaged with the sport. This unique approach helped elevate the profiles of drivers who may not have achieved on-grid success that typically garners fans' attention.

As an example, Carlos Sainz, despite not being among the top drivers on the grid (potentially due to Ferrari's strategy), has managed to amass a staggering 7.3 billion views on TikTok with his fan-created content.

Now, envision a scenario where fans can exclusively access interviews and content featuring their favorite drivers on AppleTV+. Such a move would undoubtedly attract a global audience to the platform, potentially redefining the way Formula 1 is consumed.

Apple's strategic approach doesn't stop at broadcasting rights. The company is already in the process of producing a documentary on Lewis Hamilton and an F1 movie featuring Hollywood stars Brad Pitt and Damson Idris. These projects are expected to lay the groundwork for an increased number of Formula 1 enthusiasts on the platform.

Furthermore, this move could cater to a younger audience segment that is gaining influence in the sports world. Notably, Formula 1's average audience age has decreased by ten years since the introduction of "Drive to Survive" on Netflix. Currently, the average Formula 1 fan is 32 years old, whereas the average Premier League fan is 41 years old.

If the proposed $2 billion deal comes to fruition, it would represent a significant leap for Formula 1, effectively doubling its current annual broadcast fees. The question now is whether this potential collaboration will prove to be a win-win situation for all parties involved, fundamentally altering the landscape of motorsports broadcasting.

Apple considers $2 billion deal for exclusive Formula 1 broadcast rights

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