Apple eyes Formula 1 streaming rights in bid to expand its live sports lineup
Rumors about Apple eyeing Formula 1 streaming rights aren't new. But after the successful $300 million box office take for its latest F1 movie starring Brad Pitt, it seems Cupertino really wants to add F1 to its sports offerings.
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According to the Financial Times, Apple is in talks to acquire the US rights to stream Formula 1. While Apple has been careful to offer its Major League Soccer and Major League Baseball products worldwide, the approach might differ with Formula 1. The rights are currently with Disney's ESPN, but F1 also has the option to charge fans directly.
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The publication says the race series earns $85 million a year from ESPN. But analysts at Citi estimate the next broadcast deal could be worth at least $121 million annually. Disney will likely make an offer to retain the streaming rights, especially since the audience has doubled over the past seven years. At the same time, F1 is prioritizing the U.S. market, as Liberty Media has added Miami and Las Vegas to the race calendar, alongside the Austin, Texas Grand Prix.
Formula 1 Apple
While people familiar with the matter say F1 might let ESPN retain the rights to stream the sport, Disney hasn't taken action during its exclusive negotiation window to strike a deal without competition.
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With the success of F1 the movie and Netflix's popular Drive to Survive documentary series, this is a hot moment for Formula 1 to boost its revenue and for Apple to grow its sports lineup.
That said, we're still months away from finding out if Apple will seal the deal. ESPN holds the streaming rights through the end of the 2025 season.
BGR will keep you updated as we learn more about Apple's potential bid for Formula 1 streaming in the US.
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