F1's $293M 10-Day Haul Lands Apple Its First Box Office Smash, Giving Formula 1 Huge U.S. Visibility
Footage included real Formula 1 cars, immersive paddock access shot at actual F1 races. Its success could have changed the fortunes for both the sport in the U.S. and Apple+, Deadline reports.
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Once considered a niche sport, F1 has gradually gained widespread public recognition. Liberty Media (NASDAQ:LLYVK) and Delta Topco Ltd.'s acquisition of F1 in 2017 and Netflix (NASDAQ:NFLX) series 'Drive To Survive' reshaped perceptions, paving the way for sold-out races in Miami, Austin, Texas, and Las Vegas—drawing more than a million fans combined, The Wall Street Journal reported.
The timing couldn't be better: as the film climbs the box office charts, American interest in F1 is accelerating. According to The Journal, talks are underway for more U.S. races—and perhaps a future American F1 driver to further energize fan engagement.
Apple reportedly invested over $200 million in production and marketing, backed by an ambitious distribution strategy that included Imax (NYSE:IMAX) theatrics and cross-promotion during the company's Worldwide Developers Conference. Imax took the lead, generating $28 million globally —19% of total revenue — and demonstrated premium viewing demand, even with higher ticket prices — $19.51, on average, according to Business Insider.
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Before this win, Apple's theatrical track record was shaky. Major titles like 'Argylle,' 'Fly Me to the Moon,' and even Martin Scorsese's 'Killers of the Flower Moon' underperformed, prompting Apple to reevaluate its investments in movies.
Although F1's success or failure won't make or break Apple, which is worth over $3 trillion, it marks a tremendous boost for its film division and a validation of the company's all-inclusive philosophy.
'We could bring some things that are uniquely Apple to the movie, like our camera technology. And we plan to have the whole of the company support it as well — our retail operation and everything,' CEO Tim Cook told Variety.' So it was something that we could get the entire company around. It feels wonderful to be a part of it. Apple should have something that we pour our passion into, and that's exactly what we're doing with the shows. And now you can see us hitting a stride. It feels wonderful.'Apple has several other potential wins in the pipeline. The Los Angeles Times reports that Apple has already secured another Kosinski-Bruckheimer collaboration —the director/producer team behind 'F1: The Movie' — about UFOs. The Spike Lee-directed Denzel Washington thriller, "Highest 2 Lowest,' is another of the company's big-name projects. However, it will receive a limited theatrical release before becoming available to stream.
The company has renewed the popular soccer series "Ted Lasso" for another season. The spy/ thriller series 'Slow Horses' starring Gary Oldman will premiere its fifth season in the fall. However, a bona fide theatrical hit has eluded the company until now. Cook stresses that it was not a prerequisite when forming the movie division of the company.
'We studied it for years before we decided to do [Apple TV+],' he told Variety. 'I know there's a lot of different views out there about why we're into it. We're into it to tell great stories, and we want it to be a great business as well. That's why we're into it, just plain and simple.'
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This article F1's $293M 10-Day Haul Lands Apple Its First Box Office Smash, Giving Formula 1 Huge U.S. Visibility originally appeared on Benzinga.com
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