Apple reportedly outbids ESPN for F1 U.S. broadcast rights, moving coverage to streaming platform
Apple offered Liberty Media $150 million per year for F1 rights, Puck's Dylan Byers reports. That far exceeds the approximate $85 million ESPN was paying for the current package, which expires after the current season.
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While the exact number of ESPN's bid isn't known, the network will not match or top Apple's offer, according to Business Insider. The deal has not yet been finalized, but Byers reports that Apple officials (including CEO Tim Cook) and Disney executives (CEO Bob Iger and ESPN president Jimmy Pitaro) presented their offers to Liberty Media CEO Derek Chang at the annual Allen & Company conference in Sun Valley, Idaho.
In an intriguing instance of timing, Apple is reportedly winning the F1 broadcast rights two weeks after the company's "F1" film starring Brad Pitt finished No. 1 at the box office. To this point, "F1" has grossed $300 million worldwide.
So Apple and F1 are effectively already in business together. But elements of the filmmaking process, directed by Joseph Kosinski, could make their way into Apple's coverage. Technology could lead to a much more immersive experience for viewers than ESPN was able to offer. For instance, the custom camera system used to film footage in actual F1 cars could also be used on broadcasts, according to Puck.
Apple and CEO Tim Cook have already been in business with Formula 1 racing, partnering on the production of the "F1" movie starring Brad Pitt that has grossed $300 million worldwide in two weeks. (Photo by)
(Mark Thompson via Getty Images)
F1 will be the third sports package that Apple has agreed to, joining Major League Baseball and Major League Soccer. Streaming platforms including Netflix, Amazon, Peacock and YouTube continue to take steps into sports broadcast rights, lessening broadcast networks' previous hold on live sporting events.
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The risk for F1 is going exclusively to a streaming platform that won't be available on traditional broadcast or cable television. That might alienate some fans who don't want to pay for an Apple TV+ subscription to watch races. MLS has arguably suffered from no longer being as accessible to casual viewers — or perhaps even devoted fans.
However, F1 gained significant popularity through another streaming platform with Netflix's "Drive to Survive" docuseries, which created a whole new contingent of fans who learned about the teams, drivers, competition and much of the drama surrounding events on the circuit.
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Yet ESPN has averaged 1.3 million viewers per race this season, doubling numbers from seven years ago when the network took over F1 broadcasts from NBC. Can Apple match that audience? It's difficult to say since Apple does not release viewership numbers from its MLB and MLS broadcasts. F1 might be less concerned about that with the major money that Apple will be paying for its U.S. rights package.
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