Speculations regarding Apple’s interest in Formula 1 streaming rights are not a recent phenomenon. However, following the impressive $300 million revenue from its latest F1 film featuring Brad Pitt, it appears that Cupertino is keen on incorporating F1 into its sports portfolio.
As reported by the Financial Times, Apple is currently negotiating to obtain the U.S. rights for streaming Formula 1. While Apple has been prudent in offering its Major League Soccer and Major League Baseball content globally, the strategy may vary with Formula 1. These rights are presently held by Disney’s ESPN, though F1 has the possibility to charge fans directly.
The report indicates that the racing series generates $85 million annually from ESPN, but analysts at Citi suggest that the forthcoming broadcasting agreement could be valued at a minimum of $121 million per year. Disney is expected to submit a proposal to keep the streaming rights, particularly given that the viewership has doubled in the past seven years. Simultaneously, F1 is emphasizing the U.S. market, as Liberty Media has included Miami and Las Vegas in the race schedule, along with the Austin, Texas Grand Prix.
While sources close to the situation indicate that F1 may allow ESPN to maintain the streaming rights, Disney has yet to act during its exclusive negotiation period to finalize a deal without facing competition.
With the achievement of the F1 film and Netflix’s well-received Drive to Survive documentary series, this marks a pivotal time for Formula 1 to enhance its income and for Apple to expand its sports offerings.
Nonetheless, it will be several months before we learn if Apple will finalize the agreement. ESPN retains the streaming rights until the conclusion of the 2025 season.
BGR will provide updates as we gather more information regarding Apple’s possible bid for Formula 1 streaming in the U.S.
