The F1 film is not only a success for Apple. The Formula One Group attributes part of its recent revenue increase to Apple.
The Hollywood Reporter has the details:
The entity, owned by Liberty Media, experienced a one-time revenue boost from the film’s release in late June, which played a role in the group’s 40 percent revenue increase year-over-year, reaching $1 billion. Executives estimated the film’s effect on revenue to be “a mid-teens number for the quarter,” while other contributors included ongoing growth in F1 TV subscriptions, as well as a calendar variation that resulted in a higher percentage of season-based revenue recognized in the second quarter.
After generating more than $500 million globally so far, Apple’s F1 movie was highlighted in Liberty Media’s latest earnings call.
“I would suggest that the impact of the film is not solely about the financial contribution, but the sport will have a tremendous opportunity to enhance its visibility and create a circular economy around it,” Domenicali remarked.
He mentioned that he anticipates that interest and future revenue prospects will persist as the film is subsequently available on Apple’s streaming service.
Prior to the release of the F1 movie, Netflix’s Drive to Survive docuseries had similarly heightened interest in the sport.
What could further enhance public enthusiasm for Formula One? Apple is negotiating to obtain U.S. streaming rights for Formula One.
While there’s no confirmed date for the F1 movie’s debut on Apple TV+, the film is being re-released in IMAX theaters, with tickets now available for purchase.
