Apple is reportedly considering a groundbreaking move in the world of sports by eyeing a $2 billion per year offer to secure exclusive streaming rights for Formula 1 racing. This potential deal, as reported by Business F1 magazine, would represent a significant leap in the value of Formula 1’s TV rights, effectively doubling its current worth.
Apple’s interest in Formula 1 has grown in the wake of securing a deal to create a movie about the sport starring Academy Award winner Brad Pitt and produced by seven-time world champion Lewis Hamilton. This special relationship with the governing body of F1 allowed this feature to be shot simultaneously with race weekends at Silverstone and Hungary and a documentary chronicling the career of racing legend Lewis Hamilton. However, production on the Formula 1 movie has faced delays due to an ongoing actor’s strike.
The success of its Major League Soccer Season Pass venture that the company saw might have been a great motivation to invest in the growing Sporting market. If this deal materializes, it would likely take its place alongside MLS and Apple TV+ as a standalone subscription within the Apple TV app, further expanding Apple’s presence in the world of sports entertainment.
However, because of current contracts with broadcasters all around the world, acquiring global rights for Formula 1 may not be easy. For instance, ESPN has the rights in the United States locked up until 2025, with Sky Sports owning the rights in the UK and Republic of Ireland until 2029.
This implies that any future Apple-F1 agreement would probably start following that time. Apple might design the contract to incorporate more territories when rights become available in various markets to address these issues. A seven-year agreement is reportedly on the table, with worldwide rights becoming completely available around 2030, which also happens to be the year that Formula 1’s present media contracts, which are slated to expire on or before 2029, will be entirely exhausted.
It’s important to remember that Apple has looked into different collaborations with sports leagues, including the NBA, English Premier League, NFL Sunday Ticket, and more. Discussions about an exclusive Formula 1 streaming arrangement are still ongoing. They have so far been successful in securing MLB Friday Night Baseball and MLS Season Pass, demonstrating a growing dedication to sports programming on their platform.
