Apple considers $2B Apple TV+ streaming rights grab for Formula 1
Malcolm Owen[via Pexels/Rezk Assaf]
Apple is mulling over another potential sporting deal for Apple TV+, with claims it is thinking about offering $2 billion per year for the exclusive streaming rights to Formula 1 coverage.
Apple already offers a number services relating to sports on Apple TV+, including MLB "Friday Night Baseball" and the MLS Season Pass. In a new report, Apple is thinking about shifting into motorsport.
According to Business F1 Magazine, as covered by GPBlog, Apple is currently working on an offer that the Formula 1 Group "cannot refuse." The current proposed deal is thought to be valued at $2 billion per year, which is allegedly double what the Formula 1 Group receives for global TV rights.
Unusually, the deal would not provide Apple with full exclusivity from the start, but instead around 25% of the overall streaming rights package. As existing rights contracts expire, that percentage would go up, potentially hitting 100% within five years.
Even more so, Apple could be paying a fixed sum per year instead of seeing the price increase as the percentage increases. This fixed fee may also apply for a seven-year term.
Formula 1 is not an entirely new field for Apple, as it has produced content for Apple TV+ in the field, including a documentary about seven-time world champion Lewis Hamilton. Apple CEO Tim Cook has also waved the checkered flag during the US Grand Prix in October 2022.
Charles Martin
Andrew Orr
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27 Comments
Yes please
Yes please
That would be truly awesome.
F1 is available now as it’s own streaming service. I’ve considered getting it. So this “deal” could mean that eventually the only place to get F1 would be on Apple ?? Not sure i like that.