Apple poised to win F1 streaming rights in $150M deal
What's the story
Apple is poised to win the US streaming rights for Formula 1 (F1) in a deal worth at least $150 million annually. The tech giant has made a massive bid to stream F1 races from 2026 onwards, according to Business Insider. This comes as ESPN, which currently pays around $85 million per year for the same rights, is unlikely to match Apple's offer.
Strategic move
Apple's bid follows success of F1 movie
Apple's bid comes after the success of its F1 movie starring Brad Pitt, which has grossed over $300 million worldwide. This is Apple's third major sports streaming deal, adding to its existing contracts with Major League Baseball (MLB) for Friday night games and all of Major League Soccer (MLS). The latest move is part of Apple's strategy to capitalize on the growing interest in F1 in the US.
Rising interest
F1's viewership has skyrocketed in the US
F1's popularity in the US has skyrocketed, with average viewership per race doubling since 2018 to about 1.3 million fans. ESPN had first dibs on renewing but let their exclusive negotiation window expire last year, opening the door for Apple and other potential bidders. The deal would give Apple another marquee sports property to bolster Apple TV+, though it's unclear whether F1 would get its own dedicated streaming package like MLS Season Pass.
Market strategy
Apple's previous deals for live sports
In 2022, it secured Friday night MLB games and later signed a long-term global streaming deal with MLS. Citi analysts had previously estimated the next US F1 broadcasting deal could be worth $121 million per year, a figure that could rise further due to Apple's interest and the sport's cultural momentum.