Apple TV+ already has sports-related services like MLB “Friday Night Baseball” and the MLS Season Pass, and now they could be looking into expanding into motorsport with the rights to F1. Apple is considering making a deal with Formula 1 for exclusive streaming rights to the races, and it might cost it $2 billion per year.
Business F1 that Apple is considering making a bid for streaming rights of the Formula 1 races. The proposed deal that Apple is working on is estimated to be worth $2 billion per year, which is double the amount that the Formula 1 Group currently receives for their global TV rights.
A standalone subscription service for Formula 1 is what Apple is planning, alongside MLS and Apple TV+. This idea comes after the success of the MLS Season Pass, which Apple would like to replicate for F1.
Apple has acquired the rights for Major League Soccer (MLS) for US$2.5 billion and signed a ten-year-long agreement. On the day Messi made his debut for Inter Miami, Apple TV+ witnessed over 110,000 sign-ups for its MLS Season Pass add-on, marking an increase of over 1,690% from the day before. The MLS Season Pass is priced at $25 per season for subscribers, while non-paying customers will have to pay $29 per season.
While the deal looks tempting, F1’s US broadcasting rights are unavailable until 2025 in the US, when ESPN’s deal ends. Also, the UK rights are with Sky Sports as of now. Apple would have around 25 per cent of the overall streaming rights package at the beginning of the agreement, increasing as existing rights contracts expire, which is said to last for seven years.
Apple’s interest in Formula 1 is not something new. Apple TV+ is currently working on two productions related to Formula 1. One is a movie, which will be directed by Joseph Kosinski, starring Brad Pitt, and produced by Lewis Hamilton. Then, it is also working on a second production, which is a documentary focused on Hamilton himself.
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