Tech giant Apple aims to secure the rights to host Formula 1 races in the United States for a whopping sum of 128 million euros.
Apple Set to Acquire Formula 1 U.S. Broadcast Rights
Apple is poised to make a significant foray into the world of sports broadcasting, as it is reportedly set to acquire the rights to broadcast Formula 1 races in the U.S. from next year. This would mark Apple's third sports streaming deal, following its acquisition of Major League Soccer matches and the NBA's playoff games.
The key contenders in the bidding process for the U.S. Formula 1 broadcast rights are Apple and Netflix. While Apple is reportedly in advanced talks and has submitted a strong bid around $150 million per year, Netflix is also interested but appears to be less advanced in negotiations. Notably, Disney’s ESPN, the current rights holder, has opted not to compete aggressively for renewal, essentially withdrawing from the bidding process.
The popularity of Formula 1 in the U.S. has been on the rise, thanks in part to the premiere of Netflix's docuseries "Drive to Survive" in 2019. The average F1 race on ESPN currently generates around 1.3 million viewers.
Apple's bid for the Formula 1 rights demonstrates its continued investment in media projects. The company seems unfazed by the financial commitment, having already shown its willingness to spend on media ventures.
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It's worth noting that Apple has not yet invested in the rights for the NFL. However, if nothing changes at the last minute, Apple will have a third sports streaming offering next year.
While the U.S. market is a significant win for Apple, Formula 1 remains popular in Germany, despite a decline in TV viewers compared to the Michael Schumacher era. More details on data processing can be found in the Privacy Policy.
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What about the potential investment of Apple in the broadcasting of Formula 1 races also involving the finance sector, as it seems to be willing to spend around $150 million per year for this venture? Would this expansive move into sports broadcasting through technology enhance Apple's position in the business world as well?
