Apple’s F1 Movie Achieves Major Box Office Success
Apple’s eagerly awaited film centered around racing, titled F1, featuring the talented Brad Pitt, has shattered records, emerging as the tech giant’s most profitable film to date. The movie has amassed an impressive $293 million globally.
Potential Expansion into Formula 1 Broadcasting Rights
A recent report from the Financial Times indicates that Apple is contemplating a bid for the U. S.broadcasting rights for Formula 1. This strategic initiative reflects Apple’s ambition to expand its investment in live sports, leveraging the excitement generated by its successful F1 movie.
Competition in the Broadcasting Arena
Currently, the broadcasting rights for Formula 1 in the United States are held by Disney’s ESPN. Apple is anticipated to officially submit its bid when these rights become available in 2026, directly challenging ESPN’s longstanding dominance in this domain.
Increased Value of Racing Rights Amid Rising Viewership
Liberty Media, the proprietors of Formula 1 in the U. S., are hopeful that the attention garnered from both the film and Netflix’s series Drive to Survive will significantly enhance the value of the race rights. Reports suggest that while ESPN currently earns about $85 million annually from Formula 1, projections by analysts at Citi indicate that future bids could exceed $120 million per year.
Moreover, viewership of Formula 1 in the U. S.has nearly doubled since 2018, with an average audience of approximately 1.3 million expected to tune in during 2024.
Apple’s Strategic Moves in Live Sports Streaming
Apple’s ventures into live sports are already notable, having signed deals with Major League Baseball in 2022 and North America’s Major League Soccer. Their interest in Formula 1 signifies a robust commitment to enhancing its presence in live sports streaming. Despite ESPN having an exclusive window to renew its broadcasting contract, it chose not to do so, thereby opening the competitive bidding landscape for other entities like Apple.
Future of Broadcasting Rights Remains Uncertain
As the landscape for Formula 1 broadcasting evolves, decisions regarding its future deals are still pending. According to sources familiar with the situation, ESPN appears likely to maintain its broadcasting rights. However, as of now, neither Apple, Liberty Media, nor Formula 1 has made official comments regarding the ongoing discussions.
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