Apple is weighing the possibility of obtaining exclusive rights to stream Formula 1 racing on TV+ as part of its expanding live sports portfolio, according to sources who spoke to BusinessF1 magazine in its latest October issue.
The company is ready to offer Formula 1 Group (F1G) an irresistible offer of $2 billion annually to obtain exclusive global streaming rights. The figure would be twice what F1G currently makes from its existing streaming deals, which are not exclusive at the moment and encompass multiple broadcasters for different regions around the world.
Per the report, the company is looking to agree on a long-term deal that would run for at least seven years, with more territories secured under Apple’s belt once streaming deals with other broadcasters run out. As a result, total exclusivity for Apple would only kick in after 2028.
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Under such a deal Apple would offer a sliding scale according to how much exclusivity it was able to access. Initially it is thought that FIG would be able to offer 25 percent exclusivity rising to 100 percent after five years as all its existing contracts run out. On the flip side it is understood that Apple would demand a seven-year plus deal at a fixed price.
BusinessF1 magazine
Apple reportedly always had its eyes on Formula 1 streaming, albeit with reservations. According to the report, the smash-hit success of its MLS Season Pass – particularly after Lionel Messi’s move to Inter Miami CF – finally convinced the company to push for Formula 1 rights. The company is also rumored to be exploring streaming deals for the NBA and England’s Premier League.
Apple TV+ content division is actively involved in Formula 1, with ongoing projects including a Formula 1 movie starring Brad Pitt and a feature documentary on decorated racing driver Lewis Hamilton. Filming for the F1 movie took place at Silverstone in July, but production has since halted due to the proceeding strike by actors.
Messi’s move added over 100,000 subscribers overnight to Apple TV+, with the company looking to further capitalize on the Argentinian star’s fandom with two docuseries in development for its streaming service.
