Apple wins Formula One US streaming rights, besting ESPN
More broadly, services have become a vital source of growth for the Cupertino, California-based tech giant
[NEW YORK] Apple secured exclusive television rights to Formula One races in the US, adding to a sports streaming slate that already includes Major League Soccer (MLS) and Major League Baseball.
The iPhone maker struck a five-year deal starting in 2026 with F1 owner Liberty Media, according to a statement on Friday (Oct 17). Walt Disney’s ESPN had been the broadcaster of F1 in the US.
Financial terms of the agreement were not disclosed. The BBC reported that the deal was worth US$750 million in total, nearly twice the US$80 million-a-year ESPN had been paying.
“This is an incredibly exciting partnership for both Formula 1 and Apple that will ensure we can continue to maximise our growth potential in the US with the right content and innovative distribution channels,” F1 chief executive officer Stefano Domenicali said.
The deal comes on the heels of Apple’s theatrical release in June of F1:The Movie, starring Brad Pitt. The film, which has grossed nearly US$630 million to date, according to F1, will be available to stream on Apple TV on Dec 12. The sport has also grown more popular in the US due to the Netflix series, Drive to Survive.
“We are thrilled to expand our relationship with Formula 1 and offer Apple TV subscribers in the US front row access to one of the most exciting and fastest-growing sports on the planet,” Eddy Cue, Apple’s senior vice-president of services, said in the statement.
Apple secured the rights to stream on Friday night Major League Baseball games in 2022, in its first foray into live sports broadcasting. Shortly afterwards, it also won long-term rights to stream MLS matches.
More broadly, services have become a vital source of growth for the Cupertino, California-based tech giant. They accounted for 28 per cent of revenue in the most recently reported quarter, up from less than 10 per cent a decade ago. BLOOMBERG
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