Formula 1 Streaming Rights to reach incredible highs after global bid by Apple

As the sales of the iPhone continue to dwindle, Apple continues to look for opportunities to diversify its business. Apple has enjoyed the success of the MLS Season Pass this year. Therefore, they are now looking for the global Formula 1 Streaming rights. They already have their hands in an F1 project with Brad Pitt and Lewis Hamilton. Will the Red Bull dominance play a factor in this deal?

Success of the MLS Season Pass

Formula 1 Streaming made it to Apple’s radar after the success of the MLS Season Pass. Lionel Messi’s arrival completely transformed the league and its value. Apple minted money by becoming the sole holder of its streaming rights. If this bid is successful, F1 will likely slot alongside the MLS Season Pass and the regular Apple TV+.

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Not Global till 2029

Global Formula 1 Streaming is currently segmented. Therefore, Apple won’t be able to go global till at least 2029. In the US, ESPN holds the F1 rights till 2025. The Apple deal is supposed to start once that deal expires.

Even then, a lot of existing deals go on till 2029. Therefore, Apple will have to wait for at least 5 years to get the global Formula 1 Streaming rights.

Details of the Deal

Apple is currently planning to bid a whopping $2 billion per year for the global rights to Formula 1 streaming. They are also looking at an initial deal of 7 years starting from 2025, with the potential to go fully global only open from 2029.

Formula 1 Project Ongoing

Apart from the potential for Formula 1 Streaming rights, Apple already has a huge Formula 1 project in the works. The Brad Pitt movie, produced by Lewis Hamilton, is in the works already.

Brad Pitt and Damson Idris were seen filming Apple’s Formula 1 movie, 'Apex', at the #BritishGP today 🤩🏎️ pic.twitter.com/zPnXeZIF8f

— SPORTbible (@sportbible) July 9, 2023

Also Read: Lewis Hamilton wants ‘Best 6 months of Development’ from Mercedes to catch Red Bull

Small Hiccups

Lewis Hamilton and Brad Pitt do bring the star-power. However, Formula 1 Streaming and Internet numbers have nosedived in 2023 due to the domination by Red Bull. If this continues any longer, Apple may not seem to value the deal as much as it does now.

Will F1 do anything to stop Red Bull? If it does, will it be to save the sport or for commercial gain? Only time will tell.