Apple has been slowly building up its investment in sports coverage in order to increase its subscribers, bolster Apple TV+ content, and compete better with rivals, including ESPN and Amazon Prime Video. While the tech giant already streams the Major League Soccer (MLS) games globally, it has shown interest in covering even more leagues, such as the NFL. Now, the company is said to be close to securing its exclusive coverage rights to Formula 1 races in the United States and would be a major leap when it comes to live sports broadcasting.
Apple is set to snag exclusive Formula 1 streaming rights with a $150 million deal, and we could see F1 races live soon on the Apple TV+
Apple is taking a major step when it comes to investing in live sports content, as according to Business Insider, the Cupertino giant is quite close to securing exclusive streaming rights for Formula 1 races on Apple TV+ with a $150 million bid. While currently in the U.S., these rights are held by Disney's ESPN to broadcast Formula 1, but as per the report, we could see the negotiations bear fruit, especially keeping in view the aggressive bid placed by the company that would be hard to match.
ESPN is said to be currently paying about $85 million per year which is far less than what Apple is willing to offer. Apple has not been the only company showing interest in broadcasting Formula 1 as others like Netflix had previously also shown interest but it did not go through, making the tech giant quite literally the frontrunner when it comes to the streaming rights. There are chances Apple TV+ could be adding F1 next year to its expanding lineup, which already includes Major League Soccer and Major League Baseball.
Apple's push for securing the streaming rights for Formula 1 seems strategically decided. It comes at a time when the company has seen the success of F1-related content since F1: The Movie, Apple's first major box office hit has earned around $300 million globally. The film itself reflects Apple's interest in growing in this category and focusing more on covering live sports entertainment.
With its movie and the push for rights to stream Formula 1 races, Apple seems to building its ecosystem around F1 content given how it piques global interest and can help the company build up its subscribers. It also would help strengthen Apple's image further as a premium and global brand that creates entertainment experiences that are more impactful and sit with a broader audience.
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