Apple is actively negotiating to acquire the US broadcasting rights for Formula 1, aiming to leverage the popularity of its recent film inspired by the racing series. This move marks a significant step for the technology giant as it seeks to expand its presence in live sports programming. The current rights holder, ESPN, is set to enter a competitive bidding process when the contract expires next year.
The interest from Apple follows the success of the film, which has grossed approximately $300 million, establishing it as the company’s highest-grossing project since it began producing original content for its streaming platform. According to sources familiar with the discussions, this strategy is designed to challenge ESPN’s dominance in the US market, where Formula 1 has been gaining traction among younger and more diverse audiences thanks to popular initiatives like Netflix’s Drive to Survive documentary series.
Financial Landscape and Market Potential
Formula 1’s parent company, Liberty Media, anticipates that the success of the film will enhance the value of its broadcasting rights, which currently generate about $85 million annually from ESPN. Analysts at Citi have projected that the upcoming broadcast deal could be valued at approximately $121 million per year, a figure that reflects the growing interest in the sport. The total global media rights revenue for Formula 1 is expected to rise by nearly 8 percent to around $1.1 billion in 2024.
In addition to traditional broadcasting, Formula 1 also operates its own streaming service in the US, allowing fans to watch live races directly. The sport has seen a substantial increase in viewership; ESPN’s audience has doubled from 554,000 viewers per race in 2018 to about 1.1 million in 2024. The first ten races of this year averaged 1.3 million viewers, with record numbers reported in countries such as Australia, China, and Spain.
Competitive Landscape and Future Developments
As the bidding process for the broadcasting rights opens, ESPN still holds a potential advantage. The network was granted an exclusive negotiation period, which ended without a new deal last year, allowing other bidders, including Apple, to enter the fray. Other interested parties are expected to emerge as the rights become available, increasing the competition.
Liberty Media views the US market as a critical growth area, having added races in Miami and Las Vegas to complement the existing Grand Prix in Austin, Texas. The addition of Cadillac, a team supported by billionaire investor Mark Walter and General Motors, is also set to expand the competitive field starting in 2026.
Despite the strategic moves, Apple has not disclosed specific revenue figures for its streaming service, Apple TV+, or its production arm, Apple Studios. These units form part of the company’s broader services revenue, which totals around $100 billion annually. Apple, Liberty Media, and Formula 1 have opted not to comment on the ongoing negotiations.
As Apple continues to deepen its involvement in sports broadcasting, the outcome of this bidding process could reshape the landscape of live sports in the US, offering a new platform for Formula 1 to reach an even wider audience.
