Apple has invested heavily in its digital streaming service Apple TV+ in recent years. In addition to exclusive content, it acquired the rights to broadcast MLS and MLB leagues in the US. But the company is allegedly more interested in the world of sports. According to this, Apple is ready to make a big offer to become the exclusive broadcaster of Formula 1 races.
Will Formula 1 races only be on Apple TV+?
Apple is reportedly stepping on the gas for Formula 1 races. According to sources familiar with the negotiations, the company is willing to pay $2 billion a year for global broadcast rights to Formula 1 races and content.
If successful, the deal would make Formula 1 one of the most expensive categories in sports broadcasting. The tournament currently earns around $1 billion from existing worldwide broadcast deals. But Apple could be ready to buy the rights for $2 billion.
Apple has reportedly proposed an innovative approach to the deal structure. Accordingly, the company will start with about 25 percent of the broadcast rights in the first phase. This rate will increase as contracts with other media organizations expire. Within 5 years, Apple will control the entire Formula 1 digital distribution.
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The most surprising part of the offer is that Apple is making a fixed offer. It was claimed that the deal would be fixed at 2 billion dollars a year for 7 years. This will provide significant stability in Formula 1’s annual revenue.
If the huge offer is true, it shows Apple’s increasing focus on sports streaming for Apple TV+. The company already owns broadcast rights to MLB, MLS and is preparing F1 documentaries.
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