Apple sets its sights on F1 racing

In a move that underscores Apple's ambition to further its entertainment footprint, the tech giant is reportedly setting its sights on acquiring television rights to Formula 1 racing. Earlier in the year, Apple unveiled the MLS Season Pass, a dedicated platform for streaming Major League Soccer matches, which proved to be a successful endeavor, especially with the arrival of football sensation, Lionel Messi.

Citing recent reports from Business F1 magazine, Apple is understood to be in the running to secure exclusive rights to broadcast Formula 1 races. This venture could set Apple back by a staggering $2 billion annually, a sum that doubles the amount the Formula 1 Group currently nets for global TV rights. However, ESPN retains the rights for Formula 1 broadcasts in the US up until 2025. As such, any potential agreement between Apple and the Formula 1 Group (F1G) could only come to fruition post-2025.

Apple sets its sights on F1 racing

Moreover, F1G has inked deals with several international broadcasters that extend until 2029. This implies that Apple may not immediately obtain full rights, and thus, might not be liable for the entire $2 billion upfront. It's projected that Apple could initially gain about 25% exclusivity, which might later increase to 100% as existing contracts expire. The proposed duration of this arrangement is expected to span seven years, with a fixed annual cost.

Apple's enthusiasm for Formula 1 is evident. The company is currently working on an F1-centric film featuring Brad Pitt and is also developing a documentary centered on Lewis Hamilton. It's speculated that Apple might introduce a separate F1 pass, mirroring the standalone nature of its MLS Season Pass.

Additionally, rumors suggest that Apple might be considering other global sports collaborations, including a potential bid for the English Premier League during its next auction cycle.

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