Should recent reporting hold true, it would seem that Formula One’s U.S. media rights will be leaving ESPN for Apple TV+ after this season.
Multiple reports late last week indicated that the global racing circuit was offered $150 million per year from Apple, far exceeding what ESPN currently pays for the circuit ($85-90 million per year), and seemingly the only offer in that ballpark. As such, Apple seems like the overwhelming favorite to land F1 starting next season. But fans of the circuit might continue to have access to races through alternate means.
According to a report by Adam Stern of Sports Business Journal on Sunday, Formula One Management is looking to continue offering its F1 TV streaming service in the United States alongside its next media rights partner. Since 2018, F1 TV has provided fans a direct-to-consumer option to view live race telecasts without a traditional pay TV subscription. Currently priced at $84.99 per year for its standard plan, F1 TV has become the preferred viewing platform for many Formula One fans in the United States.
After it became apparent that Apple was the likely landing sport for Formula One rights next year, fans began to question whether F1 TV would still be available in the United States. Should F1 TV remain available to U.S. viewers under the new deal, Apple will be in direct competition with the league-owned streamer to attract customers.
The arrangement will likely have many within the industry question Apple’s motives for signing the deal. The streamer’s only other all-encompassing live sports deal with MLS gives Apple exclusive control over the league’s broadcasts. Why Apple would outbid other potential rights partners and still allow F1 broadcasts to air outside of its own platforms seems counter to the company’s strategy for exclusivity.
Nevertheless, F1 fans in the United States should be pleased with this development as it allows them another option for viewing races.
Per Stern, should Apple and Formula One finalize a deal, it’s unlikely that either would look to arrange simulcasts on linear television, unlike MLS and Apple’s deal to show a limited number of MLS matches on Fox Sports networks.