Apple TV+ is reportedly looking to bid for global F1 streaming rights as the company is eyeing towards its next big investment.
As per a report on Business F1 Magazine, Apple TV+ is looking to bid for global streaming rights to expand its business avenues and invest big time in sports. The idea popped up after its success with the rights of American Major League Soccer.
They gained a huge number of subscribers, especially to see Lionel Messi play for David Beckham’s Inter Miami team. Interestingly, the deal to purchase the rights was done before the signing of Messi and so the fiances in play were different then than now.
Currently, Formula 1 has its own streaming channel ‘F1 TV’. It is available in several countries where there are no broadcasters available. Sky Sports remains the biggest television broadcaster of the sport along with ESPN, ViaPlay, DAZN and more regionally.
As per Business F1 Magazine sources, Apple has studied the market and is ready to offer a ‘blockbuster’ amount to Formula 1 Group (Formula One Management, Liberty Media), in order to buy the streaming rights not just for one market but for the global market.
But with F1 already having existing long-term deals in place with broadcasters, the report noted about a possible sliding scale format. Under that, they would start with 25% of exclusivity and eventually increase to 100% when the broadcasting deal ends.
Apple, meanwhile, is looking at a seven year deal at a fixed price as per the report which includes the timeline of existing broadcasting deal that F1 has. The Business Magazine did not get an official response from Director of Media Rights, Ian Holmes.
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