Apple to possibly offer up to $2 billion annual offer to acquire the exclusive global broadcast rights to Formula 1

Formula 1, being one of the largest sports in the world, accumulates an absurd amount of revenue through broadcasting. With online streaming getting easier and more popular day by day, it is a huge platform for Formula One as well.

After seeing unprecedented success in the first season of its 10-year, $2.5 billion media rights deal with MLS, Apple appears to be setting its sights on a more considerable asset. The technology behemoth has been showing interest in achieving worldwide media rights to Formula 1 races, according to BusinessF1 Magazine.

Apple allegedly seeking global Formula 1 broadcast rights

F1 is utterly famous in the industry, having a large network of broadcasting partners, some of which include ESPN in the U.S., Sky Sports in the U.K., Fox Sports in Australia, Mexico, etc. Apple, too, is interested in partnering up with the sport and is hence ready to pay such a high amount annually.

Apple’s senior vice president said earlier this year, “We’re a global company,” “We have customers in every country in the world… and it’s not exciting for me to have something that you can have but you can’t have.”

However, Apple wouldn’t be able to secure all the broadcasting rights in the US until 2025. This is because of Formula One being contractually bound with ESPN and ABC. They also have a deal Sky and Channel 4 in the UK for the broadcasting rights until 2026.

Formula One community reacts to Apple’s alleged media partnership proposal to F1

There has been an outburst of opinions from the fans throughout the Formula One industry, tearing them apart into two sides: one who is in support of the decision and the other who is strictly against it.

Those who already own devices designed by Apple and can afford them are in support of the decision. They claim that Apple has been providing extremely good customer service, and if they might as well provide better quality streaming at a slightly higher rate, then what is the issue?

The other half disagree completely with the decision as they claim that watching F1 should not be a chore and be very costly as they watch the sport in their leisure time for merely entertainment purposes. Apple products already come at a premium price, and the decision would only lead the fans to watch the stream exclusively on AppleTV+.

A fan posted on Twitter by saying, “Please no! Or we’ll all have to buy a special Apple streaming box that can only be connected to the mains with a special Apple power cable (that breaks every 2 races and costs £50 to replace) + a special Apple remote that sells separately yet is mandatory for the experience. “

Do you think it will be a good idea to let Apple be an F1 broadcasting partner? Do let us know in the comment section below!