Last updated 2 month ago
Apple may want to strike a $2 billion deal for the TV rights to Formula 1 races
This February Apple released the MLS Season Pass – a place to stream Major League Soccer, which doesn’t require an Apple TV subscription (thought TV subscribers get a reduction). This become reputedly pretty a hit (it’s credited with 1 million new subscribers hopping on board) and Cupertino is now trying to strike a similar deal and emerge as the specific rights holder for Formula 1 races.
Business F1 reviews that the deal will cost Apple around $2 billion a 12 months, double what the Formula 1 Group is getting for the global TV rights currently. However, there are offers in vicinity with broadcasters presently, so Apple won’t get the whole rights immediately.
Disney-owned ESPN is one such broadcaster, it holds the rights for america market until 2025 – this is probably the earliest that an Apple-F1 deal can happen. The deal will reportedly be for a 7 year duration in the course of which existing offers with broadcasters will regularly expire (Apple have to have the global rights all to itself five years in).
This also manner that Apple gained’t pay the entire $2 billion a year immediately but as a substitute a fragment of that proportional to how much of the global rights it controls. For assessment, the MLS rights fee just $250 million a year. You can circulate MLS for $15 a month or $29 for the overall season, Apple TV subscribers get a discount - $13 a month or $25 for the season.
Apple TV is presently generating a Formula 1 film starring Brad Pitt, with Joseph Kosinski within the director’s chair at the same time as 7-time world champion Lewis Hamilton is one of the producers. This movie will comply with a fictional racing crew (it’s written by using Ehren Kruger, who also penned the Top Gun: Maverick screenplay), but TV is likewise operating on a documentary targeted on Hamilton.
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