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Apple may be in pole position to land $2 billion global Formula 1 rights
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Apple is reportedly considering expanding its array of live sports coverage with a blockbuster bid to acquire the global rights to Formula 1 racing.
According to a new report fromBusiness F1 magazine (page 11), Apple could bid a whopping $2 billion a year to supplant the current broadcasters and dominate the race worldwide. The report says Apple has “wargamed” out the potential for a massive offer.
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Thus far, Apple has only made deals that has given the company the ability to stream the action to subscribers around the world. Primarily, the company hasacquired the global rights to Major League Soccerand offers it via an MLS Season Pass.
That deal played a major role infacilitating the arrival of Leo Messi in the league, with a percentage of streaming revenue from Season Pass going into Messi’s back pocket.
Global rights are also available for itsFriday Night Baseball games, which was the company’s first major foray into live sports.
So, it would make sense that Apple would seek the global rights for F1, but that would require the sport’s organisers to believe a global deal would be more beneficial than continuing its lucrative relationships with the likes of Sky in the UK and ESPN in the United States.
However, this reports would suggest Apple may start off by picking up the rights in some countries and gradually scooping up the rest when they become available. The report says Apple would seek to sign a seven year deal with F1 with a view to showing in more countries as time goes on. The report says some of F1’s existing agreements with broadcasters run until 2029.
The report (via9to5Mac) says: “Under such a deal Apple would offer a sliding scale accordsing to how much exclusivity it was able to access. Initially it is thought Formula 1 Group would be able to offer 25 percent exclusivity rising to 100 percent after five years as all the existing contracts run out.”
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Chris Smith is a freelance technology journalist for a host of UK tech publications, including Trusted Reviews. He’s based in South Florida, USA. …
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Founded in 2003, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.
Today, we have millions of users a month from around the world, and assess more than 1,000 products a year.
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
