Apple exploring huge bid for global Formula 1 streaming rights: Report

Apple is exploring the possibility of making a significant investment in Formula 1 as its next major sports venture, according to the latest edition of Business F1 magazine. The iPhone maker is contemplating a proposal with an annual value of approximately $2 billion, which would ultimately grant Apple exclusive streaming rights for Formula 1 racing.

This potential Apple deal would be roughly double the current revenue Formula 1 receives from its global TV rights agreements. The magazine notes that Apple's interest in securing Formula 1 has grown in the wake of the success of MLS Season Pass. If this deal were to materialise, an Apple F1 subscription service would likely coexist with MLS and Apple TV+ within the Apple TV app as an independent subscription.

However, even if such an arrangement were to be reached, Apple would not immediately acquire global rights due to existing contracts with various broadcasters worldwide. According to the magazine's suggestions, Apple would structure the contract to progressively include more territories as rights became available in those markets. For instance, the rights in the United States are currently bound to ESPN until 2025, which is when the Apple-F1 agreement would presumably commence. Apple is purportedly seeking a seven-year deal, with global rights becoming accessible around five years into the agreement (considering that Formula 1's current media contracts expire on or before 2029).

Apple's content division, Apple TV+, already demonstrates a keen interest in Formula 1. It is currently involved in the production of a high-budget Formula 1 movie featuring Brad Pitt and a documentary about racing icon Lewis Hamilton. While the Formula 1 movie had begun filming at Silverstone in July, further production has been halted due to an ongoing actors' strike.

The realisation of an F1 streaming deal remains uncertain. Apple has been rumoured to be exploring various agreements with different sports leagues, including the NBA, English Premier League, NFL Sunday Ticket, and more. To date, Apple has secured MLS Season Pass and MLB Friday Night Baseball.

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