Apple and F1 Reach $700 Million Streaming Deal
Max Verstappen and Lewis Hamilton are coming to an Apple TV near you.
BREAKING NEWS
Apple and Formula 1 reached a five-year deal on Friday that will bring every race to Apple TV starting next year.
Apple is paying F1 $140 million per year, or $700 million over five years for the rights to put every ill-timed “box, box,” and dramatic overtake right in your living room, per CNBC. F1 races will be part of Apple TV’s $12.99 monthly subscription, so race fans will not have to tack on any additional charges.
The partnership is part of a deepening relationship between Apple and F1. Apple produced and distributed F1 The Movie, starring Brad Pitt, which became one of the highest grossing sports movies at the box office this year. And the deal comes as F1 experiences a Netflix docuseries-led popularity boost in North America, thanks to Drive to Survive, which has brought viewers inside the league each season since 2019 and made people like Toto Wolff and Charles Leclerc household names.
“We’re thrilled to expand our relationship with Formula 1 and offer Apple TV subscribers in the U.S. front-row access to one of the most exciting and fastest-growing sports on the planet,” Eddy Cue, Apple’s senior vice president of Services, said in a statement.
Apple TV is making a bigger push into live sports, and streaming services more generally are seeking to get cord-cutters access to their favorite teams. Apple has exclusive rights to every Major League Soccer (MLS) game, but that comes with an additional cost for MLS Season Pass. ESPN previously held the rights to broadcast F1 games and had been paying $85 million per year, according to CNBC.
Apple stock is up about 1% on Friday morning.
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