According to a report from Puck, Apple is expected to confirm its United States Formula 1 media rights agreement at the United States Grand Prix in the Circuit of The Americas later this month. The package is reportedly worth around $140million per year, substantially more than what incumbent broadcaster ESPN is currently paying.
According to the industry outlet, there is still friction regarding how the contract will exist alongside the championship's own streaming service, F1 TV, but despite this, the news is expected at Circuit of The Americas on 17-19 October.
ESPN's three-year renewal, signed in 2022, comes to an end at the close of this year, and multiple reports have indicated that the company will not be renewing its partnership for another cycle as competition mounts for the rights to the series. With ESPN bowing out, this has allowed the tech giant to swoop in with a strong pitch after the success of F1: The Movie starring Brad Pitt.
As you would expect, there are issues surrounding the fact that F1 has created a competitor in F1 TV, also catering to the American market and boasting a number of strong features and high stream quality. How Apple could build a product that can live alongside this, if at all, is a big question.
An agreement with F1 would be a huge win for Apple after its success in securing a 10-year partnership with Major League Soccer three years ago. Reported to be worth $2.5billion, it sits alongside Major League Baseball's Friday Night Baseball package. A partnership with F1 would set it up nicely in the world of American sports.
After the success of Drive to Survive and the consistent push into the US market by Liberty Media, F1 is averaging an impressive 1.4 million viewers per race across ESPN and ABC coverage. With three races now in the country, this is only expected to increase.
If the announcement does indeed come this month, the Apple deal would likely begin in 2026 with the races expected to be streamed on Apple TV+. The fate of F1 TV is yet to be seen.
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