Apple has developed a taste for sports and is now considering making a bid to double the annual amount to Formula 1 in exchange for global rights.
This is according to industry magazine Business F1 Magazine, whose sources claim that Apple is interested in the global broadcasting rights as they become available in different countries.
Apple's potential bid for Formula 1 rights is said to be in the range of up to $2 billion annually. Initially, Apple would secure 25% of the rights, with the possibility of reaching 100% ownership worldwide within 5 years.
7 years or more
$2 billion is approximately twice the current amount paid for Formula 1's television rights. These rights are sold individually market by market instead of one global package.
The sources claim that Apple is actively pursuing an agreement spanning at least 7 years.
The Formula 1 Group declined to comment on the report.
Formula 1 currently operates its own streaming services called F1 TV in addition to the market-by-market approach for rights sales.
Apple's success with MLS
Apple currently holds the exclusive global rights to MLS soccer for the next 10 years, alongside rights to MLB baseball in a handful of countries.
MLS has proven to be a success for the company, especially after Messi joined Inter Miami.
MLS is offered as a season pass without limitations or blackouts through the Apple TV app on Apple's own devices as well as third-party devices. You can get access to the season pass without having to pay for other sports leagues or content.
- Source: Business F1 Magazine
