Apple is seemingly turning its attention to a massive Formula 1 deal.
Recently, Apple TV produced a feature documentary on Lewis Hamilton, the seven-time world champion. And Hamilton’s own production house is now in association with Apple Original Films for an upcoming F1 film with Brad Pitt.
Rumours are now circulating that Apple is in talks for a colossal exclusive worldwide television rights agreement, aiming to be the exclusive platform for live streaming of Formula 1 races.
Business F1 journal estimates that this potential agreement could be valued at a whopping $2 billion annually. This might see Apple supersede all other F1 TV broadcasters as their existing agreements come to a close.
The publication quoted recent words from Liberty Media CEO Greg Maffei who shared his apprehension about “television fragmentation”. He pointed out that even major outlets like ESPN – with an F1 rights deal until 2025 – are on shaky ground.
“ESPN, which has been a great asset and is our partner at Formula 1, has declined from 105 million households to 75 million households, or something like that,” he said at a Goldman Sachs event.
“So how do you find that full reach and still get paid? In many cases, you can get an over-the-air provider who gives you full reach, and you can get a premium provider who gives you more revenue.”
Formula 1 was approached but made no comment.
