Wednesday, July 24, 2024

Apple wants to buy the rights to Formula 1 for Apple TV+

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Apple seems increasingly interested Sports World And according to Latest rumoursIt can be doneBillion dollar offer To secure exclusive broadcast rights to Formula 1 racing on Apple TV+.

Although Apple TV+ already offers a series of sports-related content, such as MLB’s “Friday Night Baseball” and the MLS Season Pass, it appears that the company wants to move into the world of motorsports. As reported F1 Business MagazineApple is reportedly working on developing one An indispensable suggestion For the Formula 1 Group. The bid in question will be valued at approx 2 billion dollars annuallyA figure that would double what the Formula 1 Group currently receives from global television broadcasting rights.

What makes this proposal particularly interesting is that Apple won’t have complete exclusivity from the start. Initially, it will have access to about 25% of the total streaming rights package. However, as existing rights contracts expire, this percentage will rise, potentially reaching 100% in a time frame of approximately five years.

What is most surprising is that Apple may agree to a fixed annual amount, without making changes related to increasing the percentage of acquired rights. This rate may remain unchanged for seven years.

Formula 1 is not unfamiliar territory for Apple. The company has already produced content related to the sport for Apple TV+, including a documentary dedicated to the seven-time world champion, Lewis Hamilton. Moreover, we should not forget that Apple CEO Tim Cook himself had the honor of waving the checkered flag during the US Grand Prix in October 2022.

This potential deal would represent an important turning point for Apple TV+, strengthening Apple’s presence in the global sports streaming landscape.

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