The latest issue of “Business F1 Magazine” (F1 racing business magazine) disclosed that Apple is Apple TV + brewing a potential sports deal, the offer will make the Formula 1 group “can not refuse”.
▲ Picture from Business F1 Magazine report
According to the report, the current deal proposed by Apple is $2 billion per year (Currently about RMB 14.6 billion), which is twice the revenue of the Formula 1 group’s global TV rights. However, the content of the agreement does not mean that Apple will be able to obtain full exclusivity at the outset, but will first provide about 1/4 of the entire streaming rights package, and as existing rights contracts expire, this percentage will rise, and ultimately exclusivity is expected to reach 100% within five years.
▲ Pictured is the F1 23 game, for reference only.
In addition, Apple will pay a fixed fee each year, rather than increasing the percentage of rights.
This isn’t the first time Apple has gotten involved in F1 racing. Back in March of last year, Apple announced that it would be airing a documentary about famed F1 racer Lewis Hamilton on Apple TV+. The movie revealed the life and career of the seven-time F1 World Champion, as well as an up-close-and-personal encounter with him on the track.
