Apple wants to buy exclusive rights to broadcast Formula One races
Apple wants the exclusive right to show broadcasts of various stages of "Formula 1". According to Business Insider, the deal could be worth about $2 billion a year. That's about twice as much as the royal races earn from broadcasts now. Apple is reportedly seeking to sign a seven-year contract.
If the deal goes through, Apple will stream F-1 races through its online movie theater, Apple TV+, which will allow the company to attract many new subscribers.
However, there are already deals in place with broadcasters, so the corporation won't get full rights right away. For example, in the US, Formula 1's contract with ESPN won't end until 2025, and global broadcasting rights expire in 2029.
Apple TV+ is currently producing a high-budget movie about Formula 1 starring Brad Pitt, directed by Joseph Kosinski and co-produced by 7-time world champion Lewis Hamilton. The TV channel is also working on a documentary dedicated to Hamilton.
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