This information is derived from Business F1, a news media outlet reporting on Formula 1 racing. According to relevant sources, Apple has shown interest in purchasing the broadcasting rights for Formula 1 races, with offers potentially reaching up to $2 billion per year.
The report highlights that the current global broadcast rights for Formula 1 races generate approximately $1 billion in revenue. Therefore, Apple’s offer represents a significant increase. However, due to the multitude of existing broadcasting rights agreements worldwide, it may take several years for Apple to acquire all the necessary rights. The report suggests that Apple’s proposed contract duration is seven years, which should cover the remaining period of many current agreements.
Business F1 states that Apple sees the success of securing global rights for live broadcasting of Major League Soccer matches on Apple TV+. Consequently, Apple aims to replicate this model in other sports events. In addition to Formula 1, Apple has expressed interest in negotiating deals with other sports leagues, such as the NBA and the English Premier League.
TLDR: According to Business F1, Apple is considering a substantial offer to buy the broadcasting rights for Formula 1 races, which could reach $2 billion per year. This move aligns with Apple’s success in securing rights for Major League Soccer and its interest in expanding into other sports, including the NBA and the Premier League.