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Apple Pursues U.S. Formula 1 Broadcast Rights Following ‘F1: The Movie’ Box Office Success

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Apple is reportedly in discussions to acquire the U.S. broadcast rights for Formula 1 racing once the current contract expires next year, according to the Financial Times, citing sources familiar with the talks.

This move comes on the heels of Apple’s “F1: The Movie,” starring Brad Pitt, which has already grossed over $300 million worldwide. The film’s success highlights the growing appetite for Formula 1 content in the U.S.

Currently, ESPN, owned by Walt Disney, holds exclusive U.S. broadcast rights through the 2025 season. However, ESPN’s exclusive negotiation window has expired, opening the market to new bidders, including Apple and Netflix.

Apple aims to leverage the increasing popularity of Formula 1 in America, which has also been fueled by Netflix’s documentary series “Formula 1: Drive to Survive.” Netflix is another major contender for the broadcasting rights starting from 2026.

The addition of Formula 1 content could help Apple TV+ compete with streaming giants such as Netflix, Disney+, and Amazon Prime Video by strengthening its live sports portfolio. Sports broadcasting rights are considered crucial in the streaming wars, as they drive subscriber growth and advertising revenue.

In recent years, streaming platforms have made significant investments in exclusive sports rights — for example, Netflix paid over $5 billion for the exclusive streaming of WWE’s “Raw” in multiple territories starting this year.

Apple’s acquisition of Formula 1 U.S. rights would mark a significant expansion into live sports for its platform, potentially boosting subscriber numbers and market presence.

Apple Reportedly Facing Annual Losses Exceeding $1 Billion on Apple TV+

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Apple is reportedly incurring annual losses exceeding $1 billion (roughly Rs. 8,604 crore) on its Apple TV+ streaming service, according to a report by The Information. Citing sources familiar with the matter, the report highlights the challenges Apple faces in competing with industry giants despite significant investments in original content.

Since its launch in 2019, Apple has spent more than $5 billion (roughly Rs. 43,020 crore) annually on content for Apple TV+. However, in an effort to cut costs, the company reduced this expenditure by around $500 million (roughly Rs. 4,302 crore) last year. Despite producing critically acclaimed shows such as Ted Lasso, The Morning Show, Shrinking, and Severance, Apple TV+ continues to trail behind streaming powerhouses like Netflix, Disney+, and Amazon Prime Video in terms of subscriber count.

According to the latest industry data, Netflix remains the dominant player with a total of 301.63 million subscribers. Disney+ follows with 124.6 million users, while Warner Bros. Discovery boasts 116.9 million. In contrast, Apple has not officially disclosed its subscriber numbers, but analysts estimate that Apple TV+ had reached approximately 40.4 million subscribers by the end of 2024.

Despite its smaller user base, Apple TV+ has gained recognition in the entertainment industry, earning over 2,500 award nominations and securing 538 wins. During a post-earnings call in January, Apple CEO Tim Cook highlighted these achievements, emphasizing the platform’s commitment to high-quality storytelling. However, with mounting losses and intense competition, Apple may need to reassess its long-term strategy for the streaming service.

Apple Losing Over $1 Billion Annually on Streaming Service, Report Says

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Apple (AAPL.O) is reportedly losing more than $1 billion annually on its streaming service, Apple TV+, according to a report by The Information on Thursday. The tech giant has invested over $5 billion per year on content since launching the service in 2019 but has cut its content spending by approximately $500 million in the past year.

Apple TV+, known for original shows like “Ted Lasso,” “The Morning Show,” and “Severance,” has struggled to keep up with competitors such as Netflix (NFLX.O), Disney+ (DIS.N), and Amazon Prime Video (AMZN.O) in terms of subscriber count. While Netflix leads the pack with 301.63 million subscribers, Apple TV+ is estimated to have reached 40.4 million subscribers by the end of 2024, according to Visible Alpha analysts.

Despite its struggles, Apple TV+ has been recognized for its quality productions, earning over 2,500 nominations and 538 awards, as highlighted by CEO Tim Cook in a January earnings call. The company has also bundled Apple TV+ with services like iCloud and Apple Music through its Apple One program, and it is available as part of a bundle with Comcast’s Peacock and Netflix at a discounted price of $15 per month.