A recent report states that Apple wants to acquire the global Formula 1 broadcast rights. Wow.
According to the BusinessF1 magazine, Apple TV will approach the Formula 1 Group to take over the rights.
Apple has found immediate success with its involvement in the American Major League Soccer, a 10-year $250 million deal broadcasting the series exclusively globally.
This success is thought to have been an influencing factor in Apple’s interest in the glamorous F1.
Apple is no stranger to F1; they are developing two films with Lewis Hamilton’s production company, Dawn Apollo Films.
If the rumours are true, Apple will pay £1.64 billion per year to the F1 Group, twice the amount they currently receive from broadcasting rights split up worldwide.
The plan is to have a sliding scale based on achieving 100% exclusivity of broadcasting rights spread over five years.
It will be interesting to see if Apple’s business ethos suits Formula One.
Make it shiny, put an ‘i’ in front of it and watch it sell like hotcakes.