Apple Seeking Formula 1 Media Rights, Apple Needs to Bet Big on Immersive Video, Factors in Apple’s Favor
Happy Monday. We will kick off a new week of updates with Apple reportedly being close to securing Formula 1 media rights. Let’s jump right in.
Apple Seeking Formula 1 Media Rights
In a report published on July 9th, here's the Financial Times:
“Apple is in talks to acquire the US rights to screen Formula 1 as the tech group chases the success of its hit movie based on the race car series and delves further into showing live sport.
The iPhone maker is challenging Disney’s ESPN — Formula 1’s current American broadcaster — when the broadcast contract becomes available next year, according to two people familiar with the discussions…
The race car series makes in the region of $85mn a year from its existing broadcast partner ESPN. F1 also streams live races on its own streaming service in the US, charging fans directly…
F1 is yet to make a decision on its future broadcasting arrangements and ESPN may yet retain the rights, according to a person with direct knowledge of the matter.
ESPN had an exclusive period of time to negotiate a deal without competition from other bidders. However, that window ended without a deal last year, opening the process to rivals. Other bidders are also expected to seek the rights.”
Back in 2022, Apple Studios secured what went on to be "F1 The Movie." The film required extensive collaboration between Formula 1 (F1) and Apple / productions crews. While that was going on, Apple had been rumored to also have an interest in bidding for F1 media rights. It was logical to assume that Apple thought highly enough of F1 to want to also play in their media rights.
There was a stretch in which Apple was no longer mentioned as a potential suitor for F1 media rights. That may not necessarily have been due to Apple losing interest, but rather shortcomings in reporting.
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Porsche Teases Race App for Vision Pro, Apple’s Growing Interest With Motorsports, The Apple and Formula 1 Rumor
Today's Above Avalon Daily email covers the following topics:
Porsche Teases Race App for Vision Pro
Apple’s Growing Interest With Motorsports
The Apple and Formula 1 Rumor
Happy Wednesday.
One quick follow-up to yesterday’s discussion regarding Apple’s blockbusters. The stated box office figures for “Napoleon,” “Killers of the Flower Moon,” and “Argylle” do not flow completely to Apple. Accordingly, Apple needed more than $250M ($700M+ production and marketing budget - $470M box office) in movie rentals, sales, and Apple TV+ to financially breakeven on the films. As we discussed, some of the lofty spending can be attributed to Apple wanting good looks at awards.
For today’s update, we turn to the auto space where Tim Cook had a surprise role to play in Porsche’s newest electric car unveiling.
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