Netflix is currently considering the possibility of acquiring the exclusive broadcasting rights for Formula One in the United States, as reported by The Athletic on Friday. With its successful F1 docuseries “Drive to Survive,” launched in 2019, Netflix has already established a strong presence in the world of Formula One. This groundbreaking series has significantly boosted interest in the sport, consequently driving up the value of broadcasting rights.
While ESPN currently holds the broadcasting rights for Formula One races in America, this agreement is set to expire after 2025. The existing deal is estimated to be in the range of $75-90 million annually, as per the Sports Business Journal. Unlike some of its streaming rivals such as Amazon Prime Video, Apple TV, and Peacock, Netflix has not actively pursued many live sports rights deals. However, the company is strategically selecting opportunities to venture into this domain.
In 2024, Netflix ventured into sports broadcasting by streaming the Mike Tyson-Jake Paul fight and airing the NFL’s three Christmas Day games for the first time. Furthermore, Netflix has become the new broadcasting platform for “WWE Raw.” Co-CEO of Netflix, Ted Sarandos, emphasized the company’s commitment to diversifying its programming, including live events such as sports, during a recent earnings call quoted by Front Office Sports. Sarandos acknowledged the challenges associated with securing rights for full-season, major league sports, highlighting the complex economics involved in such endeavors.
