Netflix is gearing up to compete for the live broadcast rights to Formula 1 in the United States from the 2026 season onwards.
The streaming giant, which has played a key role in popularizing the sport through its hit docuseries Drive to Survive, is now eyeing live sports coverage as part of its broader strategy to expand into the sector.
Netflix’s Growing Interest in Live Sports
Netflix’s potential bid comes as ESPN’s exclusivity period to negotiate a new deal with Liberty Media has expired. Reports suggest that ESPN, which currently holds the rights, may not be able to renew its contract, especially with the next deal expected to exceed the $90 million per year it currently pays.
In recent years, Netflix has taken significant steps into the live sports market. The platform streamed the record-breaking Mike Tyson vs. Jake Paul boxing match in November and followed up with two NFL games on Christmas Day. Netflix also secured a massive $5 billion, 10-year deal to stream WWE programming globally starting in January. Additionally, the company won the US broadcasting rights for the 2027 and 2031 FIFA Women’s World Cup.
With the increasing popularity of F1 in the United States, especially among younger and female audiences, acquiring the sport’s streaming rights aligns well with Netflix’s growing ambitions in live sports.
The Success of Drive to Survive
Netflix’s involvement with Formula 1 began in 2019 with Drive to Survive, a docuseries that has been instrumental in expanding the sport’s fanbase. The series gained massive traction, particularly during the COVID-19 lockdowns, bringing new audiences to the sport.
However, it is understood that the upcoming season of the series, set to release on March 7, might be the last under the current contract. In addition to this, Netflix is set to release a new documentary series focused on the all-female F1 Academy later this year.
Competition with ESPN for F1 Rights
ESPN, a Disney-owned network, has been the home of Formula 1 in the US since 2018. Initially, ESPN did not pay a traditional fee for the rights, as Liberty Media prioritized reaching as many American viewers as possible.
However, in 2019, ESPN signed a new deal for $5 million per year, followed by another agreement in 2022 that significantly increased the cost to $90 million annually. The contract, which runs until 2025, has seen ESPN air all 23 races per season, with 18 broadcast on ABC or ESPN and the remaining five on ESPN2.
The network has also invested in special coverage, such as its best-in-class treatment for the 2023 Americas triple-header, with GameDay coverage on-site in Austin, Mexico City, and São Paulo. ESPN currently uses Sky Sports’ F1 coverage for its broadcasts, but this arrangement may not continue if Netflix wins the rights.
Potential Impact of a Netflix Deal
If Netflix secures the F1 rights, it could mark a major shift in how American audiences consume the sport. Unlike ESPN, which offers linear television coverage, Netflix operates solely as a streaming platform, meaning F1 fans may need a subscription to access live races.
A move to Netflix could also reshape the production and presentation of F1 coverage in the US. The company may opt for its own production team rather than continuing the existing Sky Sports partnership. While details remain uncertain, one thing is clear—Formula 1’s rising popularity in the US has made its broadcast rights a hot commodity, and Netflix is now in the race to secure them.
What This Means for Other Markets?
While the potential Netflix deal could change the landscape of F1 broadcasting in the US, it will not immediately impact coverage in the United Kingdom. Sky Sports has an agreement in place until 2029, ensuring continued stability in the UK market.
With the bidding process for F1’s US rights heating up, all eyes are now on Netflix and its next move. If successful, this could be a game-changer for both the sport and the streaming industry.
The Information is Collected from AOL and MSN.