Netflix Planning To Take on ESPN For Formula One Broadcast Rights in the US

Highlights

• Netflix is considering bidding for the US broadcast rights to Formula One to broaden its live event programming.
• The success of Netflix’s F1 docuseries Drive to Survive has increased the sport’s popularity and broadcasting rights value.
• Netflix has been cautiously expanding into live sports, streaming events like the Mike Tyson vs. Jake Paul fight and three NFL Christmas Day games in 2024.

Netflix may be gearing up to compete with ESPN by bidding for the US broadcast rights to Formula One, according to a report by The Athletic.

This move comes after the massive success of Netflix’s F1 docuseries “Drive to Survive,” which debuted in 2019 and is widely credited with boosting F1’s popularity in the US. As a result, the value of the sport’s broadcasting rights has also increased.

Currently, ESPN holds the US broadcast rights to Formula One under a deal that runs through 2025. The agreement is estimated to be worth $75 to $90 million per year, according to Sports Business Journal.

Compared to rivals like Amazon Prime Video, Apple TV and Peacock, Netflix has been cautious about acquiring live sports rights. However, the company has been gradually expanding into live event programming. Netflix’s rival Amazon.com Inc. in partnership with Walt Disney Co. and Comcast Corp. secured an 11-year, $77 billion agreement to air NBA games last July.

In 2024 alone, Netflix streamed the Mike Tyson vs. Jake Paul fight and, for the first time, broadcast three NFL Christmas Day games. It has also become the new home of WWE Raw.

Speaking on a recent earnings call, Netflix co-CEO Ted Sarandos acknowledged the company’s interest in live events saying, “We are constantly trying to broaden our programming. Live events (are) one of those things, and sports is part of those live events.”

However, he also pointed out that full-season sports broadcasting remains financially challenging stating, “The underlying economics of full-season, big-league sports remain extremely challenging.”

While Netflix has yet to confirm any official bid, its interest in Formula One rights signals a potential shift in its approach to live sports.

FAQs

Q1. Why is Netflix considering bidding for Formula One broadcast rights in the US?

Answer. Netflix is considering bidding for the US broadcast rights to Formula One to broaden its live event programming and build on the success of its F1 docuseries “Drive to Survive.”

Q2. What is the current status of Formula One broadcast rights in the US?

Answer. ESPN currently holds the US broadcast rights to Formula One under a deal that runs through 2025, estimated to be worth $75 to $90 million per year.

Q3. What are some live sports events that Netflix has streamed recently?

Answer. In 2024, Netflix streamed the Mike Tyson vs. Jake Paul fight and broadcast three NFL Christmas Day games. It has also become the new home of WWE Raw.

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