The excitement for the upcoming Formula 1 season has started to rise and is expected to go even higher after the Bahrain testing. F1 is set to kickstart the new season with the Australian Grand Prix lined up next month and the viewership of the sport is only expected to increase, thanks to so many F1 teams, their new improved cars and F1 star Lewis Hamilton switching from Mercedes to Ferrari. Formula 1 is reportedly aiming for a $180 million television deal when ESPN’s contract comes to an end.
Why Netflix is the frontrunner in grabbing 2026 TV rights
ESPN currently holds broadcast rights and Netflix wants to grab the rights once its contract ends this season. ESPN’s contract has held the broadcast rights since 2017 and it was renewed in 2022. It is worth up to $90 million annually.
Netflix has identified the F1 fanbase on the digital platform after its docuseries Drive To Survive became a mega hit during the lockdown. The 2021 championship battle between Lewis Hamilton and Max Verstappen fueled the TV ratings of around 1.2 million in 2022.
Formula 1: Drive to Survive
Formula 1: Drive to Survive was made in collaboration between Netflix and Formula One. It showed behind-the-scenes as well as the races of the Formula One World Championship. It premiered in 2019 but rose in popularity when it found love on Netflix in 2021 with added seasons. It already has six seasons and is still popular among the fans of the sport.
Formula 1’s popularity
Formula 1 had a dedicated fan base but the sport multiplied its fan base after Liberty Media took over in 2017. Such has been the impact in the US that the country has now three American races lined up this season, in Miami, Austin, and Las Vegas.
According to Sports Business Journal, Liberty Media may ask around $160-180 million for their next TV partnership, which Netflix is eyeing so keenly. Apple has also shown interest in the deal but Fox Sports is reportedly out of the race.
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Formula 1 and LEGO Group broaden partnership with exciting fan experiences in 2025Pierre Maes, a media rights consultant and author, told The Athletic, “Of course, on paper, Netflix is interested. They have been doing Drive to Survive and everybody thinks, OK, it’s a natural follow-up to this move as Drive to Survive has been so successful. But I don’t think they want to participate in an auction where they would compete against ESPN and maybe Apple or Amazon and drive the prices up. They don’t want to do that, that’s clear.”
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