Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

Formula 1 media rights: The popular Netflix F1 behind-the-scene series Drive to Survive has worked its charm on the US audience. From just…

Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years
Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

Formula 1 media rights: The popular Netflix F1 behind-the-scene series Drive to Survive has worked its charm on the US audience. From just $5 million a year, Formula 1 has bagged a whopping $75-90 million deal from ESPN. In fact, ESPN outwit Netflix, Amazon and NBC to bag the rights for the liberty-media-owned Formula One for three years. Follow Formula 1 Updates with InsideSport.IN

The TV series ‘Formula 1: Drive to Survive’ has made Formula 1 more accessible and it has brought a huge number of fans to the sport. This docuseries is one of the reasons behind the rising popularity of Formula 1 in the USA audience and has impacted the Formula 1 media rights deal. Furthermore, the streaming service Netflix also showed interest in acquiring Formula 1 media rights.

Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

Formula 1 Media Rights: ESPN outwit Netflix and Amazon to acquire Formula 1 media rights

Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

The increasing television viewership has shown there is a substantial market for Formula 1. ABC channel attracted an enormous 2.7 million and 1.72 million viewers for the telecast of Formula 1 Miami Grand Prix and Formula 1 Canadian Grand Prix, respectively in 2022. Formula 1 Monaco Grand Prix had recorded 1.61 million viewers in the same year.

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Formula 1 Media Rights: ESPN outwit Netflix, Amazon & NBC to acquire Formula 1 media rights for whopping $75 million for three years

The renewed Formula 1 media rights deal gives ESPN an option to put a small number of races on ESPN+. The majority of the races will be telecasted on either ESPN or ABC TV channels.

Reportedly, Amazon had put forward a higher bid, approximately $100 million per year, which is more than ESPN’s bid. However, Formula 1 did not go with Amazon. For Formula 1 to not go with Amazon and Netflix could mean it is not ready to make a 100% streaming deal.

Follow Formula 1 Updates with InsideSport.IN

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