Apple pays $750 million for US Formula 1 streaming coverage

This weekend, the United States Grand Prix is set to unfold at the Circuit of the Americas in Texas, coinciding with a major announcement from Formula 1 regarding its broadcasting future in the country. Starting next year, F1 will shift its coverage from ESPN to Apple TV, thanks to a lucrative five-year agreement worth $750 million. Tim Cook, Apple's CEO, has previously made appearances at F1 events, and the tech giant has already dipped its toes into the motorsport world with the release of 'F1: The Movie.' This film features Brad Pitt as a veteran driver who makes an unexpected return to the racetrack three decades after a devastating crash ended his career. By acquiring the rights to Formula 1, Apple is positioning itself to tap into a rapidly expanding series that hosts races nearly every other week, with a current total of 24 races scheduled annually. Stefano Domenicali, president and CEO of F1, expressed enthusiasm about the partnership, stating, "We have worked closely for the past three years on 'F1: The Movie,' which has resonated well with audiences globally. Our collaboration aims to bring this thrilling sport to fans in the US while attracting new viewers through live broadcasts and engaging year-round content." Apple TV subscribers can look forward to comprehensive coverage, including every practice and qualifying session, along with all sprint races and grand prix events. Additionally, the company announced that select races and all practice sessions will be accessible for free via the Apple TV app throughout the season, enhancing the accessibility of Formula 1 to a broader audience.