Streaming Rivals Apple and Netflix Form Unprecedented Pact for Formula 1

In a move that reshapes the streaming sports playbook, competitors Apple and Netflix have agreed to share Formula 1 programming. The partnership, first reported by The Hollywood Reporter, will see both platforms carry the F1 Canadian Grand Prix this May. In a reciprocal exchange, the eighth season of Netflix's influential docuseries 'Drive to Survive' will premiere simultaneously on Apple TV+ and Netflix at midnight.

Eddy Cue, Apple's senior vice president of services, acknowledged Netflix's impact. "Netflix has been instrumental in Formula 1's recent growth in popularity," Cue stated. "We see value in making this content accessible to a wider audience of fans across the United States."

The logic behind the deal is clear. Apple, which secured exclusive U.S. streaming rights to F1 races last year in a deal worth an estimated $150 million annually, gains supplementary programming and broader promotional reach for its live race coverage. For Netflix, the arrangement delivers live sporting events, advancing its recent push into live broadcasts.

This is part of a broader Apple strategy to expand F1's footprint. The company has already arranged for IMAX theaters to simulcast select races and has licensed some content to other platforms like Tubi and Amazon Prime Video. Formula 1 CEO Stefano Domenicali has expressed strong confidence in the approach, suggesting Apple's involvement will propel the sport's American popularity to new heights, reaching audiences in novel and high-quality ways.

Source: Engadget