Netflix is reportedly considering making a bid for F1 broadcast rights in US starting 2026.
The streaming giant’s interest in Formula 1 is fueled by the resounding success of its docuseries, Drive to Survive, which has been widely credited with boosting the sport’s popularity, particularly among American audiences.
The potential Netflix bid comes as current F1 broadcast rights in US are held by ESPN, a unit of The Walt Disney Company, under a deal that expires at the end of the 2025 F1 season.
ESPN’s current contract is estimated to be worth around $90 million per year and with the exclusive negotiation window expired, the stage is set for a potential bidding war among major media players, including streaming services looking to bolster their live sports offerings.
Netflix’s foray into live sports broadcasting has been gaining momentum in recent times. The streaming service recently secured the rights to exclusively broadcast the 2027 and 2031 FIFA Women’s World Cup tournaments for American audiences.
Furthermore, Netflix ventured into the realm of combat sports by broadcasting the highly anticipated boxing match between Mike Tyson and Jake Pau.
The company also streamed two National Football League (NFL) games in December 2024, marking the beginning of a multi-year agreement that will see the platform air at least one game each Christmas in 2024, 2025, and 2026.
The NFL games attracted an average viewership of over 26 million in the United States.
The addition of former ESPN vice president of production Kate Jackson to Netflix’s team as director of sports in November 2024, further signals the streaming service’s serious intentions in the live sports arena.
Jackson’s expertise and experience in sports broadcasting could prove invaluable as Netflix navigates the complexities of securing and delivering live sports content.
Formula 1 has experienced a surge in popularity in the United States in recent years, partly attributed to the Drive to Survive series. The series provides viewers with an inside look at the drivers, teams, and personalities that make up the sport, creating a compelling narrative that has resonated with a broad audience.
The growing interest in Formula 1 has led to the addition of multiple races in the US, with events now held in Miami, Austin, and Las Vegas.
Netflix’s potential bid for F1 broadcast rights in US could bring about significant changes to the viewing experience for fans in the United States.
Streaming services offer a range of features and functionalities that traditional television broadcasts may lack, such as on-demand viewing, interactive features, and personalized viewing experiences.
The company’s global reach and technological capabilities could also contribute to expanding the sport’s audience and improving its accessibility.
However, according to New York Times Netflix is not the only player contending for F1 broadcast rights in US as other major media companies, including Amazon, Apple, and ESPN, are also expected to be in the mix.
Amazon, in partnership with Walt Disney Co. and Comcast Corp. recently secured an 11-year, $77 billion agreement to air NBA games. The competition for sports broadcasting rights is fierce, with companies willing to invest substantial sums to secure exclusive content that can attract and retain subscribers.
The financial implications of securing F1 broadcast rights in US are significant. ESPN’s current deal is estimated at $90 million per year and with the sport’s rising popularity the price tag for future rights is likely to be considerably higher.
Netflix’s market value currently surpasses the combined worth of the media firms owning the four major U.S. broadcast networks, including CBS, NBC, FOX, and ABC. This financial strength could give the streaming giant an advantage in bidding war.
The structure of F1’s broadcast rights deals also adds complexity to the negotiation process as the sport prefers to sell rights on a regional basis rather than offering global deals. This approach allows Formula 1 to maximize profits and tailor coverage to specific markets.
In the UK, Sky Sports holds the exclusive rights to F1 until 2029 highlighting the fragmented nature of the global broadcasting landscape.
