Formula One is a thriving business. The expenditure and the profit is very much enticing. The celebrated sporting event attaches itself to luxury, glamour and power. F1 is one exception to “All that glitters is not gold”. Thus, as one can imagine, Formula One rights are a big deal.
But, how much of a big deal is it? Well, it is big enough for Disney to pay extra 1500% to retain its Formula One rights. According to a person familiar with the agreement, Walt Disney Co. renewed its contract to broadcast F1 races in America. The company will be paying at least a 1,500 percent premium for Formula One rights as its popularity soars.
According to the individual, the corporation will pay between $75 million and $90 million per year for the rights as part of a three-year deal. they requested anonymity since the talks are private. Disney had been paying around $5 million year under its prior agreement, the source added.
Also Read: F1 Drivers will play a charity match in tribute to Michael Schumacher
The inaugural Miami Grand Prix this year received 2.6 million viewers in May. It is one of the most watched sporting events in United States of America’s Sports TV History. The number of viewers of races on ESPN in 2021 increased by 56% year over year. The Austin Grand Prix saw a dramatic increase in live spectator attendance.
It was well known that Netflix was interested in acquiring the rights to capitalise on its already-existing connection with F1. ESPN and the House of Mouse, which also includes ABC, ESPN2, and the streaming service ESPN+, were reportedly competing with Netflix for the rights. Formula 1 ultimately chose to continue with the network and the House of Mouse.
Also Read: Russell looks drool worthy hot in his new shirtless snap
Amazon Prime scores important soccer and golf matches left and right. On the contrary, Netflix has not historically been interested in live sporting events.
