HomeMotorsportsF1Disney pays 1500% extra to keep Formula One rights

Disney pays 1500% extra to keep Formula One rights

Formula One Rights retained by Disney | Agreed to pay 1500 percentage in addition

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.

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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.

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Amazon Prime scores important soccer and golf matches left and right. On the contrary, Netflix has not historically been interested in live sporting events.

Mohammed Bazim
Mohammed Bazimhttp://thesportslite.com
Mohammed Bazim S is a final-year Journalism student with a deep passion for sports reporting. At the age of 19, he is already making strides towards his dream of becoming a paddock reporter and rinkside correspondent. With a particular love for ice hockey and Formula 1, Mohammed aspires to capture the excitement of these sports through immersive reporting. His enthusiasm, coupled with his dedication to honing his skills, sets him on a path towards bringing the thrilling world of sports to life for fans worldwide.

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