Formula 1 Announces New Partnership With Paramount+; Will You be Able to Stream F1 Races on the Service?
Paramount+ is cranking up the octane, but this time it’s not with a new movie like “Top Gun: Maverick” or a thrilling series like “Rabbit Hole.” The service has announced that it is embarking on a new partnership with Formula 1 racing for the 2023-24 season.
The deal will bring Paramount+ to Formula 1 race days all across the world. Paramount+ movies, shows, and brands will be heavily featured in Fan Zone areas, and stars of Paramount+ titles may even be in attendance! Additionally, the partnership includes Paramount+ branding on track and physical trackside signage, digital sponsorships, and promotional opportunities.
“Paramount+ continues to seek new, innovative ways to reach our global audiences, and I am confident this partnership with Formula 1 will continue to support our growth globally,” said Marco Nobili, EVP at Paramount+. “Becoming an official partner of Formula 1 means bringing the Paramount+ brand and all our characters to life for hundreds of millions of fans worldwide. Through this global deal the worlds of motorsport and entertainment will come together, resulting in powerful storytelling opportunities on and off the grid.”
While Paramount+ has become an important service for sports fans when it comes to streaming, thanks to its broadcast rights with the NFL, UEFA, the NWSL, the PGA Tour, and more, this deal will focus exclusively on promoting the streamer, rather than bringing F1 action to the platform.
“This partnership exemplifies Formula 1’s ongoing commitment to exploring new avenues to help promote the sport and appeal to new audiences,” said Brandon Snow, managing director of commercial at Formula 1. “Paramount+ and the content on its platform are hugely popular and, like F1, has experienced rapid growth in recent years. Together, we will use our global platforms and collective expertise in entertainment to further enhance the fan experience and take both Formula 1 and Paramount+ to new levels.”
Will Paramount+ Now Carry Live Formula 1 Races?
The new deal between Paramount+ and Formula 1 will not include any live races for now. ESPN holds the domestic broadcast and streaming rights to F1 racing through 2025, thanks to a deal struck between the two entities last June. Paramount was not reported to be in on the bidding at that time, but this new agreement between F1 and Paramount means that ESPN now must show advertisements for a competitor during live races.
Related: How to Watch 2023 Formula 1 Racing Season
Does the new deal mean that Paramount+ will be interested in bidding the next time Formula 1’s rights hit the market? It’s a definite possibility, though the platform will almost certainly have to pay more than the $75 to $90 million per year that ESPN agreed to in its most recent agreement with the auto racing consortium. Paramount could decide to air races on CBS if F1 is concerned that it won’t have enough reach as a streaming-only product on Paramount+; a key component of the current ESPN deal is that races are broadcast on ESPN2, ESPN3, and ABC in addition to the flagship station and ESPN+.
What Live Sports Does Paramount+ Offer?
The good news for sports fans is that Paramount+ carries a wide array of live games from many different sports. The service offers UEFA Champions League, NWSL, CONCACAF, Serie A, AFC, and AFA soccer, and if you subscribe to its Premium tier ($9.99 per month) you can unlock much more. Paramount+ Premium includes a 24/7 livestream of your local CBS affiliate, so you can use it to watch NFL football, NCAA March Madness basketball, college football, pro rodeo events, and more.
Why Didn’t Netflix Make This Deal Instead?
That’s a fantastic question. Netflix carries the behind-the-scenes series “Formula 1: Drive to Survive,” which does big ratings for the service. Its success even drove Netflix to bid on Formula 1's digital rights last year, though it lost out to ESPN.
So why didn’t it enter into an agreement with F1 to promote its shows even further? It may well have tried and was simply outbid by Paramount. Alternatively, the world’s largest streaming service may simply decided to try and build a partnership with F1 in other ways, or that the amount of business it currently does with F1 is sufficient for the present.
Either way, Netflix’s hesitation could mean big bucks for Paramount+, if the new deal between that service and F1 is all the streamer hopes it will be.
Paramount Plus
Paramount+ is a subscription video streaming service that includes on-demand access to 40,000+ TV show episodes from BET, CBS, Comedy Central, MTV, Nickelodeon, Nick Jr. and more. The lineup includes “1883,” “Tulsa King,” “Star Trek: Discovery,” Nickelodeon’s “SpongeBob SquarePants,” and “PAW Patrol.” Subscribers can watch the NFL, college football, The Masters, college basketball, UEFA Champions League, UEFA Europa, Serie A, and NWSL. The service also offers the option to watch your live CBS affiliate. The upgraded ad-free package includes premium movies and shows from Showtime.