Formula 1 Ratings Slip 9% in 2023; Who Will Go After F1 Rights in 2025?

Who wants a piece of Formula 1? Competition for the racing organization’s broadcast rights is shaping up to be fierce indeed, though they’ll have to wait until 2025, as ESPN holds the license to offer F1 races in the United States until then.

• A new report indicates Formula 1 broadcast ratings have dipped 9% so far in 2023.
• ESPN is paying $85 million per year for F1 rights.
• Netflix, Apple, Amazon and NBC have all reportedly shown some interest in acquiring domestic F1 rights.

How Much Are Formula 1’s Ratings Declining?

ESPN may decide it’s not ready to make a full pursuit of all Formula 1 broadcasting rights this time around, however. A report from Front Office Sports says that ratings for F1 races have fallen 9% this year for ESPN, which is paying $85 million per year for the rights to broadcast races in the United States.

The worldwide leader in sports outbid other competitors, including Netflix for Formula 1 rights in summer of 2022. Various speculative reasons for the dip in ratings this year have been given, including a lack of competition in this year’s field and late night/early morning start times for races .

Who Will Pursue Formula 1 Rights After 2025?

The competition for Formula 1’s rights after 2025 may already be heating up, despite the ratings slip for F1 races this year. Despite its repeated reticence to fully commit to live sports streaming, Netflix had sincere interest in acquiring the rights in 2022, no doubt thanks in part to its documentary series “Formula 1: Drive to Survive.” Netflix held its live golf tournament featuring some “Drive to Survive” stars earlier this week.

If Netflix wants to get back in on F1 streaming, it will have competition. Apple reportedly has interest in acquiring rights to Formula 1 racing not just in the United States, but globally. Apple’s strategy concerning live sports is to pursue worldwide, not regional rights, so if it can get Formula 1 rights everywhere it might make a serious bid.

NBCUniversal is another party with reported interest. The company already holds rights to NASCAR and IndyCar racing; Peacock offered all IndyCar races live in 2023. Whether all F1 races would also be available on Peacock is unclear, but at least some of them will likely be streamed on the platform as well as shown on live linear channels.

Prime Video was in on the last round of Formula 1 bidding, but its interest in the NBA may not allow it to pursue both leagues from a financial standpoint. One dark horse is Paramount Global, which advertises itself around Formula 1 tracks every week as part of an agreement signed between the two entities this spring. Paramount+ already hosts a wide variety of live sporting events, and F1 races would fit in perfectly on the service.