The US broadcast partnership discussions have sped up for Formula One (F1), with Netflix, current broadcaster ESPN, NBC, and Amazon reportedly the four media organisations leading the way.
The latest report on the broadcast partnership discussions comes from Business Insider, who said ESPN’s opening bid was in the range of US$70 million, falling short of the US$100 million price tag F1 has reportedly set for the rights.
The increased asking price for the rights comes as the competition experiences never-before-seen growth in the US broadcast market, with new US-based Grand Prix starting up and with the recent Miami Grand Prix on 8 May drawing an average viewership of 2.6 million on Disney-owned ABC and ranking as the largest ever audience for F1 on US TV.
If the organisation decides to make the switch to Netflix, the streaming giant would begin implementing its live broadcast programming, and purposefully extending on the success of the Netflix F1 Drive to Survive docuseries.
Netflix’s bid to win the broadcast rights partnership is reportedly aligned with the company’s goals of moving towards an advertising-based subscription platform at the end of the year, with Netflix co-CEO, Reed Hastings, recently suggesting Formula One rights are at the top of the list for Netflix in pursuing this endeavour.
Otherwise, ESPN director of programming and acquisitions, John Suchenski, said: “We are aggressively pursuing a renewal.”
“We feel that we have a distribution package and event presentation that can’t be matched in the industry and the viewership and exposure growth they have received since returning to ESPN platforms in 2018 is reflective of what we can do for them.
“It has been a mutually beneficial relationship.
“Understandably, they are looking at other options.
“We had very good meetings with them in Miami recently and are in constant communication,” Suchenski said.
