Netflix linked to F1 broadcasting rights bid

Global streaming service Netflix is considering submitting a bid to acquire the rights to broadcast F1 in the United States.

F1 has enjoyed substantial growth in the US across the last several years with three races - Miami, Austin and Las Vegas - held annually, with current broadcast rights held by EPSN in a deal worth under $90 million per year. 

The Times has reported that ESPN's period of exclusivity to re-negotiate its deal has now ended, with interested parties now free to join the bidding contest, with Netflix reported to be one such party.

Should Netflix be successful, it would be the first time it has delved into showcasing a season-long mainstream sport.

It has experience with short-term productions, having broadcast NFL games on Christmas Day and the Mike Tyson-Jake Paul boxing fight, with the latter becoming the most streamed sports event of all time.

The streaming service already has a relationship with F1 as it has produced the popular Drive to Survive docu-series since 2018, with filming continuing for a new season through the 2024 campaign. 

The show has been a major success and has been credited with introducing a host of new fans, attracting a cumulative audience of over 800 million during its existence, a third of which is based in the US.

Netflix’s push for the rights would be restricted to the US, according to the report, as it is highly unlikely F1 would entertain a worldwide deal with various individual contracts in place across the globe.

In the UK and Ireland, Sky Sports holds the rights to F1 until 2029, however, Netflix’s market entry could create competition down the line.