Great breakdown of the Apple deal! I've been digging into the numbers too, and here's what's particularly interesting about that $140M figure:
ESPN was paying $85-90M annually, so Apple is paying roughly 55-64% more. But F1 is giving up F1 TV Pro standalone revenue in the US market. While F1 doesn't break out US-specific F1 TV numbers, we know that F1 TV generated $47M globally in 2021, subscribers grew 15% in 2024, and the US is their largest market. A conservative estimate puts US F1 TV revenue somewhere in the $15-25M range annually.
So F1's net gain isn't the full $50-55M difference between ESPN and Apple—it's more like $25-40M after accounting for lost F1 TV revenue. The real question: Is Apple getting a bargain for exclusive US rights that include F1 TV Premium bundled in, or did F1 correctly value Apple's promotional ecosystem at a premium worth surrendering their direct-to-consumer platform?
This is the kind of itemized breakdown I do weekly at THE RECEIPT—following F1's money while everyone else follows lap times. Apple TV Receipt drops Tuesday.
Great breakdown of the Apple deal! I've been digging into the numbers too, and here's what's particularly interesting about that $140M figure:
ESPN was paying $85-90M annually, so Apple is paying roughly 55-64% more. But F1 is giving up F1 TV Pro standalone revenue in the US market. While F1 doesn't break out US-specific F1 TV numbers, we know that F1 TV generated $47M globally in 2021, subscribers grew 15% in 2024, and the US is their largest market. A conservative estimate puts US F1 TV revenue somewhere in the $15-25M range annually.
So F1's net gain isn't the full $50-55M difference between ESPN and Apple—it's more like $25-40M after accounting for lost F1 TV revenue. The real question: Is Apple getting a bargain for exclusive US rights that include F1 TV Premium bundled in, or did F1 correctly value Apple's promotional ecosystem at a premium worth surrendering their direct-to-consumer platform?
This is the kind of itemized breakdown I do weekly at THE RECEIPT—following F1's money while everyone else follows lap times. Apple TV Receipt drops Tuesday.