Some sports media observers are skeptical about Formula One\u2019s new media rights deal with Apple, which is set to begin this year.<\/p>\n
After Apple\u2019s first foray into live sports with MLS got off to a lackluster start that spurred an entire restructuring of their deal<\/a> late last year, after the North American soccer league wrapped up its third season on the streamer, it is reasonable to view the Formula One deal with a healthy amount of skepticism. After all, Apple TV, despite its attachment to one of the world\u2019s largest corporations and most iconic brands, accounts for less than half-a-percent<\/a> of all television viewing in the United States.<\/p>\n Discoverability isn\u2019t exactly a guarantee when the platform is so sparsely consumed.<\/p>\n But F1 executives see the partnership in a much different light. They see a platform that will give F1 the white-glove treatment. Speaking with Adam Stern of Sports Business Journal<\/a>, F1 chief media rights and broadcast officer Ian Holmes explained the racing circuit\u2019s rationale.<\/p>\n \u201cI think what\u2019s interesting to us is the sort of DNA of the company, what are they well known for? The iPhone, but it\u2019s more than that \u2014 technology, the experience, the style, the style backed up with the substance \u2014 and I think a lot of that you could apply to Formula One. It\u2019s a really good brand fit,\u201d Holmes told SBJ. \u201cOther things were their enthusiasm. That shouldn\u2019t be overlooked.\u201d<\/p>\n Apple showed its enthusiasm for F1 compared to the rest of the market was quite high when the streamer offered a reported $150 million per year<\/a> for U.S. media rights, quite a bit higher than the $85 million per year ESPN had been paying (and seemingly wanted to continue to pay) for the circuit. However, F1 made a concerted choice to trade the reach of ESPN for the revenue of Apple.<\/p>\n