Formula 1 Streaming License Could Be Major Catalyst For Netflix—Read Why

Netflix, Inc, Walt Disney Company  ESPN, and Comcast Corp’s NBCUniversal bid for a new streaming license for Formula 1, likely to begin in 2023, the TechCrunch reports.

Amazon.com Inc Amazon Prime was also a part of the bid, the Insider reports.

ESPN acknowledged their aggressive pursuit of renewal as Formula 1 weighed other options.

ESPN was the rights-holder in the U.S. for F1, which will expire in 2022. ESPN has been the right-holder since 2017. NBCUniversal held the rights for the previous five years.

The F1 targeted $100 million for the rights.

ESPN submitted an opening bid of $70 million, well below the targeted figure.

Netflix’s victory could prove a significant boost as it battled subscriber decline. Apple Inc and Amazon Prime forayed sports streaming by forging deals, while Disney and Warner Bros. Discovery, Inc already owned a range of sports content.

Netflix’s lack of an in-house sports negotiator could put them at a disadvantage.

By Anusuya Lahiri

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