In the wake of the COVID-19 pandemic, the world of motorsports saw an unprecedented surge in popularity, with Formula One (F1) emerging as the primary beneficiary. F1’s niche audience, traditionally concentrated in Europe, expanded significantly thanks to Netflix’s ‘Drive to Survive’ series, making F1 the new darling of American motorsports. The broadcasting rights owned by ESPN in the United States saw viewership numbers soar from a modest 500,000 in 2018 to an impressive average of 1.2 million in 2022. Yet, amid this growth, a question arises – where does NASCAR fit into this new landscape?
F1 currently finds itself in the hunt for a fresh broadcasting partner. Liberty Media Corporation, the owner of F1, responsible for the sport’s popularisation and commercialisation, is on the lookout for a new, lucrative U.S. broadcasting deal. However, the search has been less than promising, with legacy media houses and sports media titan ESPN showing little interest in renewing their contracts. The success of this deal could determine F1’s future in the US, a task made more challenging by the presence of home-grown NASCAR.
Two potential paths lie ahead for F1: embracing the digital age and partnering with a streaming giant like Netflix, or sticking to traditional broadcasting with an established player like FOX Sports. However, FOX Sports, a potential frontrunner, has expressed reservations, fearing backlash from NASCAR fans if they were to take on the F1 deal.
From 2025, FOX Sports will only have the streaming rights for the first 14 races of NASCAR, thanks to Amazon Prime and TNT stepping into the picture. Despite having fewer NASCAR races, FOX Sports has a packed schedule with the entire season of IndyCar, including the Indy 500. This situation has left NASCAR and its dedicated fans feeling overlooked, especially after noticing the disparity in promotion between NASCAR and IndyCar. The brewing discontent among NASCAR fans could see an escalation if FOX Sports were to acquire the broadcasting rights for F1.
The cost of these broadcasting rights is another significant factor. ESPN’s current contract stands at $90 million per year. However, F1, buoyed by its inflated valuation, is expecting a higher price tag post-2025. Estimates suggest the amount could range anywhere from $160 million to $180 million annually, a figure that has likely contributed to ESPN’s decision to step aside.
While F1 experienced a surge in popularity during the pandemic, recent figures suggest a slight waning of interest, at least in the US. ESPN’s viewership dropped from 1.16 million in 2023 to 1.13 million in 2024. However, Netflix’s ‘Drive to Survive’ series saw a steady increase in viewership, from 6.8 million in 2023 to 16.9 million in 2024, making Netflix the leading contender for the broadcasting rights.
In the age of streaming, traditional TV markets are declining while platforms like Netflix and Amazon Prime are gaining traction. NASCAR has already tapped into this trend, opting for a new media rights deal with Amazon Prime to broaden its global reach. As for Netflix, they have shown increased attention towards live sports, with their coverage of the Mike Tyson vs Jake Paul fight breaking streaming records.
The addition of the FIFA Women’s World Cup for 2027 and 2031 to their portfolio, along with the $5 billion WWE deal, highlights Netflix’s growing interest in sports broadcasting. In light of these developments, the potential introduction of GM’s Cadillac as an 11th team in F1 in 2026 could prove to be an enticing prospect for Netflix.
With a slew of new rookies, a Brad Pitt-starring F1 film on the horizon, and the shifting dynamics within the sport, including 7-time champion Lewis Hamilton’s move to Ferrari and McLaren’s rise to prominence, there are plenty of storylines that could make a Netflix-F1 partnership a winning combination.
The future of F1 broadcasting hangs in the balance. Will it be Netflix that steps up to the plate, or will FOX Sports reconsider their stance? Only time will tell.
