NASCAR’s cultured European cousin, as we once called it, is on a roll.
Formula One (F1) reportedly agreed to a three-year deal with Disney and ESPN for US broadcast rights at a value of $75m-$90m per year, or 15x-18x more than the deal currently in place.
Why so hot?
The sport’s American fanbase has grown 33% since 2020, and more than half the fans credit Netflix’s “Drive to Survive” docuseries with playing a major role in their fanhood. (Fanship?)
In 2021, race viewership on ESPN surged 56%, and hoards of people attended races in Miami and Austin.
On TikTok, the hashtag #formula1 has ~17B views. That’s:
- Around 1/5 as many as #NBA (~87B)
- Almost 1/2 as many as #NFL (~43B)
- Around 2/3 as many as #MLB (~29B)
That’s extraordinarily impressive for a sport that has a broadcast package currently valued at just ~$5m annually.
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