T.V Broadcasting Formula One races have been an essential revenue stream for the sport. The current broadcasting deal with Sky is the biggest of the sport’s history. It’s pumping $250 Million Dollars a year into F1’s pockets in a contract valid until 2024. However, this amount of money isn’t enough to keep the most expensive circus moving. Thus, Formula 1 on Amazon Prime is a deal in the making.
Amazon has been a technical sponsor to Formula One, providing data analysis, statistics, and insights to the sport and fans. Which is essential to a sport that is oriented towards data, numbers, and milliseconds. According to Chase Carey, former F1 Chief Executive, the deal between Amazon and Formula One will probably expand to include online streaming of races. F1 is aiming to target a new audience demographic, at the same time tap into another revenue stream that will expand the business.
As the tech industry keeps on moving forward at lightning speed, Formula One is finding itself trying to catch up with the changes. Young viewers are opting for subscription streaming services to watch TV, thus old-fashioned TV Broadcasting is heading to extinction. So, Formula One on Amazon Prime makes sense after all.
Moreover, Formula One is coming off a money-draining season. It had to adapt and work around a new way of living due to Covid-19. Which cost the company huge financial losses; as not all races took place, there was no audience, sponsorship deals value had to be adjusted…etc. Imagine what could have happened to the sport if they canceled the entire season.
Formula One has already been testing the water by cutting a deal with Netflix to create the “Drive To Survive” series. Which helped a lot of people to learn more about Formula One; and attracted them towards the sport. Also, F1 created their own online subscription streaming service.
As our way of living keeps on changing, we will find ourselves watching Formula 1 on Amazon Prime very soon. It’s just something that we will eventfully adapt to. And soon enough T.V Broadcasting in general will be a thing of the past. What do you think about watching F1 on Amazon Prime? Share your thoughts on this in the comments below.