The Streaming Revolution: How F1 TV Pro is Driving Revenue and Redefining Fan Engagement

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Formula One Forever

5 min readAug 5, 2023

In the midst of Formula One’s soaring popularity, it is not just Netflix’s Drive to Survive that deserves credit for the sport’s explosive growth.

Behind the scenes, F1 TV, the racing series’ in-house streaming experiment, has been quietly revolutionizing the way fans consume the sport and bolstering its media rights revenues.

Five years since its launch, F1 TV has attracted millions of subscribers worldwide, eager to stay connected with the thrilling events of the season. This direct-to-consumer broadcast product has become a vital component of F1’s growth strategy under the stewardship of US owners Liberty Media, who acquired the sport in a groundbreaking $8 billion deal in 2017.

While traditional broadcasting models have long dominated the landscape, F1 TV is shaking things up by offering live race streams and expanding into 186 markets globally. However, the Pro version, which provides the full live experience, is currently available in just 87 markets, marking a significant shift in the way fans engage with the sport.

Major markets like Brazil, Mexico, and the United States have embraced F1 TV Pro, enabling enthusiasts to witness the intense action unfold in real time. The Netherlands, home to F1 champion Max Verstappen and his devoted orange-clad fans, is also a proud recipient of this immersive streaming service.

Ian Holmes, F1’s director of media rights, describes the launch of F1 TV as a groundbreaking milestone, providing the sport with a direct relationship with fans like never before. Initially, the service appealed to F1’s ardent followers, craving additional content alongside traditional broadcasts.

However, as the sport attracts new audiences, F1’s approach has evolved. Holmes notes that the younger generation, known for their comfort with data and interactive experiences, has embraced the platform enthusiastically.

Weekend attendance at F1 races in 2022 (’000). Source — Statista

Flexibility is key for F1’s approach to streaming. In certain markets, partnerships with telecom companies and broadcasters have proven instrumental in expanding the reach of F1 TV. These collaborations, along with distribution through Apple and Android platforms, ensure wider accessibility to the streaming service.

Moreover, F1 shares revenues with traditional broadcasters and networks, forging mutually beneficial relationships. Holmes emphasizes the importance of exploring alternative distribution methods beyond app stores, including direct billing relationships.

While challenges may arise, such as cannibalization concerns or conflicting licensing deals, F1 remains committed to finding innovative solutions.

Formula One Digital Media, the entity responsible for F1 TV, reported impressive revenues of over $47 million in 2021 — an astonishing 150 percent increase from the previous year. Subscriptions to the Pro product were a major driving force behind this surge.

In 2021, F1’s total media rights revenue reached $860 million, which rose to $936 million in 2022, accounting for over 40 percent of the sport’s revenue total. Traditional broadcast deals also contribute to this growth, with contracts signed with renowned broadcasters like ESPN and Foxtel.

Analysts predict further expansion, with F1 TV projected to play a substantial role in driving media rights revenue growth in the coming year.

While the rise of F1 TV Pro may raise concerns among traditional broadcasters, industry insiders like Mike Kerr, managing director for Asia Pacific at beIN Sports, remain confident in the enduring appeal of their comprehensive sports packages.

Kerr highlights the advantage of aggregating multiple sports, bundling them with entertainment and news channels to create a diverse and compelling viewing experience.

Source — Liberty Media Stock Exchange Documents

For example, beIN Sports holds exclusive rights in markets like Hong Kong, Singapore, Malaysia, the Philippines, and Thailand, offering fans the opportunity to enjoy all F1 content alongside other sports on their streaming platform.

Certain markets, including the UK, Italy, and Germany, currently do not have access to F1 TV Pro due to exclusive deals with broadcasters like Sky. However, F1 TV recently launched in India, where traditional broadcast agreements did not meet the sport’s valuation expectations.

Exploring untapped markets remains a priority for F1, with negotiations underway for expansion into the Middle East. F1 is also continuously enhancing its media technology, allowing users to cast the stream onto television screens and facilitating onscreen engagement between friends watching simultaneously online.

The goal is to minimize delays and make the Pro service available at circuits in real-time — an ongoing evolution driven by F1’s commitment to delivering an immersive and interactive fan experience.

As Formula One embraces the digital age, F1 TV Pro stands as a testament to the sport’s determination to evolve and engage with fans on a deeper level.

With its tremendous growth potential and unwavering dedication to innovation, F1 TV Pro is poised to reshape the future of motorsport broadcasting, captivating audiences around the globe like never before.

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