The thrill of motorsports is a spectacle that has captivated the hearts and minds of millions of fans worldwide. But behind the scenes, a different race goes on and billions of dollars are on the line—the race for broadcasting rights. Broadcasting rights are essential for modern sports to increase the eyeballs to the sport and make it available to the audience that cannot attend the event. Automatically, it creates a fan following in various corners of the world. For Formula 1, breaking into the US market has become necessary for the sport’s growth because of the massive market potential and revenue opportunities.

A recent development has thrown a wrench into the works, sending a well-oiled machine like Formula 1 scrambling for a better deal. They look to follow the example of its American cousin, NASCAR. This sudden turn of events has put Formula 1’s future broadcasting partnership in the wilderness. Can they follow into NASCAR’s tracks and secure a lucrative blockbuster deal?

NASCAR’s Billion-Dollar Deal: A Winning Formula for F1?

ESPN recently pulled out of the bidding to be Formula 1’s broadcasting partner, reportedly because of the steep price tag. For F1, losing a major broadcaster like ESPN has left a big void. However, it also presents an opportunity to hunt for a lucrative deal, like NASCAR’s $7.7B Media deal. NASCAR put pen to paper for a groundbreaking TV deal for its broadcasting rights from 2025 to 2031.

It is a massive collaboration between NASCAR and multiple broadcasting partners – NBC, Fox, Amazon, and WBD. It is also the biggest media deal in NASCAR history and is proof of the appeal of the USA’s stock car racing.

This deal has gotten Formula 1’s owners and top executives paying attention, showing them firsthand the revenue generation streams through strategic partnerships. NASCAR’s success turns heads to F1 to hunt for a better broadcasting deal than the one they had with ESPN. Who wouldn’t take it if the sport receives massive income from it? It’s something to keep our eyes on. 

The search is on for a US broadcast partner for Formula 1, as its parent company, Liberty Media, actively seeks one. They are looking for something significantly more than the estimated $85 Million that ESPN was paying. The question buzzing in everyone’s minds: Who will broadcast F1 in the US, its fastest-growing market?

Beyond ESPN: What’s next for Formula 1 in the US?

The USA remains one of the fastest-growing markets for the Formula 1 series. It partially owes its success to the hit Netflix docu-series ‘Drive to Survive’, combined with the fact that 3 of the races in the Formula 1 calendar are in the US – Austin, Miami, and Las Vegas. This has made more and more U.S. companies, brands, and agencies eager to get involved in the sport.

“(F1 is likely) talking about not only the fact that I’m bringing in 1.3-1.4 million [viewers] consistently week in, week out, but I also give them global reach as a sport, which is unique to Formula 1 versus other motorsports – NASCAR, IndyCar – in this marketplace. It’s also the best in my opinion motorsport property to work with if you’re trying to attract high-end, high-value brands to your platform or network,” said Dan Cohen, executive vice president of media rights advisory at Octagon.

Now that the exclusive deal between F1 and ESPN has ended, it has opened a world of possibilities for F1 to forge new partnerships and potentially reach a wider audience that has been missing out on Formula 1. The success of NASCAR only serves as an encouragement for F1 to follow in its footsteps.

“If I’m Formula 1, I’m looking at the growth of Tier 1 sports in this marketplace and I’m saying I want my cut, and I’d be going to market very aggressively,” Cohen remarked, hinting to the untapped U.S. market potential. See WWE for example. They have struck a deal with Netflix and the entire production quality looks seamless. 

Could a streaming giant like Netflix or Amazon become the new face of Formula 1 in the US? Netflix has played a big role in F1’s recent rise in the U.S. through its hit docu-series ‘Drive to Survive’. They are reportedly looking to make a bid for the sport’s broadcasting rights. On the other hand, Amazon has been steadily building its sports portfolio, and F1 can be its crown jewel.

Having a large streaming platform as its broadcasting partner could change how fans experience F1 and it could be a game-changer for the sport. Who will take this pole position? Only time will tell.