Take a short view back to the past – to 2020. The peak of the COVID-19 pandemic wreaked havoc on the world. But with everyone locked in their homes, one domain flourished; the pandemic played in favor of motorsports. And the biggest winner was Formula One. The niche audience of F1 – previously most popular with European audiences – grew substantially with Netflix’s ‘Drive to Survive’ series. Americans had a new favorite motorsport (psst… the latest DTS season is out on March 7, if that’s your thing!) Back then ESPN had the broadcasting rights for the Series in the United States, and the numbers skyrocketed from around 500K in 2018 to 1.2 million on average in 2022. And the numbers have been steady ever since. But how does NASCAR fit into the picture?

Turns out, F1 is in search of a new broadcasting partner. Liberty Media Corporation, which owns Formula One and is responsible for popularizing and commercializing the sport, is looking for its next super-lucrative U.S. broadcasting media deal. Legacy media houses seem little intrigued, at this time; sports media giant ESPN reportedly remains uninterested in renewal. The deal could make or break F1’s future in the US, but homegrown NASCAR’s managed to make things more difficult for the top international open-wheel racing outfit.

See, at present, there are two possible options left for F1: first, ride out the streaming wave and go with someone like Netflix. They are making quite the strides in live sports (like they did with WWE Raw). Or, they could go with a veteran broadcaster who already has a substantial market share in the US. One such as FOX Sports. But there’s the rub: FOX has reservations brewing in-house, fearing further upsetting NASCAR fans by taking up this deal.

Why is FOX Sports reluctant to take up Formula !?

Starting in 2025, FOX Sports has the streaming rights for only the first 14 races of NASCAR, thanks to Amazon Prime and TNT coming in. And while they have fewer races for NASCAR, they have a packed schedule with the entire season of IndyCar (including the Indy 500). And as they plan to make the most of this – with commercials and endless promotions – NASCAR and its hardcore fans have been left out in the cold.

The difference in treatment is already clear. Opposed to the media giant spending millions on the IndyCar Ad budget, fans saw the same old commercials being run for NASCAR. And fans lashed out at the bias. With this storm barely settled, if FOX also takes up F1’s rights, NASCAR would be further sidelined – hence prompting the network’s decision to abstain from bidding. Recently, SBJ executive editor Abe Madkour, in a report, mentioned, “Fox Sports is not interested in bidding for F1 ‘s U.S. media rights.” That’s good to hear. 

Well, one reason for this is them showing loyalty to NASCAR and IndyCar. But the other factor is also how eye-wateringly expensive the broadcasting rights for F1 are going to be from 2026. ESPN’s current contract is at $90 million per year. But after they exit at the end of 2025, F1 – with its outsized valuation – is expecting more. According to some reports, the amount could range anywhere from $160 million to $180 million per year. This is also one reason why ESPN is opting out, leaving the question of who would be willing to take the mantle up. But there’s more.

F1 grew in popularity during Covid, but the numbers have seen a minor decline in the past three years – at least in the US. The ESPN numbers for 2024 were 1.13 million viewers compared to 1.16 million in 2023. Could this be a sign of interest tapering off? Notably, this dip wasn’t there with streaming giant Netflix’s hit show. Their last two seasons of the ‘Drive to Survive’ series saw growth, from 6.8 million in 2023 to 16.9 million in 2024. This could very well be the reason why Netflix is a front-runner in this bid.

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Would Netflix bag the rights after FOX passes for NASCAR’s sake?

The growing numbers of ‘Drive to Survive’ clearly show the pattern of viewership when it comes to streaming. As the traditional TV market is on the decline, streaming is gaining popularity. It’s the same reason why NASCAR has opted-in for Amazon Prime in the new media rights deal to expand its global reach. And naturally, Netflix would not want to miss out as its competitor thrives.

More focus on live sports seems to be the next big thing on Netflix’s agenda. The Mike Tyson vs Jake Paul fight was a hit. It broke the record for the most-streamed sports event of all time, as 108 million viewers from around the world tuned in to watch the fight. They also have the $5 billion WWE Deal, holding the broadcasting rights for 10 years. And adding to this, they also own the rights to FIFA Women’s World Cup for 2027 and 2031 – a first for the world’s biggest women’s soccer tournament. On the flip side, there are a lot of new things coming in Formula One that Netflix might want to capitalize on.

In 2026, F1 will potentially bring an 11th team in the form of GM’s Cadillac, with whom they have an ‘agreement in principle’. The US automaker in the top league means a big thing for the US motorsports space. So you can do the math of why Netflix would want in on this cash cow. Then there’s the heavily promoted Brad Pitt-starring Formula One film up for release soon. In addition to this, the dynamics within the sport are shifting rapidly: ending Red Bull’s dominance, McLaren are on the rise with the Constructors’ Championship win last season; 7-time Formula One champion, Lewis Hamilton, is now in F1’s biggest and oldest team (Ferrari); big names like Daniel Ricciardo are out and a slew of new rookies have joined the fray. So there are a lot of storylines that could interest Netflix in gunning for the rights.

What do you think? Should Netflix take up Formula One? Or should FOX throw their hat in? Share your thoughts with us in the comments below.