Formula 1 is looking for a more lucrative U.S. media deal, according to CNBC.
Formula 1 Group CEO Stefano Domenicali said he sees “great opportunity” in negotiations with players he did not name, and that he expects the next deal to “build on” the current ESPN fees.
“We need to be respectful for the fact that ESPN did a great job for us to promote the business in that landscape … the future is very interesting for us,” he said to the portal.
According to reports, ESPN is paying near $5 million per year after a deal signed in 2019 which ends this season. Now Formula 1 is seeking as much as $75 million a year.
“We are just at the beginning of this new journey,” Domenicali said.
After years trying to reach the U.S. audience, Formula 1 seems ready to move forward in the U.S since Miami joined Austin hosting a 2022 season Grand Prix race. Las Vegas is scheduled to be included in the 2023 season.
According to Sports Journal Business, Formula 1 viewers in the U.S (on ESPN and ABC) rose 54% compared with the 2020 season. Historically popular overseas, Formula 1 is averaging more than 80 million viewers per race worldwide.
Just days before the Miami Grand Prix, Formula 1 and Netflix confirmed that their “Drive to Survive” series has been renewed for a fifth and sixth season. A success in the U.S. the series attracted its biggest audience, achieving the Netflix top 10 status in 56 different countries.