Netflix is getting into live sports with Formula One, but is it just a publicity stunt? Read more from SteveBattaglio and thewendylee.
Since the ESPN/Netflix co-production became a cultural phenomenon, the flood of sports docs has intensified — making it ever harder to break through.The viewership of “Formula 1: Drive to Survive” has grown rapidly. The series garnered 569,884 viewers in the first week of Season 5, compared to 407,678 viewers during the first week of Season 4, according to Nielsen data.
Jon Christian, executive vice president of digital supply chain for media and entertainment consulting company Qvest U.S., said the show made him a fan of the sport itself. Such shows help draw sports fans without getting into expensive bidding wars for rights fees for live coverage. Netflix pursued the media rights to Formula One last year, but they went to ESPN for $75 million to $90 million a year through 2025, according to Sports Business Journal.
Venturing into live sports, which requires heavy investment not only in licensing fees but also production and commentators, would not help with the cost-controlling effort. Both tech behemoths wanted live sports to jump-start their video streaming services, which are meant to support their other businesses.
Both are expected to be contenders for the next NBA media rights deal — now held by Disney’s ESPN and Warner Bros. Discovery’s Turner networks.
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