Why F1 Racing Could Be All Wrong for Netflix's Live Sports Launch
Netflix (NASDAQ: NFLX)is reportedly in the midst of a bidding war as it tries to secure the streaming rights for Formula One racing in the United States. According to Business Insider sources, the company is actively trying to acquire the exclusive right to broadcast live Formula One Grand Prix events, starting with the 2023 season. As the report notes, Formula One is seeking at least $100 million, and it's also tending offers from Comcast's NBCUniversal and Disney (NYSE: DIS)-owned ESPN.
Netflix has yet to confirm it is actively pursuing Formula One rights, but if the reporting is true, the company could become the dog that caught the (racing) car. Here's why it might be better for Netflix to adopt a different strategy if it wants to get into the live sports space.
The streaming service's many original programs include a slew of sports-themed documentaries and docu-series, but Netflix has never shown a live sports game in its almost quarter-century history.
Source Fool.com
