A rare convergence is unfolding in the realm of sports and entertainment. A major Hollywood film centered on Formula 1, featuring Brad Pitt, is poised to hit theaters. Unlike typical sports dramas, this movie could have tangible effects on the business prospects of the global racing league, particularly its burgeoning presence and media valuation in the critical U.S. market.
Tentatively titled “Apex” (referred to as “F1: The Movie” in early reports), the film boasts an estimated budget of around $300 million, making it one of the most expensive movies ever produced. While early box office projections are strong compared to other racing films like “Ford vs. Ferrari” or “Gran Turismo,” the hefty budget means it faces a high bar for theatrical profitability. This challenge reflects a broader trend in Hollywood where original stories struggle to match the box office muscle of established sequels and franchises, as seen with the varying performances of Pixar films like “Elio,” “Elemental,” and the highly successful “Inside Out 2.”
However, for Formula 1 itself, the film’s box office success isn’t the primary concern. Its true value lies in its potential to act as a massive marketing engine, reaching new global audiences and expanding the sport’s fanbase.
Building on the ‘Drive to Survive’ Phenomenon
This potential boost mirrors the significant impact of the Netflix docuseries Drive to Survive. Launched in 2019, the series is widely credited with dramatically increasing F1’s popularity, especially in the United States and among younger demographics and women.
This surge translated directly into a significant jump in media rights value. ESPN’s annual fee for U.S. broadcast rights soared from an average of just $5 million per year to $85 million-$90 million in the current deal running through 2025. This newfound popularity is a major factor in Formula 1’s overall valuation increasing from $4.6 billion in 2017 when acquired by Liberty Media to over $25 billion today.
The High-Stakes Media Rights Negotiation
Now, with the U.S. media rights set to expire after the 2025 season, F1’s parent company, Liberty Media, is seeking a substantial increase, reportedly targeting $150 million to $180 million per year for the next deal. This figure is significantly higher than ESPN’s current payout and analysts’ estimates of a fair value (around $100 million).
ESPN, the current rights holder, is reportedly hesitant to meet Liberty Media’s asking price for a couple of key reasons:
No Commercial Breaks During Races: F1 races do not have traditional commercial breaks once racing begins, making them difficult to monetize through conventional TV advertising. While ‘two-box’ formats (ads alongside action) exist, they generate less revenue and can be unpopular with viewers.
Viewership Plateau: After nearly doubling from 554,000 average viewers in 2018 to a peak of 1.2 million in 2022, U.S. viewership on ESPN averaged around 1.1 million in 2023 and 2024, showing signs of leveling off before a slight uptick to 1.3 million through the first 10 races of the current season. Although F1’s audience is notably younger and more female than traditional U.S. racing series like NASCAR, its total viewer numbers remain significantly smaller.
However, the value of F1 rights extends beyond pure linear viewership numbers. Owning the rights provides invaluable hospitality opportunities at globally prestigious, wealth-showcasing events. Furthermore, Liberty Media’s strategy, as articulated by CEO Derek Chang, is focused not just on the highest rights fee but on finding a partner who can help continue to grow the fanbase and integrate F1 as a major “cultural touchpoint” in the U.S. market.
The Movie as a Strategic Play
This is where the Brad Pitt film becomes a pivotal piece of the puzzle. Produced by Apple Original Films, the movie is being viewed internally as a crucial element in Liberty Media’s strategy to elevate F1’s cultural status and expand its appeal. Positive early reviews, calling it a “damn good film” that functions like a “two-and-a-half-hour commercial,” underscore its potential as a powerful promotional tool.
While the movie’s theatrical box office fate is uncertain, its ability to generate buzz, reach new audiences, and potentially drive interest in the sport could bolster F1’s position in the media rights negotiations. A successful film, even one that finds a ‘second wind’ and large audience on streaming platforms post-theatrical run (similar to how movies like Encanto found massive success on Disney+), could solidify F1’s image as a growing, vibrant entertainment property.
Potential suitors for the next F1 rights deal include major streaming players like Apple, which produced the movie, Amazon, and Netflix, all of whom are expanding their live sports offerings. Traditional broadcasters like Fox or NBC appear less enthusiastic, according to reports.
As F1 looks to finalize its next U.S. media partner in the coming weeks, the impact of this unprecedented Hollywood venture remains a key variable. The sport is betting that a big-budget film can replicate and accelerate the Drive to Survive effect, fueling fan growth and pushing its media rights value into a new, even more lucrative phase.
