It appears that Formula One is on it way to launching its own over the top streaming service. Liberty Media which purchased a 19.1% stake in the sport earlier this year will take over control from Bernie Ecclestone in 2017.
The main thing is that it will take time There are existing deals with broadcasters including NBCSN in the United States and Sky Sports in the UK.
Liberty Media CEO Greg Maffei said in a quarterly earnings call that his company is very excited about launching the streaming service and it “makes a lot of sense.”
In addition, Liberty expects to have Live Nation, the entertainment company to be involved in Formula One either in selling tickets through its Ticketmaster subsidiary and also having concerts at race venues. Liberty owns 34% in Live Nation and said the company can be helpful to the sport.
What the service will entail and how much it will cost will be released at a later date. And Liberty will most likely market the Formula One over the top service to consumers who are F1 fanatics.
The whole thing is that as sports are looking for new ways of distribution, they’re not looking to cable and pay TV. They’re looking to go directly to fans knowing that bandwidth on cable systems are limited and getting carriage is difficult.
The main thing is hooking fans and bringing them into the fold. How the new F1 OTT service will be marketed and what content it will have will be very important as it goes forward.