Formula One was dealt a slice of humble pie this weekend for its marquee United States-based event.
Sunday’s Miami Grand Prix averaged just 2.17 million viewers on ABC, down 29% versus last year’s record-setting audience of 3.07 million viewers, per Sports Media Watch. Last year’s race benefited from a NBA Game 7 lead-in while this year’s did not.
The race was still the most-watched Formula One event of the season for the Disney-owned network, but highlights why the company might be cautious before doubling its media rights fee for the circuit next year.
Simply put, Formula One still has a relatively low ceiling compared to other motorsports in the United States. NASCAR’s Cup Series race from Texas Motor Speedway, for instance, averaged 2.56 million viewers on FS1 airing against the Miami Grand Prix. For Formula One to barely crack two million viewers in possibly the most favorable television window it could ask for (Sunday afternoon on a broadcast channel) is not a good sign for potential rights partners.
The global racing circuit, which airs many of its events at odd hours in the U.S., is seeking $150-180 million per year in its next rights deal, up from an average of $90 million per year that ESPN pays currently. So far, there haven’t been many takers according to industry reports, in part because of the modest ratings.
It’s unclear where Formula One may end up next season, or for what price. But data points like Sunday’s race in Miami certainly don’t help the circuit’s cause when it comes to finding that new rights partner.
