Cadillac Formula 1 Team CEO: Apple's Formula 1 deal shows U.S. fan growth is 'only just beginning'

Core Insights - Apple has secured a five-year media rights deal with Formula 1, paying approximately $140 million annually, starting in 2026, which marks a significant shift from the previous rights holder, Disney's ESPN [1][6]. Group 1: Impact of the Deal - The transition to Apple signifies a major change in how Formula 1 will be broadcast in the US, with expectations of innovation and enhanced viewer engagement [2][4]. - The deal is anticipated to attract a larger audience, especially given the recent surge in interest from the success of the "Drive to Survive" series and the Formula 1 movie, which have collectively brought in over 50 million fans in the US [5][6]. Group 2: Growth Potential - There is a strong belief that Formula 1 has significant growth potential in the US market, with the new deal expected to facilitate greater fan engagement and viewership [5][8]. - The previous deal with ESPN was valued at around $85 million per year, indicating that the new agreement represents a substantial increase in revenue for Formula 1 [6]. Group 3: Brand and Sponsorship Opportunities - The deal is seen as an opportunity for brands, particularly American companies, to gain exposure and enhance their image through association with Formula 1, which is increasingly appealing to a younger and more diverse demographic [9][14]. - Cadillac, as a new team entering the grid, is experiencing heightened interest from sponsors, reflecting the growing corporate engagement in the sport [10][11]. Group 4: Financial Considerations - Establishing a Formula 1 team is a significant financial undertaking, estimated to exceed one billion dollars, encompassing various operational and real estate costs [15][16].