Formula One in Talks to Show Grand Prix Races on Amazon

Formula One is discussing showing Grand Prix Races on Amazon Prime Video in an effort to diversify its revenues.
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Formula One  (FWONA) - Get Report, a company owned by Liberty Media, is in talks with Amazon  (AMZN) - Get Report to stream its Grand Prix races on Prime Video, according to media reports.

Formula One’s outgoing chief executive Chase Carey held “substantive discussions” with Amazon and other global digital platforms over new screening deals, Carey told the Financial Times.

Beyond television broadcasting, the motorsports series is seeking to gain a foothold in streaming services, which have been on the rise during the coronavirus pandemic, according to the Financial Times.

Formula One reported operating losses of $363 million in the first nine months of the year due to the coronavirus pandemic, spurring the company to look for new areas of revenue, the Financial Times reported.

Amazon recently secured streaming deals to show National Football League games in the U.S. and English Premier League matches in the U.K.

And this week, Amazon made plans for a week-long “NFL Holiday Blitz” starting on Prime Video on Tuesday.

The spree of football will run through Saturday’s exclusive stream of the San Francisco 49ers- Arizona Cardinals game, according to the Deadline.

Streaming services have been diversifying their content since the coronavirus pandemic hit the U.S. In November, Disney's (DIS) - Get Report Disney+ streamed Taylor Swift’s film Folklore: The Long Pond Studio Sessions. The feature film is composed of songs from Swift's latest album.

Over 56% of Americans have said that they stream content now at a higher rate than before the pandemic, according to a TransUnion survey released in June.

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