Market Risks And LimitationsThe potential for upside catalysts in race promotion fees and media rights is seen as limited, leading to a maintained Neutral rating.
Revenue And Valuation ConcernsThe assumption that many F1 TV subscribers will switch to watching races on Apple TV+ leads to a significant reduction in F1 TV app revenue.
Viewership And Media TransitionMoving from ESPN to Apple presents viewership risk, and F1 is betting that Apple will promote the sport beyond its current efforts.