Netflix isn’t the only company looking to Formula 1 to make a move in live sports broadcasting.
China Telecom is reportedly closing in on local digital rights for Formula 1. Should a deal be finalized, it would represent a significant expansion for the telecommunications giant, which hasn’t been a major player in sports broadcasting.
Last year, 70.8 million people in China watched at least one F1 race.
That figure was the highest among all countries and represented a 13% year-over-year increase.
Globally, F1 had 445 million unique viewers in 2021.
China Telecom had 121 million subscribers on its Internet Protocol television platform at the end of last year, along with 372.4 million mobile subscribers and 170 million broadband users.
It has a market capitalization of $50.3 billion.
