Tencent secures Formula 1 streaming rights for China

Chinese digital media giant Tencent has secured rights to Formula 1 motorsports across its platforms for the 2024 season.

The agreement grants rights to Tencent to stream all practice and qualifying sessions, F1 Sprint events and Grands Prix across its digital platforms Tencent Sports, Tencent Video, Tencent News, OTT and QQ.

The deal marks the return of Formula 1 to Tencent and accompanies existing broadcast arrangements currently in place in the Chinese market.

Broadcast rights have been held by China Telecom.

Ian Holmes, director of media rights and Content Creation at Formula 1 said: “Tencent’s extensive digital portfolio is complementary to our existing broadcast offering in the market, providing us with an excellent platform to connect with our pas sionate and growing fan base in China. With the 2023 season officially underway, we look forward to working closely with Tencent to bring the drama and excitement of F1 to our fans in China.”

Jeff Han, VP of Tencent Video said: “We are excited to bring Formula 1 to racing fans in China. Tencent will use its vast resources in distribution, production, broadcasting, intensive operation, and social engagement to share inspiring and compelling stories of the 2023 season to a broader audience.”

Tencent Video saw its streaming subscription base drop by 9% year-on-year to 113 million at the end of March, with revenue from the unit declining by 6%, with Tencent blaming the decline primarily on delayed content releases.

The company said it was enhancing content on the platform to cater to changing demand. In April it released new original drama series The Long Season.

Tencent said it was also extending its collaboration with short-form video services to expand long-form content popularity and capture more monetisation.