Formula 1 has signed a new multi-year partnership with the South Korean OTT company, Coupang Play.
Following the partnership, Coupang Play will provide the live stream of the 2023 FIA Formula One World Championship to the South Korean audience. The deal between the two can also be considered a way to tap South Korean viewers and create a fanbase for the marquee racing tournament in the country.
Coupang Play is a South Korean OTT company that is based on the subscription service that was launched in December 2020 and has gained a lot of popularity as much as Netflix. The streaming service provider currently streams sports tournaments such as K-League, LaLiga, Ligue1, Major League Soccer (MLS), Super League Greece, and National Hockey League (NHL). The OTT platform showcases some prominent K-Dramas as well.
Michaella Snoeck, Head of Media Rights, Formula 1 said, “We’re pleased to be entering this new partnership with Coupang Play to ensure that our fans in South Korea can follow all the F1 action. South Korea is a key market for Formula 1 and this deal will help us to continue to grow the sport’s popularity in the region. The future looks bright for 2023 and beyond, so it’s an incredibly exciting time to follow the sport as F1 continues to see strong growth globally”.
Stephen Kim, Head of Coupang Play said, “Despite the growing global popularity of F1, it was hard to view the races in Korea. Coupang Play is delighted to offer Formula 1, the world’s best car racing competition to motorsports fans in Korea. Coupang Play will continue to work hard to make sure viewers in Korea can enjoy a variety of sports more conveniently”.