The Chinese video streaming platform, Tencent has acquired multi-year media rights to stream the premier motorcar racing tournament, Formula 1 in China.
As part of the deal, the remaining 2023 F1 races as well as the races in the next season will all be streamed on Tencent Sports, Tencent Video, Tencent News, OTT, and QQ platforms.
Jeff Han, President 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.”
Currently, Shanghai TV, Guangdong TV, and the official broadcaster CCTV all offer coverage of the racing series to Chinese fans. Tencent previously held the sole rights to stream content in China, but after choosing not to renew its licence through 2022 and placing a far lower bid to buy the current one, this opened the door for rivals to enter the market.
Ian Holmes, Director of Media Rights and Content Creation at F1, 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 passionate 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.”
With Zhou Guanyunew becoming the first Chinese driver to compete for Alfa Romeo F1 Team Stake, China is also well-represented in Formula 1. With F1 presently having a holding contract with Shanghai and plans for the 2024 Chinese Grand Prix underway, this has undoubtedly opened the door for greater prospects between the nation and the organisers of the event.