IndyCar's TV Deal Is Better Than You Think

The headline numbers on IndyCar’s media deal were always going to look modest compared to Formula 1’s global rights packages. That comparison misses the point entirely.

Context matters more than dollar figures

IndyCar is not competing with F1 for the same media dollars. It is competing with MLS, NWSL, and mid-tier college football conferences for domestic broadcast inventory. In that competitive set, the structure of this deal is significantly more favorable than the raw annual value suggests.

The three things the deal actually accomplishes

First, it consolidates the broadcast window. No more splitting races between network and cable with inconsistent start times. Predictability is the single most important variable in building a television audience, and IndyCar has historically been terrible at it.

Second, the streaming rights are structured to allow Penske Entertainment to build a direct-to-consumer layer on top of the linear deal. This is the play that everyone is sleeping on. The broadcast deal is the floor, not the ceiling.

Third, the international rights are carved out separately for the first time with real commercial intent. Previous deals bundled international as an afterthought. This one treats it as a growth vector.

What “better than you think” actually means

It means the deal was designed by people who understand that IndyCar’s value proposition is not about competing with F1 on audience scale. It is about owning a niche that is undervalued by the market and structuring rights to capture upside as that niche grows.

The comparison to make is not “F1 gets $X billion, IndyCar gets $Y million.” The comparison is: what did IndyCar’s rights cost per engaged viewer three years ago, and what do they cost now? That is where the story gets interesting.