Apple’s Formula 1 deal has seen the tech giant accelerate its sporting offerings

Apple is moving into sports streaming.

The tech giant said it has entered into a deal with Formula 1 to broadcast races and other content exclusively on Apple TV in the US. The deal, which begins next year, will include “comprehensive coverage of Formula 1, with all practice, qualifying, Sprint and Grands Prix sessions,” as well as selected races and all practice sessions for free on Apple TV. Financial terms have not been released.

Apple (AAPL) is adding sports programming as streaming continues to shake up the live sports media business. The company known for its iPhone and iPad has also shown Major League Soccer and Major League Baseball games.

The company is seeking to expand its services business, which accounted for about a quarter of its sales for the first nine months of the last fiscal year, while also updating its product lineup. Apple earlier this week announced a deal to bundle AppleTV+ with Comcast-owned Peacock (CMCSA), part of its NBCUniversal subsidiary.

Apple shares recently rose by about 0.4% in Friday trading. The stock was down about 1% this year through yesterday’s close. (Reads Investopedia Complete coverage of the daily markets here.)

Apple will provide subscribers with “front-row access to one of the most exciting and fastest-growing sports on the planet,” Eddy Cue, Apple’s senior vice president of Services, said in a statement. Formula 1 CEO Stefano Domenicali said the move “will ensure we are able to continue to maximize our growth potential in the United States.”

Apple released the motion picture “F1” this summer, which it said grossed more than $600 million at the worldwide box office. It plans to air the film in December.