Apple's (AAPL) Senior Vice President of Services Eddy Cue reportedly said that the sports streaming business needs fixing as the iPhone maker edges closer to securing Formula 1 rights.

“We've gone backwards,” said Cue at the Motorsport Network's Autosport Business Exchange NYC, according to a CNBC report.“You used to buy one subscription, your cable subscription, and you got pretty much everything they had. Now, there's so many different subscriptions, so I think that needs to be fixed,” Cue said during a panel discussion at the conference on Wednesday.

The report noted that in some way, Apple could be a part of the problem as well. CNBC, citing people familiar with the matter, reported that Apple is set to announce its $140 million per year U.S. media rights deal with F1.

Retail sentiment on Apple remained unchanged in the 'bearish' territory compared to a day ago, with message volumes at 'low' levels, according to data from Stocktwits. Shares of the company were down marginally in early trading.

CNBC reported that with the F1 deal, Apple is expanding the sports line-up, which already features Major League Soccer and MLB's“Friday Night Baseball.” An Apple TV subscription is priced at $12.99 per month.

Cue noted that consumers can now access a wide variety of sports, a positive development compared to 10 or 20 years ago. However, they must sign up for“1,200 subscriptions” to do so. The solution to this, according to Cue, was“more bundling” and more partnership between media partners.

“If I'm a league, and I have two partners, for example, it should be very easy for me to go between them and do all kinds of things between them and do picture-in-picture, but I can't. And so I think that there are definitely solutions to some of these. It's harder, but that's why we're all here,” Cue said at the conference, according to CNBC.

Shares of Apple have gained nearly 7% in the last 12 months.

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