Sir Len Blavatnik, Britain’s second-richest man, has injected a further $827 million into DAZN – the self-styled ‘Netflix of sports’ – despite the London-based streaming service posting mounting losses.
The billionaire’s latest funding, provided in 2023 through his investment group Access Industries, brings his total backing for DAZN to more than $6.7 billion since its launch in 2016. The company’s ambitions have soared, along with its costs , as it acquires the rights to European football. , NFL matches outside the US, boxing and basketball in an effort to attract massive audiences worldwide.
However, according to recent filings, DAZN’s losses rose to $1.4 billion in 2023, up from $1.2 billion the year before. Revenues rose from $2.2 billion to $2.9 billion, while the platform generated 300 million regular viewers, including 20 million paying subscribers. Shay Segev, CEO, has reiterated his goal of reaching 1 billion global users by focusing on comprehensive offerings such as live betting, ticketing, news and analysis.
The high expenditure could soon be offset by external investments. Reports indicate that the Saudi sovereign wealth fund is set to acquire a 10 percent stake in DAZN for $1 billion. Meanwhile, DAZN also recently acquired Rupert Murdoch’s pay-TV service Foxtel in Australia and spent $1 billion for the free-to-air rights to the 63-match Fifa Club World Cup, waiving monthly subscription fees for that tournament.
Despite the losses, DAZN remains one of the largest sports streaming services in the world, but faces new competition from Netflix, which, after historically avoiding live sports, has ventured into broadcasting high-profile events such as the Mike Tyson-Jake boxing match Paul and several NFL games. Netflix has now surpassed 300 million subscribers worldwide and reported a profit of more than $10 billion for the first time.
Segev remains optimistic about DAZN’s expansive strategy, noting: “2024 was a milestone year, but we’re just getting started. As we enter 2025, our goal is to reach 1 billion global users. Through bold investments, breakthrough innovation and strategic partnerships, we are redefining the fan experience and leading the sport into a digital future.”