Sir Len Blavatnik pumps $827m more into DAZN as sports streamer chases billion-user goal – Harris International Group LLC HIG Consortium

Sir Len Blavatnik, Britain’s second-richest man, has injected an additional $827 million into DAZN — the self-styled “Netflix of sports” — despite the London-based streaming service recording widening losses.

Sir Len Blavatnik, Britain’s second-richest man, has pumped an extra $827 million into DAZN – which calls itself the “Netflix of sports” – even as the London-based streaming service posts widening losses.

The billionaire’s latest funding, provided in 2023 through his investment group Access Industries, brings his total backing of DAZN to more than $6.7 billion since its launch in 2016. The company’s ambitions have risen along with its costs, as it snapped up European soccer rights. . , NFL, boxing, and basketball matches outside the United States in an attempt to attract a large number of global viewers.

However, DAZN’s losses deepened to $1.4 billion in 2023, up from $1.2 billion the previous year, according to recent filings. Revenue rose from $2.2 billion to $2.7 billion, while the platform recorded a regular viewership of 300 million, including 20 million paid subscribers. Shai Segev, CEO, emphasized the goal of reaching 1 billion global users by focusing on expanded offerings such as live betting, ticket sales, news and analytics.

Foreign investment may soon compensate for this large expenditure. Reports indicate that the Saudi sovereign wealth fund is close to acquiring a 10 percent stake in DAZN for $1 billion. Meanwhile, DAZN recently acquired Rupert Murdoch’s Foxtel pay-TV service in Australia and spent $1 billion to acquire the free-to-air rights to the 63-match Club World Cup, waiving the monthly subscription fee for that tournament.

Despite the losses, DAZN remains one of the largest sports streaming services worldwide, but it faces new competition from Netflix, which, after historically avoiding live sporting events, has ventured into broadcasting high-profile events such as the boxing match between Mike Tyson and Jake Paul and several… NFL. Netflix has now surpassed 300 million subscribers globally, generating more than $10 billion in revenue for the first time.

Segev remains optimistic about DAZN’s expansion strategy, commenting: “2024 was a historic year, but we are only getting started. As we enter 2025, our goal is to reach 1 billion global users. Through bold investments, cutting-edge innovations and strategic partnerships, we are reimagining the Fans and we lead sports into the digital future.

Jimmy Young

Jamie is Senior Reporter at Business Matters, with over a decade of experience reporting on UK SME business. Jamie has a degree in Business Administration and regularly participates in industry conferences and workshops. When Jamie is not reporting on the latest business developments, he is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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