Sir Len Blavatnik pumps $827 million more into DAZN as sports broadcaster chases billion user goal

Sir Len Blavatnik, Britain’s second richest man, has invested another $827 million in DAZN – the self-proclaimed “Netflix of sports” – despite the London-based streaming service recording mounting losses.

The billionaire’s latest funding, delivered in 2023 through his investment group Access Industries, brings his total support for DAZN to more than $6.7 billion since its launch in 2016. The company’s ambitions have increased and so have its costs, as it acquires European football rights. , NFL matches outside the US, boxing, and basketball in an effort to attract more global viewers.

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

Spending too much money can be quickly remedied by foreign investment. Reports suggest that Saudi Arabia’s sovereign wealth fund is close to acquiring 10 percent of DAZN for $1 billion. Meanwhile, DAZN also recently took over Rupert Murdoch’s Australian pay TV service Foxtel and spent $1 billion to acquire free-to-air rights to the 63-game FIFA Club World Cup, scrapping its monthly fee to register for that competition.

Despite the loss, DAZN remains one of the largest sports broadcasting services in the world, but it faces new competition from Netflix, which, after avoiding live sports in history, entered the broadcast of high-profile events such as the Mike Tyson-Jake Paul boxing match and many NFL games. Netflix has now surpassed 300 million subscribers worldwide, reporting revenue of more than $10 billion for the first time.

Segev remains optimistic about DAZN’s expansion strategy, commenting: “2024 was a milestone year, but we’re just getting started. As we enter 2025, our goal is to reach 1 million global users. Through bold investments, innovation, and strategic partnerships, we are reimagining the fan experience and leading sports into the digital future.”