Sir Len Blavatnik pumps $827m more into DAZN as sports streamer chases billion-user goal

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.

The billionaire’s latest funding, delivered 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 snaps up rights to European football, NFL matches outside the US, boxing, and basketball in a push to attract mass global viewership.

However, DAZN’s losses deepened to $1.4 billion in 2023, up from $1.2 billion the year before, according to recent filings. Revenues climbed from $2.2 billion to $2.7 billion, while the platform posted a 300 million-strong regular viewership, including 20 million paying subscribers. Shay Segev, chief executive, has reiterated a goal of reaching 1 billion global users by focusing on expanded offerings such as live betting, ticket sales, news, and analysis.

The heavy spending could soon be offset by external investment. Reports suggest that Saudi Arabia’s sovereign wealth fund is close to taking a 10 per cent stake in DAZN for $1 billion. Meanwhile, DAZN also recently took over 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 its 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 sports, has ventured into broadcasting high-profile events such as the Mike Tyson-Jake Paul boxing match and several NFL games. Netflix has now surpassed 300 million subscribers globally, reporting profits of over $10 billion for the first time.

Segev remains optimistic about DAZN’s expansive strategy, commenting: “2024 was a landmark year, but we’re only getting started. As we enter 2025, our aim is to reach 1 billion global users. Through bold investments, cutting-edge innovation, and strategic partnerships, we’re reimagining the fan experience and leading sport into a digital future.”

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Sir Len Blavatnik pumps $827m more into DAZN as sports streamer chases billion-user goal