DAZN on track to being premier global sports hub despite financial challenges

Despite reporting annual losses surpassing US$1 billion, sports streaming giant DAZN remains unwavering in its quest to be the ‘global home of sport’.

The company asserted its position as the largest broadcaster of European domestic and UEFA Champions League soccer matches, covering 734 matches in 2023.

DAZN highlighted its major achievements, including key contract renewals in various markets and securing a global deal for the National Football League’s Game Pass direct-to-consumer (DTC) offering. Collaborations with industry leaders Amazon, Sky, YouTube and Virgin Media have contributed to surging subscriber numbers, reaching 60 million, with an overall user base of 300 million monthly users.

“2023 has been a year of remarkable progress for DAZN Group,” stated DAZN CEO Shay Segev.

“Our strategic initiatives, financial achievements, and subscriber metrics reflect our commitment to being the global home of sport.”

“It’s clear that the conventional linear sports model is ripe for disruption. Major challenges include the lack of engagement among younger audiences, the bundled business model with cable, and the fragmentation of the fan experience.

“By contrast, DAZN is building a digital platform that is global, interactive and directly solves these challenges.”

The platform invests significantly in major football rights and technology, aiming to evolve into a comprehensive digital sports platform. The vision includes services such as betting, ecommerce, ticketing and diverse content offerings.

While operating at a loss, DAZN’s recent financials show improvement, with an operating loss of US$1.04 billion in 2022, compared to the US$1.35 billion loss in the previous year. Revenue surged by 41 percent to US$2.19 billion during the same period.

DAZN envisions reaching one billion global users within the next five to 10 years, with a focus on sustainability. Despite a reported IPO on the horizon, DAZN has refrained from bidding for domestic rights to the Premier League in the UK, emphasising its strategic approach toward achieving profitability by 2024.