At the beginning of last year, it seemed that DAZN could finally turn around.
The streaming company, funded by Ukrainian-born billionaire tycoon Len Blavatnik, had survived a live sports shutdown during the pandemic, an almost deadly experience for a company with ambitions to become a global Netflix for sports. He overtook British broadcaster Sky for streaming rights to Serie A football matches, Italy’s top league, a deal the company hoped would help boost subscribers to 13 million by the end of 2021. of about 9 million at the beginning of the year. Blavatnik was even considering making the company public by merging with a special purpose vehicle.
Since then, however, DAZN has hit a wall. About 11 million subscribers have stopped, insiders said. It lost more than $ 1 billion last year with about $ 1.4 billion in revenue and is set to lose approximately another $ 900 million this year, these people said. Meanwhile, publicity talks have failed amid a collapse in the SPAC market. And much of the company’s management team has been pushed out.