Digital sports media company, DAZN suffered losses of $1.3 billion in 2020, as Covid-19 disrupted the sporting calendar.
Revenue rose only six per cent year-on-year from $819 million to $871.8 million. In contrast, DAZN’s revenue grew 76 per cent in the year prior.
Income was stifled due to customers ending their subscriptions, as well as a lack of new signups, while sport remained in shutdown from March to July 2020.
DAZN’s net loss for 2020 was lower than the $1.4 billion posted for the 2019 financial year.
Operating costs fell almost 27 per cent YoY to $2 billion, mainly due to DAZN spending less on sports broadcasting rights as a result of rebates and contract determinations during the first year of the pandemic.
Last week, the company announced a new financing agreement with Access Industries. The recapitalisation saw Access Industries subscribe $4.3 billion of new equity in the controlling DAZN Group by converting existing preference shares and retiring shareholder loans.
Access has also been subscribed a further $250 million in new shares following the recapitalisation, which DAZN plans to invest in betting, gaming, ecommerce and non-fungible tokens (NFTs).
