The Saudi Arabian sports scene is becoming an increasingly lucrative arena, and DAZN, the streaming giant backed by billionaire Len Blavatnik, may have found a lifeline there. After years of significant financial losses, DAZN is exploring potential partnerships and expanding its footprint in the Middle East. The streaming platform’s relationship with the Saudi Pro League deepens and more prominent sporting events take place in the area. Thus, DAZN may be putting itself in a position to attract strategic and financial backing from Saudi businessmen.
Many in the sports broadcasting industry have long anticipated its arrival as a revolutionary step; particularly toward a more universally accessible and engaging sporting experience. Len Blavatnik’s company made significant strides in acquiring broadcasting rights for major sports leagues; including Italy’s Serie A and Germany’s Champions League. However, despite its impressive portfolio, DAZN has struggled financially.
In 2022 and 2023 alone, DAZN lost over $3 billion, a staggering figure for any business, regardless of its backer’s wealth. Although Blavatnik injected $240 million into the company this year, that figure is down from the $730 million he invested last year; signaling a shift in strategy. The broadcaster has been seeking external investors; reportedly aiming to raise up to $1 billion to stabilize its operations and accelerate global expansion, per Bloomberg.
Saudi Arabia’s growing sports ambitions
Saudi Arabia’s ambitions in the sports world have skyrocketed in recent years; as part of its Vision 2030 plan, which seeks to diversify the country’s economy beyond oil. The Kingdom has invested heavily in sports, acquiring high-profile athletes for the Saudi Pro League. They have also hosted major international events such as boxing, tennis, and motorsport. Following in the footsteps of Qatar’s Al Jazeera, which launched a global sports network in beIN Sports, Saudi Arabia has…
Source link : https://worldsoccertalk.com/tv/is-saudi-arabia-the-financial-savior-of-dazn/
Author : Martina Alcheva
Publish date : 2024-09-27 17:43:34
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