Streaming service DAZN lost $2.3 billion in 2021

According to a report released by Bloomberg on Wednesday, the sports streaming service DAZN lost $2.3 billion in 2021.

According to DAZN CEO Shay Segev, the main reason is because of the company's $1.9 billion promise to purchase Italian and German soccer rights for the Bundesliga and Serie A.

According to Bloomberg, the data they published was based on accounts that DAZN had provided to the media business.

A total operating loss of $1.36 billion and a finance loss of $934.7 million were also incurred by the London-based corporation in 2021. According to DAZN, revenue climbed $2.3 billion in 2022 from $1.56 billion in revenue in 2021.

One of the leading players in boxing, DAZN is backed by billionaire Len Blavatnik and offers the sport a platform to promote its live events. Boxing is the sport that dominates DAZN's main offering in the US.

Golden Boy and Matchroom, two boxing promoters, have exclusive contracts with the streaming platform.

In May 2018, Matchroom and DAZN agreed to an eight-year, $1 billion contract.

Canelo Alvarez inked a 10-fight, $350 million deal with DAZN in October 2018, but after three fights, in 2020, Alvarez was freed from both his Golden Boy and DAZN contracts, making him a free agent.

Alvarez's most recent two fights, against Dmitry Bivol in May and Gennadiy Golovkin in September, both took place on DAZN pay-per-view. This was a brand-new project for DAZN, created to cover the costs associated with licencing boxing events and to increase revenue beyond their current monthly subscription model.