According to Ed Dixon of SportsPro, sports media company DAZN suffered a $1.3 billion loss in 2020 due to COVID-19 disrupting their calendar.
Revenue rose from 6% from $819 million to $871.8 million, comparing to DAZN’s revenue growing 76% in the prior year.
The sports company’s income was down because of customers ending their subscriptions and a lack of new subscribers while multiple sports remained in shutdown from March to July of 2020.
The article also states that operating costs fell nearly 27% due to ‘DAZN spending less on sports broadcasting rights as a result of rebates and contract determinations during the first year of the pandemic.’
DAZN recently announced a new financing agreement with Access Industries, who gave $4.3 billion of new equity in the controlling DAZN Group by converting existing preference shares and retiring shareholder loans.
The company said the move would maintain its “strong commercial momentum,” which will clear debt from its accounts.
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