DAZN Sports Media Limited, the UK company that holds most of the sports streamer's operating businesses, lost $979.7 million in 2025 on revenue of $3,799.7 million, according to consolidated accounts filed at Companies House on October 7, 2026. The directors approved the accounts on September 25, 2026. It is the first time the company has filed group accounts: its 2023 and 2024 filings covered only a holding company that, by its own description, "generated no revenue". The 2024 comparative figures in the new filing are unaudited.

Revenue rose by $690.9 million, or 22.2%, from $3,108.8 million in 2024. Operating costs rose faster in absolute terms, from $3,883.2 million to $4,740.6 million, and the group operating loss widened to $939.8 million from $772.9 million. Advertising accounted for 10% of total revenue, up from 9% the year before.

In Short

DAZN, a company that streams live sport over the internet, sold more subscriptions and ads in 2025 but spent even more, so it lost nearly $1 billion. Its owner, Access Industries, keeps lending it money to cover the gap, and the accounts say the business depends on that support. Advertisers and rights holders now have audited numbers showing how big the company's ad business is and how far it still is from making a profit.

A new set of accounts

The filing changes what outsiders can see about DAZN. Until now, the documents DAZN Sports Media lodged at Companies House described a pass-through holding company. The accounts for the year to December 31, 2023, filed on February 17, 2025, said the company "is a holding company within the group of companies which consolidate under DAZN Group Limited" and reported a profit after tax of £12.8 million, earned on intercompany finance rather than trading. The accounts for 2024, filed on November 1, 2025, repeated the description and reported profit after tax of £17.7 million. That year the company issued six ordinary shares to its immediate parent, DAZCAY Ltd, in exchange for funding of $587.0 million (£460.9 million).

The 2025 filing is different in kind. According to note 1 of the accounts, "Following the DAZN Group restructure that took place after the year end, DAZN Sports Media Group now represents the largest UK consolidation for which financial statements will be filed with Companies House. As a result, the DAZN Sports Media Group is required to undergo a first-year statutory audit, and accordingly, the comparative figures presented have not been audited." BDO LLP, the auditor, makes the same point in its report: "The corresponding figures for the Group are unaudited."

The scope also matters. The strategic report describes DAZN Sports Media as "a smaller sub-group of the wider Group headed by DAZN Group Limited". That parent has not published its own 2025 results in these documents, so the figures below describe the sub-group, not every DAZN business.

Revenue by division and region

The DAZN Consumer business, which includes subscriptions, pay-per-view, sublicensing, distribution and advertising, generated $3,653.4 million, up $631.9 million or 20.9% from $3,021.5 million. According to the strategic report, "The revenue in the year has increased through broadcasting the FIFA Club World Cup and underlying growth in ARPU, subscribers, and advertising."

Two smaller divisions sit next to it. Broadcast Partnerships, the fees DAZN earns from third-party broadcasters and platforms that distribute its content, slipped to $63.4 million from $65.6 million. DAZN Bet, the betting and casino operation, rose to $82.9 million from $21.7 million, a little under four times the prior figure.

Note 3 of the accounts breaks total revenue down by type. Subscription and distribution revenue made up 86% of the total (2024: 89%), advertising 10% (2024: 9%), broadcast partnership 2% (2024: 2%) and betting and gaming 2% (2024: 1%). The filing does not state advertising revenue in dollars. Applied to total revenue, the rounded percentages imply roughly $380 million of advertising in 2025 and roughly $280 million in 2024, a PPC Land calculation that carries the margin of error of a rounded percentage.

Geography shows how concentrated the business remains. Europe, the Middle East and Africa produced $3,044.5 million, or about 80% of the total, up from $2,509.8 million. Asia Pacific contributed $384.8 million (2024: $322.2 million) and the Americas $370.4 million (2024: $276.8 million). All betting revenue was booked in the Europe, Middle East and Africa region.

Advertising in the strategic report

The directors list advertising as one of three areas of progress, alongside new content and pricing. According to the strategic report, "DAZN audiences are highly prized and valuable to brands and advertisers. In 2025, DAZN continued to invest in developing its advertising products, expanding digital ad-serving technology across more devices, and scaling its advertising sales operations which was enhanced alongside Club World Cup."

The report also describes a brand safety policy: "DAZN operates a Brand Safety policy to ensure all advertising on DAZN platforms minimises the risk of ad misplacement and aligns with white and black lists to protect both client and publisher partners." In its list of principal risks, the company adds an advertising regulation entry, noting that it "may be prohibited from operating or face sanctions if it does not adhere to the strict requirements of the advertising bodies and regulators in each region."

The company's app runs on app stores, smart TVs, mobile devices, streaming media players and set-top boxes, according to the stakeholder section, and reaches customers "in over 200 territories". That device spread is where connected TV buyers meet DAZN inventory. The filing does not give subscriber numbers, viewing hours or advertising rates.

Where the costs went

Operating costs reached $4,740.6 million. Note 4 itemises them, and the largest line barely moved: rights costs were $3,014.8 million against $3,009.6 million in 2024. Total operating costs excluding rights costs, a subtotal the company presents itself, nearly doubled to $1,725.8 million from $873.6 million.

Three lines account for most of that increase:

  • Management charges from other group entities rose to $575.1 million from $15.3 million.
  • Research and development costs, including related staff costs, rose to $237.1 million from $144.6 million.
  • Other content and marketing costs rose to $508.7 million from $410.5 million.

The strategic report says the larger operating loss "was largely driven by increased rights spend on the FIFA Club World Cup, offset by profits from acquisitions in the betting market, higher revenues and further reductions in specific areas of operating costs." The filing does not say which cost line carries the Club World Cup rights. It does say, in note 27, that "DAZN Media Holdings LLC are the rights holder for certain rights contracts which DAZN Limited leverages for the DAZN consumer platform," under a licensing fee agreement "based on a percentage of the relevant revenues earned by DAZN Limited." The accounts do not break the $575.1 million of management charges into its components.

Headcount fell. The average monthly number of employees was 3,200, down from 3,405. Technology staff dropped from 1,181 to 756, and account management and marketing from 368 to 251, while administration and management rose from 716 to 916 and business development and sales from 36 to 87. Total staff costs nevertheless rose to $306.4 million from $259.1 million, including $50.0 million of long-term incentive charges. Key management personnel costs more than doubled, to $24.5 million from $11.0 million.

Below the operating line, finance costs rose to $128.9 million from $91.4 million, partly offset by an unrealised foreign exchange gain of $149.6 million, compared with a loss of $37.3 million in 2024. Tax took $59.1 million. The result was a loss for the year of $979.7 million, of which $981.0 million was attributable to owners of the parent. Once a $209.1 million translation loss on foreign operations is added, total comprehensive loss came to $1,188.8 million.

Balance sheet and cash

Net liabilities almost doubled, to $2,409.5 million from $1,246.7 million, a movement of $1,162.8 million or 93.3%. According to the strategic report, "Both movements are largely driven through an increase in amounts due to group undertakings, via intercompany loans, which are repayable on demand."

Note 16 shows the scale of that shift. Amounts due to DAZN Group undertakings, meaning DAZN entities outside the DAZN Sports Media sub-group, rose to $936.1 million from $0.9 million. Those balances are unsecured, repayable on demand and charged interest at ESTER plus 1.97%, SOFR plus 2.05%, SONIA plus 2.00% or TONAR plus 1.97%, depending on currency.

The same intercompany build-up explains why the cash flow statement looks healthier than the income statement. Cash generated from operations was $125.3 million, against $540.8 million used in 2024, and operating activities overall produced $106.6 million. The swing came from working capital: the increase in trade and other payables contributed $897.5 million, compared with $137.0 million a year earlier. Contract liabilities, which are subscription fees billed and collected but not yet recognised as revenue, rose by $183.4 million to $1,068.2 million.

Cash ended the year at $236.7 million, up from $174.2 million. External borrowings stood at $529.7 million, up from $425.0 million, made up of a term loan carried at $264.5 million and a convertible loan facility carried at $264.1 million. Repayments under the convertible loan are "linked to the EBITDA performance of the DAZN Bet Group," according to note 18. Both facilities carry two monthly covenants, one on revenue and one on minimum liquidity, and the company says it complied with them at the reporting date.

The accumulated deficit reached $7,822.8 million.

Rights commitments

Outstanding commitments to acquire sports content rights fell to $7,280.3 million at the end of 2025, from $8,536.9 million a year earlier. Of that, $2,537.5 million falls due within one year and $4,739.0 million in the second to fifth years. According to the strategic report, sports rights "are usually licensed for periods of between three to five years", while consumer subscription periods are "significantly shorter".

Access Industries and the going concern statement

The accounts are explicit about who keeps the business running. According to the directors' report, "DAZN Sports Media Group and Company have experienced net losses and significant cash outflows from cash used in operating activities over the past years, as the directors develop and deploy their go to market strategy, underpinned by very significant funding from the Group's principal shareholder, Access Industries LLC ('Access')." The ultimate controlling party, per note 29, is Sir Leonard Blavatnik.

The directors say Access has provided "over $7 billion of funding to the DAZN Group to the end of FY25, which includes $587 million in 2024 (in the form of preference shares), $610 million in 2025 (in the form of a loan), as well as further $360 million to date in 2026 (also in a form of a loan)." The post-balance sheet note dates the 2026 loans: $60 million in January, $50 million in March, $200 million in April and $50 million in May.

Access has also provided a letter of intent, which the directors describe as "not legally enforceable or a binding commitment", stating an intention to provide financial support for 12 months from the approval of the accounts. Specific support tied to certain sports rights acquired in and after 2025 is described as legally binding. The directors' cash flow forecasts include downside scenarios that reduce subscriber numbers and assume deferral or cancellation of all pay-per-view events. "Based on the cash flows reviewed, the Directors note that the DAZN Group itself will require additional working capital either from third Parties or from Access, its ultimate ownership."

On that basis the directors concluded there is no material uncertainty over going concern, and BDO did not identify one either. Access is also paid for its oversight: a management fee set at the greater of 0.25% of group revenue or 1% of EBITDA, payable "until an IPO or sale of the Group shares by Access", came to $13.4 million in 2025 against $8.2 million.

After the year end, the external credit facility was increased by $145.3 million in June 2026 and by a further $50 million in August 2026, with its term extended to the end of June 2029.

Cayman restructure

The filing confirms a change at the top of the corporate structure. According to the directors' report, DAZN Group Limited "will be liquidated" and all its trade and assets, including its investment in DAZN Sports Media, "will be transferred to a new parent company, DAZN Group Holdings Limited, established in the Cayman Islands. There will be no changes to the wider operations of the group outside of this corporate structure."

The accounts use more than one name for the new holding entities. Note 29 says the immediate parent at the reporting date, DAZCAY Limited, "has since been liquidated with its investment in the DAZN Sports Media Group being passed to DAZN Cayman Midco Holdings Limited", and gives the registered office of "DAZN Cayman Midco Limited" at Walkers Corporate Limited in George Town, Grand Cayman. The filing does not explain the relationship between the names.

Betting and the Scommettendo deal

DAZN Bet now operates in seven markets, according to the strategic report: the UK, Spain, Italy, Germany, Austria, Canada and France. Much of the jump in betting revenue came from an acquisition. On January 31, 2025, DAZN Group Limited agreed to buy 80% of Scommettendo S.r.l., an Italian licensed online betting and casino operator, for €27.7 million ($28.8 million), producing goodwill of €16.1 million. Scommettendo contributed $56.3 million of revenue and $5.0 million of net profit from the acquisition date to the year end. A put and call option over the remaining 20% carries a maximum consideration of €30.0 million, linked to future EBITDA.

A LinkedIn reading of the numbers

The accounts drew comment on October 23 from François Godard, who describes himself on LinkedIn as offering global video and sports strategic advice. In his post, Godard writes that "DAZN's losses increased in 2025 due to the costs of the FIFA Club World Cup" and that "even assuming underlying improvements in continuing operations, the company still lacks a profitability path."

Several of his figures do not appear in the filings. According to Godard, DAZN acquired the Club World Cup rights for $1 billion and sublicensed them in key markets for "a reported total of up to $300 million", and "total receipts were likely no more than half the costs." From that he estimates that, even if over half of the 2025 losses were attributable to the tournament, "it would leave about $400 million losses for the ongoing operations, mostly in Europe." These are his estimates. The accounts give no figure for the Club World Cup rights fee, sublicensing income or tournament profit and loss, and as noted above, the rights cost line itself rose by only $5.2 million.

Godard also writes that DAZN Sports Media accounted for 98% of DAZN Group revenues in 2024, which the documents reviewed here do not state, and that Access "provided loans of $500 million to the group in 2026". The accounts, approved on September 25, 2026, list $360 million of 2026 shareholder loans to date. His post does not say where the larger figure comes from, and the gap may reflect funding after the approval date or at a different entity.

The post also cites outside reporting without links: that Saudi Arabia's Public Investment Fund injected $1 billion of equity in 2025, which Godard says "was probably at group level"; that the Australian Financial Review reported talks with a potential investor, with chief executive Shay Segev reportedly ruling out a sale; and that, according to the FT, the Cayman restructuring "was designed to facilitate future fundraising and a potential US listing." He adds that Foxtel Group, which he calls DAZN Group's largest operation, is not consolidated by DAZN Sports Media. DAZN completed its acquisition of Foxtel on April 2, 2025, in a deal valued at AU$3.4 billion.

On Europe, Godard points to losses in France over the Ligue 1 contract and lower costs in Germany under a new Bundesliga deal, and says that in Italy, where DAZN holds its costliest rights licence at €700 million a year, "there is no public evidence of revenue growth." DAZN's French deal ended in 2025, with DAZN reportedly paying €100 million to exit the agreement with the French league. Godard concludes that a 2026 breakeven target "appears today out of reach" and that "IPO prospects look far-fetched." The accounts do not mention a breakeven target or a listing.

Why the figures matter to advertisers

For media buyers, the filing provides the first audited view of how large DAZN's advertising business is relative to subscriptions. Ten percent of revenue is a meaningful share for a service built on paid access, and it grew a point in a year when the company carried a global tournament. The proportion is still far smaller than subscription income, which means rights strategy and subscriber pricing, not ad sales, decide most of the company's economics.

DAZN has been building out the advertising side in several markets. In Australia, DAZN Media+, the ad sales arm built on Foxtel, Kayo Sports and BINGE, agreed with AudienceProject to measure audiences across streaming and linear TV, with the company's own tests claiming streaming added 36% reach to AFL campaigns. In North America, DAZN and Fubo extended their distribution partnership to Canada in August 2025. Those businesses sit partly outside the sub-group covered by these accounts, which limits what the new filing can say about them.

The wider market shows why sports is where streaming ad budgets are heading. GroupM's December 2024 forecast projected streaming TV advertising growth of 19.3% in 2025 while linear TV declined 3.4%. Live sport is also a test case for ad technology: Amazon has offered publishers backfill for unsold live ad breaks, a problem specific to live event inventory. And rights holders have shown they can walk away from distribution models that do not pay, as when LaLiga closed its own streaming service at the end of June 2026 while keeping DAZN as a domestic partner through 2032.

What the accounts do not show is equally relevant for anyone planning spend on the platform. There are no subscriber totals, no audience measurement figures, no breakdown of advertising by market and no disclosure of the Club World Cup economics. The brand safety language, white and black lists, is a policy statement rather than a set of verified outcomes. The company's dependence on Access, which the directors describe at length, means the platform's longevity rests on a shareholder's continued willingness to fund losses, a point the directors themselves address with a letter they call non-binding.

Timeline

  • December 29, 2021 - Access Industries management fee arrangement begins
  • December 22, 2024 - DAZN agrees to acquire Foxtel for AU$3.4 billion
  • January 31, 2025 - DAZN Group Limited agrees to buy 80% of Italian betting operator Scommettendo for €27.7 million
  • February 17, 2025 - DAZN Sports Media's 2023 holding company accounts received at Companies House
  • April 2, 2025 - DAZN completes the Foxtel acquisition
  • April 2025 - DAZN's Ligue 1 agreement ends
  • Summer 2025 - DAZN broadcasts the FIFA Club World Cup as main broadcaster
  • August 18, 2025 - DAZN and Fubo extend their partnership to Canada
  • November 1, 2025 - DAZN Sports Media's 2024 holding company accounts received at Companies House
  • December 31, 2025 - Year end: revenue $3,799.7 million, loss $979.7 million, net liabilities $2,409.5 million
  • January to May 2026 - Access provides $360 million of shareholder loans in four tranches
  • June 2026 - External credit facility increased by $145.3 million
  • June 30, 2026 - LaLiga shuts its own streaming service
  • August 2026 - Credit facility extended by a further $50 million, term to June 2029
  • September 7, 2026 - DAZN Media+ and AudienceProject agree cross-platform measurement in Australia
  • September 25, 2026 - Directors approve the 2025 consolidated accounts
  • October 7, 2026 - Consolidated accounts received at Companies House
  • October 23, 2026 - François Godard publishes a LinkedIn analysis of the accounts

Summary

Who: DAZN Sports Media Limited, the UK sub-group holding most of DAZN's operating businesses; its directors Darren Waterman, Shay Segev and Sandeep Tiku; principal shareholder Access Industries, controlled by Sir Leonard Blavatnik; auditor BDO LLP; and François Godard, a sports media adviser who analysed the accounts on LinkedIn.

What: The company's first consolidated accounts show 2025 revenue of $3,799.7 million (up 22.2%), operating costs of $4,740.6 million, an operating loss of $939.8 million and a loss for the year of $979.7 million. Advertising was 10% of revenue, up from 9%. Net liabilities nearly doubled to $2,409.5 million as amounts owed to other DAZN entities rose to $936.1 million. The 2024 comparatives are unaudited.

When: The accounts cover the year to December 31, 2025, were approved on September 25, 2026 and were received at Companies House on October 7, 2026. Godard's post appeared on October 23, 2026.

Where: DAZN Sports Media is registered in London, with about 80% of revenue from Europe, the Middle East and Africa; the group's new parent is being established in the Cayman Islands.

Why: The filing gives advertisers and rights holders the first audited view of the scale of DAZN's advertising business and of its losses, and it states plainly that the company relies on Access Industries for funding, through support the shareholder has described in a non-binding letter.