DAZN loses $979.7m in 2025 as ads reach 10% of revenue.
DAZN Sports Media's first consolidated UK accounts show a $979.7m loss for 2025 on revenue of $3.8bn. Advertising made up 10% of revenue, up from 9%, the first audited look at the size of the streamer's ad business.
The accounts, filed at Companies House on 7 October and reported by PPC Land on 23 October, cover the year to 31 December 2025; the 2024 comparisons are unaudited. Revenue rose 22.2% to $3,799.7m, helped by the FIFA Club World Cup and growth in subscribers, average revenue per user and advertising. Operating costs reached $4,740.6m, giving an operating loss of $939.8m. Sports rights cost $3,014.8m, almost flat, while management charges from other DAZN companies jumped from $15.3m to $575.1m. Europe, the Middle East and Africa produced about 80% of revenue.
The filing doesn't give advertising in dollars. PPC Land estimates it at roughly $380m from the rounded share. Net liabilities almost doubled to $2.41bn, and the directors say Access Industries, DAZN's owner, has put in more than $7bn to the end of 2025, plus $360m in loans so far in 2026, backed by a letter of support they describe as not legally binding. DAZN is also moving its parent company to the Cayman Islands.
There are no subscriber numbers, viewing hours or ad rates in the accounts, and the figures cover a sub-group rather than all of DAZN. An analyst quoted by PPC Land cites outside reports of a $1bn equity injection from Saudi Arabia's Public Investment Fund in 2025; the filing doesn't confirm it.
For sponsors and media buyers in the Gulf weighing sports streaming, the accounts are a reminder that live sport inventory sits on fragile economics. Ask for audience and verification data before committing, as the platform itself publishes little.
Why it matters
Advertising is growing inside DAZN but remains small next to subscriptions, and the platform depends on its owner's funding to cover losses.
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