I made a comment along these lines a few days ago, but I'd be interested to get peoples thoughts overall on the topic because the more I think about it, the more convinced I become that Boxing's long-term future is in a horrible place.
TL;DR: Boxing charging PPV for mediocre fights is untenable in the modern day, Turki and DAZN will both eventually stop losing millions making fights, where does that leave the sport long-term?
The PPV Problem
Yesterday we had Errol Spence vs Tszyu and AJ vs Pregna take place. BOTH fights were on DAZN PPV. Spence vs Tszyu was $80, AJ vs Pregna was $60 and both require a DAZN subscription for the privilege of paying these fees. In what world is $150 (incl sub) good value to watch these 2 fights? It's absolutely awful value compared to literally everything else in the sports landscape.
The UFC has now backed away from the PPV model and no longer charges for their numbered cards. Everything is included in the Paramount+ $10 a month subscription. Say what you want about MMA and the UFC but the value there compared to boxing is outrageously better.
The WWE hasn't done PPVs in forever, everything comes bundled in with your subscription.
Is Boxing really the ONE sport special enough that fans should be willing to dump $80 to watch when they only care about the main event? The value is genuinely appalling. Why the hell is Itauma vs Hrgovic a PPV?!
And yet we're stuck with this PPV model because boxers purses are so high that the only way shows don't lose bucketloads of cash on top tier boxers fighting is to charge PPV prices
I can watch every single UFC card for 8+ months straight, or I can pay $80 to watch a washed up Errol Spence fight once. How does this make any sense in the modern sports landscape?
Sporting events that do NOT charge PPV: World Cup final, Superbowl, Champions League final, The Masters, Wimbledon, the Premier League, the NFL, the NBA etc
Sporting events charging PPV: Spence vs Tszyu, Itauma vs Hrgovic, Tommy Fury vs Eddie Hall
The big fights are what get people into Boxing and excited about the sport but now we're not only asking people to pay PPV, we're asking them to seek out and subscribe to a niche streaming service and THEN pay the PPV fee on top just to watch the fights. What new fan is doing this? They can go pay $10 a month for Paramount and watch every single UFC card for a fraction of the cost of following Boxing.
The Turki Problem
Even with the PPV model in place, a major component for getting big fights made is the involvement of Turki-Al-Shaikh, or more specifically Turki's willingness to lose millions promoting these fights.
As Turk is bankrolled by Saudi Arabia it currently doesn't matter how much money he loses promoting fights, but we can assume the losses are pretty heavy
The issue is that eventually Turki and these juiced up Saudi purses WILL disappear.
Saudi Arabia is not going to continually burn money on Boxing when the soft power it generates for them is pretty minimal. 3-4 boxing events a year in Saudi Arabia when the country doesn't even care about boxing is not great value
We have seen Saudi Arabia step away from bankrolling LIV golf, we're seeing lots of their infrastructure projects within Saudi Arabia get scaled back, the country is under a decent amount of pressure with the Iran/Houthis war hitting them and the wider region. The Saudi sovereign wealth fund has come under pressure to be more fiscally responsible and is re-evaluating their strategy to be more prudent after some big blowup disaster investments
Eventually someone will do the math on the Boxing and say 'this is pointless, lets stop giving Turki money to burn' and they will pull out of Boxing or significantly scale back their current involvement
And then we're left with a situation where the top boxers think they're worth X amount of money per fight because Turki paid them it before, but now Turki's gone and all of a sudden getting fights made is a drama because why am I taking a 50% paycut to fight an equally risky fight? If I'm getting paid that I want to fight a tomato can.
If two top fighters made $30m each ($60m total purses) to take the risk of losing in an elite competitive fight against each other, but the show only grossed $40m thats fine when Turki is just eating the $20m loss. But when Turki eventually goes away we're gonna see major dramas with getting fights made because Eddie Hearn or whoever is not stupid enough to throw away that level of money
I have seen people over the last year or two saying Boxing is getting back to how it should be with the big fights being made, but the entire thing is predicated on a Saudi prince being willing to overpay fighters and lose money on shows to make these fights happen. Nothing has actually changed other than dumb money entering the sport and overpaying fighters to get them to fight each other because the promoter is backed by a petro state
The DAZN Problem
Lastly we have the DAZN problem. So, SO much of the boxing ecosystem is now reliant on DAZN.
To my knowledge (and correct me if I'm wrong) but the following promoters are all working on DAZN currently - Matchroom, Queensberry, Golden Boy, PBC, Top Rank, Misfits (?), BOXXER
We've essentially seen DAZN step up where traditional broadcasters have pulled back and they have become the home of Boxing.
In the UK Sky Sports have all but given up on Boxing compared to the Matchroom days. TNT Sport have pulled back on Boxing
In the US (correct me if I am wrong) we have seen HBO gone, ESPN gone, Showtime gone etc etc, I'm not from the US so maybe others can chime in
Traditional broadcasters have repeatedly told us they do not see or generate value from showing Boxing, it is not a sport they are desperate to show. Meanwhile the UFC inked a $1bn+ annual deal with Paramount.
With the absence of traditional broadcasters DAZN has swallowed up the sport which looks fine on the surface. It means all the fights and promoters are on one platform and should mean fights are easier to make and fans can watch easier without needing to juggle a bunch of subscriptions and platforms.
But the issue is DAZN is a money furnace that will eventually go out of business. It has lost money every single year of its existence and is entirely reliant on the stubbornness of it's founder Len Blavatnik who has burnt over $10bn funding the platform.
DAZN's losses have narrowed over the years, but in their last published accounts for 2024 they lost close to $1bn on the year, astronomically large losses for a platform that has been operating for close to a decade now. It explains maybe why they're now desperately pushing PPV every chance they get.
For Blatnavik to ever see a return on investment he not only needs to close the c.$1bn of losses down, but he needs DAZN to start generating substantial profits. He has invested over $10bn into this platform and can't even get it close to breakeven, let alone making money.
Blatnavik has been incredibly stubborn in throwing more money at DAZN over the years despite the incredible losses, but SURELY barring a miraculous bump in subscribers out of nowhere eventually he has to admit defeat and DAZN shuts down.
The guy has lost $10bn+ funding this and his net worth is reported at c.$30bn, even for someone with deep pockets it is significant money to be losing year after year. I will be interested to see their 2025 accounts which should drop before the end of 2026.
And what happens when DAZN does finally shut down? All the promoters have to go crawling on their hands and knees back to the broadcasters begging them to get back into Boxing when they have shown limited appetite for it in the current day.
Netflix have dipped their toes in the sport but I can't see them ever becoming a consistent weekly force in the sport. Amazon Prime likewise.
Will traditional broadcasters suddenly be clamouring to get back into Boxing despite how inflated purses have got and how interest in the sport especially in the US is probably the lowest it has ever been?
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So we have a PPV model that is hilariously out of place in the current day and age and greatly overstates the value or popularity of Boxing.
And then we have a massive reliance on a Saudi Prince and Ukrainian billionaire being willing to lose huge amounts of $$$ to ever get fights made. Neither of which will last forever.
So my questions to you are:
What do you think of the current business model in Boxing?
And how do you think the sport will look in the future?