Neat piece of analysis on what's happening with sports rights buyers right now, using DAZN as an example from my colleague Alexios @AmpereAnalysis

He's looked at the % of internet users in Germany who are willing to pay for one/more of the sports in the DAZN portfolio...

This is what it looks like under normal circumstances - low season in Summer, with just a handful of sports still left, and the % of people interested in the remaining sports drops to 4%-5%

Here's what it looks like under scenario 1 - no sport available assuming leagues/events restart and finish over Summer. It effectively simply shifts the Summer break to April/May.

Obviously the more damaging scenario is all-out cancellation of events, with the season restarting as normal later in the year. That leaves a 4-month period without coverage, and the usual 21% addressable market from August.

That's the scenario that both rights buyers & owners want to avoid. Scenario 1 would have minimal impact compared to a normal year on subs, and thus buyers' businesses carry on roughly as normal. But a 4 month gap leaves them exposed & needing recompense from rights owners.