Well it's pretty simple.............
The UFC is making 500+ million around the world in media deals yearly and only growing. ONE lost over 80 million in 2018(over double from 2017) and the revenue is less than 40 million worldwide in 2018 and that number was over double from 2017 (not good to over double your revenue and over double your loses in the same year, especially when the infrastructure is already built).
Simply put the UFC media is worth money to media outlets and ONE will take any nickel they can get for their media and that is why it's free out there. It won't be free in US if NBC was willing to pay ONE 50 million a year for their content. But if your not willing to take a stand on the value of your media no one else will either. I think the system of hoping ad/sponsorship revenue will support a MMA org with the goals of ONE is completely flawed. Currently to even turn a profit they need to over double that ad/sponsorship revenue they currently get. That is tough to do when your dealing with thousands paying in cents(not even guaranteed) when in comparison the UFC in the media outlet side only has dozens(media outlets,guaranteed money) to worry about. Anything the UFC gets from youtube type sites(which they have 10+ million subscribers on youtube) is nothing more than icing on the cake in the big picture.
Because of this, is why ONE seems to have a lot of smoke and mirrors when it comes to what is going on with the real viewerships of things like youtube videos or events when people look into it. Based solely on what has been reported on ONE finances I don't see how these very successful companies continue to invest money in to ONE. Tells me something fishy is going on and probably has something to do with the tax code over in that part of the world or ONE has one f'n hell of a sales pitch and these new found multi millionaires and billionaires in that part of the world maybe aren't that smart or just want to flaunt they own part of MMA org, idk. But from a pure business standpoint it doesn't make sense to stick 70 million into a company that has continually lost tens of millions yearly and many years doubled its debt yearly and is far outpacing the positive revenue coming in yearly and this has been going on for 10 years. Absolutely mind boggling with the information we have available.