21st Century Fox has made a $100 million investment in social broadcasting platform Caffeine Studios with a focus on eSports, video gaming, sports, and entertainment content.
21st Century Fox and Caffeine, the next-generation social broadcasting platform for gaming, entertainment, and other creative content, have announced a Fox-led round of funding, which also included participation from existing Caffeine investors Andreessen Horowitz and Greylock Partners, and other undisclosed partners. Caffeine also announced a content agreement with Live Nation to bring live music concerts to the social broadcast platform in Q4 2018.
The Murdoch family-owned 21st Century Fox has invested a combined $100 million into Caffeine and a newly-formed venture Caffeine Studios that is jointly owned by FOX Sports and Caffeine. The new studio will leverage FOX Sports’ expertise in live events and programming to create exclusive eSports, video game, sports, and live entertainment content for Caffeine’s next-generation social broadcasting platform, the companies have stated in a Press release.
In addition, Lachlan Murdoch, 21st Century Fox’s Executive Chairman, will join Caffeine’s Board. 21st Century Fox’s stakes in Caffeine and Caffeine Studios will be part of the proposed new “Fox,” the company that will be formed upon completion of the proposed transaction between 21st Century Fox and The Walt Disney Company, and where Murdoch will serve as Chairman and CEO.
Caffeine also received an additional, but undisclosed, investment from Andreessen Horowitz and Greylock Partners, as well as from other partners.
“We want to bring the world together around friends and live broadcasts,” said Ben Keighran, CEO of Caffeine. “It’s an ambitious goal, but one we believe is attainable with the support of our amazing new partners, our awesome and ever-growing community, and the content that together, we can bring onto the platform.”
“The combination of the Caffeine platform with a content studio that benefits from Fox Sports’ expertise in live events and programming will help position Caffeine to deliver compelling experiences in esports, video gaming and entertainment,” said Lachlan Murdoch. “We are excited to partner with Caffeine and build something special for fans in the growing live social streaming esports and gaming space.”