On Wednesday, 21st Century Fox announced a $100-million investment in Caffeine, a next-generation social broadcasting platform. The investment includes an agreement with Live Nation Entertainment, Inc. (NYSE: LYV) to add concerts to the Caffeine platform beginning in the fourth quarter.
Why It’s Important
Caffeine is a real-time platform that merges billions of gamers, streamers and fans within the gaming and entertainment sectors. "We want to bring the world together around friends and live broadcasts," Caffeine CEO Ben Keighran said in the press release.
"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."
This transaction will result in the formation of Caffeine Studios, owned by both 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,” according to Caffeine.
Caffeine said it will continue to release new features and content from new partners as the launch approaches.
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