Caffeine, a streaming service focused on sports with almost $300 million in support from Fox, Disney, and others has suddenly shut down. According to the company, it was still not profitable so executives decided to shut it down on June 26.
“We’re at the point where we are still not quite profitable, so we’ve made the decision to end the service as of June 26th as we figure out our next steps. It has been a wild ride, with quite a few achievements along the way,” the Caffeine TV team posted to its website.
The service offered content from 200 sports partners across 17 categories of sports including a deal recently with LIV Golf, but now it seems money issues have forced it to shut down.
The company first launched in 2016 to compete with Twitch and YouTube in the live streaming world but shifted into sports with the backing of Fox and money from Disney and others.
Some of Caffeine’s content, including LIV Golf, was not exclusive to its service. LIV Golf is also streaming on the CW and YouTube, so there was no reason to get the app if you already had YouTube, for example.
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