21st Century Fox Invests $100M in Social Broadcasting Platform Caffeine
21st Century Fox (21CF) and Caffeine, the next-generation social broadcasting platform for gaming, entertainment, and other creative content announced that 21CF led a 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.
21CF invested a combined $100 million into Caffeine and a newly formed venture called 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.
In addition, Lachlan Murdoch, 21CF’s Executive Chairman, will join Caffeine’s Board. 21CF’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 21CF and The Walt Disney Company, and where Mr. Murdoch will serve as Chairman and CEO.
Caffeine also received additional investment from Andreessen Horowitz and Greylock Partners, as well as from other partners. The amount of their investments is undisclosed.
Caffeine is currently in pre-release and will continue to release new features and functionality, as well as content from a host of new partners, including those mentioned above, as it heads toward its official launch.