Entertainment Group 21st Century Fox has announced that it’s invested $100 million in Caffeine, a new livestreaming startup based in San Francisco and led by a group of former Apple engineers.
The move adds legitimacy to the brand, which has been competing for market share against rival giant Twitch.
Livestreaming has seen huge growth in recent years, with platforms such as Facebook and Google incorporating it as part of their offering. In a poll done by Livestream.com, 80% of people said that they would prefer to watch live video than read a blog.
Following the news, CEO Ben Keighran shared, “We want to bring the world together around friends and live broadcasts”. Fox sees this as an opportunity to get in early on a growing platform and eventually be able to advertise to its future large audience.
One of the big draws of Caffeine in its current form is its smaller community that makes it much more reasonable for the average person to gain attention, in addition to its focus on “creative arts”. Though, since it’s early in development it has a lot of features to add before it catches up to its main competitors.