Buzzer

Buzzer, a mobile sports streaming startup backed by $44 million from high-profile investors like Michael Jordan and Kevin Durant, is shutting down all operations as of late June 2023. The company, which targeted Gen Z fans with micro-payments for live event clips, had previously pivoted from a consumer app to a B2B technology provider in May, but the strategy failed amid tough fundraising and market conditions. Founded in 2020, Buzzer had secured streaming rights for major leagues including the NBA and NHL. The shutdown marks the end for the venture, which employed a team of undisclosed size in the competitive sports media and technology industry.

Mobile sports streaming startup Buzzer is laying off a significant portion of its workforce as it pivots from a consumer-facing app to a B2B technology provider. The company's headcount has shrunk from a peak of around 65 employees early last year to fewer than 30 as of May 2023, representing a reduction of over 50%. This strategic shift comes in response to changing market dynamics, including leagues and teams seeking more direct control over their digital streaming distribution. The company, which has raised $44 million from prominent sports investors, will now offer its proprietary technology and services under a "Powered by Buzzer" model to help rights holders build and enhance their own direct-to-consumer streaming platforms.

Sports media startup Buzzer laid off approximately 20% of its staff in June 2022, affecting seven full-time employees along with six contractors and part-timers. The company, which had recently grown to about 65 employees, cited the need to be disciplined with resources amid wider economic uncertainty and to focus on key partnerships and product development. Founded in 2021 and backed by notable investors and athletes, Buzzer offers notifications and micro-transactions for live sports moments. Concurrently, the company was raising at least $20 million in new capital, indicating a strategic shift to streamline operations and prioritize its core sports media platform.