In 2016, Caffeine was launched as an alternative to Twitch, with a focus on esports, video games, and live events. The company quickly gained attention from major investors such as 21st Century Fox, Disney, Cox, Andreessen Horowitz, and Greylock. In 2018, Fox invested $100 million in the company alongside a streaming concert deal with Live Nation. Fox also planned to help develop content for Caffeine Studios.
Caffeine’s shift towards niche sports leagues and live event organizers continued in recent years, with the platform announcing a streaming deal with LIV Golf in February. Despite having more than 60 million monthly active users and 150 partners for streaming content, Caffeine has decided to shut down its operations due to not being profitable yet. The company expressed gratitude to all involved and mentioned that they will remember this experience for life on their website.