The LIV Golf League's only American paid streaming rights partner has announced it has ceased trading with immediate effect.
Caffeine TV signed a deal with the LIV Golf League back in February to show the opening round of the 54-hole circuit's competition, but on Wednesday the streaming platform announced it was immediately ending the service due to a lack of profitability.
A statement on the Caffeine TV website, shared by Sports Business Journal's Josh Carpenter, read: “All good things come to an end. 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. We built a world class streaming platform that has grown to 61 million monthly users and 4 million per day.
"[We] aggregated 200 sports partners across 17 categories of sports. Explored virtual gifting, subscriptions, PPV and advertising business models, and every shade of gray in between.
https://t.co/3o27E8XYNt earlier this year signed a deal with LIV Golf to carry its Friday rounds. Caffeine, launched in 2018, says today it is shutting down pic.twitter.com/dtNsFDSAwJJune 26, 2024
"[We] built a world class team, world class board, and world class set of investors and created a unique and disruptive angle for live streaming sports.
"We've had a huge impact on the industry and will again soon, in a different way. Many, many thanks to all involved. We'll remember this for life."
The company was set up in 2018 and went on to raise almost $150 million through three rounds of investment led by 21st Century Fox, Andreessen Horowitz, and Greylock Partners, but it struggled to make a return over the subsequent years despite showing live golf, American Football, basketball, and soccer - among others.
After signing the agreement with LIV in February - just ahead of Anthony Kim's return to pro golf - Caffeine co-founder and CEO Ben Keighran said: "We’re excited to partner with LIV Golf to expand distribution of its tournament content and help it reach new viewers as the tour continues to grow.
"This collaboration marks an exciting moment as Caffeine continues to redefine live sports streaming, helping leagues and brands discover, connect and interact with passionate fans at scale through our platform.“
As well as showing live Friday coverage, LIV's agreement with Caffeine included the broadcast of the league's Club 54 Pre-Round and Post-Round shows, the Fairway to Heaven podcast, Mic’d Up features, LIV Films, and LIV Lessons.
The LIV Golf Plus app has added a new “Any Shot, Any Time” feature, allowing fans to watch every shot from any player in the field.
However, following Caffeine TV's decision, LIV has now been left without a paid-for streaming partner in the United States and five events left on its 2024 calendar.
Although Caffeine is no longer in the picture, LIV still has its own YouTube channel, its self-titled app, the CW app, and the CW TV network broadcasting its action - as well as 20 other international broadcast partners. The two apps and the LIV Golf YouTube channel will show Friday coverage while The CW channel joins in at the weekend.
Independent LIV viewership figures have been difficult to come by this season, with the PIF-funded circuit claiming between 2.25 and 3.51 million viewers tuned in worldwide throughout the week via its YouTube channel and LIV Golf + app during the first four events this year.
The next event in the LIV Golf League is set to take place in Andalucia, Spain between July 12-14. The Open Championship begins the following week before LIV Golf United Kingdom at JCB Golf and Country Club in England at the end of the month.
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