San Francisco, July 3: Sports live-streaming app Buzzer, backed by celebrities like Michael Jordan, Kevin Durant, Naomi Osaka and others, has announced it shut down.

Founded in 2020, the platform raised $44 million in total investment to target Gen Z sports fans, reports Front Office Sports. Bluesky Backed by Jack Dorsey Disables New Sign-Ups After Twitter Introduces Reading Posts Limits.

The sports startup signed rights deals to stream the NBA, WNBA, NHL, PGA Tour, and the ATP Tour.

"With a heavy heart, we are formally winding down our operations. Recent fundraising developments and market dynamics have informed this outcome, despite our very best efforts to continue building Buzzer," the company said in a statement posted on Twitter.

Buzzer's founder and CEO Bo Han was previously the director of live content on Twitter.  India’s Spurt in Smartphone and Internet Usage to Lead to Spending on Apps a Whopping Rs 64 Lakh Crore or USD 800 Billion by 2030, Says Report.

"Since our founding, Buzzer aimed to reimagine live sports consumption in partnership with rights holders, facilitating connection with Gen Z fans and addressing the generation gap in live viewership facing our industry -- first as a D2C mobile app, and recently as a technology provider," it further said.

Buzzer said that despite the difficulty of this moment, it's important to recognise the relentless, talented team who built and delivered a truly new way to watch live sports and reached hundreds of thousands of fans in the process.

(The above story first appeared on LatestLY on Jul 03, 2023 02:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).