- Buzzer lets users access subscriptions or make micropayments
- Company raised US$20m in Series A funding last year
Mobile-centric live sports streaming platform Buzzer has reduced its workforce by a fifth as it seeks to raise $20 million in additional funding to continue its expansion.
Chief executive Bo Han confirmed the lay-offs in a statement to Sportico, suggesting the move was necessary given wider economic conditions and the need to maximise its resources.
“We are pleased to have fundraised and increased the valuation of our company in this economic climate,” he told the sports business publication.
“Following the initial close of our current fundraise, we are taking measures to ensure we continue to be disciplined in how we deploy resources to support our mission.
“One of those levers is a reduction in force to right-size the company.”
Since launching last year Buzzer has secured deals with the National Basketball Association (NBA), Women’s National Basketball Association (WNBA), the PGA Tour and the National Hockey League (NHL), allowing users to access content either via an existing subscription or through micropayments.
More recently it signed up DAZN as its first multi-sport broadcasting partner, while FanDuel became its first official sports betting partner earlier this year, bringing live odds to its platform.
Buzzer raised US$20 million in Series A financing a year ago, with investors including several high profile current and former athletes, including Wayne Gretzky, Michael Jordan, Patrick Mahomes, and Naomi Osaka.
Buzzer provides users with notifications and quick access to live sport based on their preferences. Users are driven to key in-game moment as they happen rather than watching entire matches or highlights after the event – maximising the live element of sport.
The platform was shortlisted for a SportsPro OTT Award last year in the startup category and could become a key tool in solving the sports industry’s struggle to engage young fans with its ability to capture attention at crucial moments. Its long-term outlook will hinge on securing mobile broadcast deals with rights holders and media companies or an acquisition by one of the major sports streaming platforms.
A media giant like Sinclair, for example, would undoubtedly benefit from alerting fans of teams in its local NBA or NHL markets to tune into the Bally Sports+ streaming service to catch a key moment. Even providing non-subscribers with easy, low-cost access for short windows would broaden the customer funnel.