Founded in 2020, the platform raised $44 million in total investment to target Gen Z sports fans, reports Front Office Sports.

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.

"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.