Google acquires game-livestreaming firm Twitch for $1 billion: reports

Google is acquiring game-livestreaming firm Twitch for $1 billion, Venture Beat reported, adding it did not have all details as to when the deal was struck or at what price.

The deal underscored the value of live internet streaming as also the rise of competitive gaming as a spectator sport - something that drew millions of viewers, could offer prize pools surpassing pro golf's marquee events, and provided a multibillion dollar opportunity for advertisers.

The deal was first cited by unnamed sources from Variety back in May, who said Google had made an all-cash offer and that the deal could be announced soon.

The acquisition was reportedly coordinated by Google's YouTube division, which would represent a significant transformation of YouTube's business. The internet search company acquired YouTube in 2006 for $1.65 billion.

San Francisco-based Twitch allows people to broadcast their own gameplay sessions on the PC, Xbox One, or PlayStation 4 to online viewers. reported the deal, if true, would bring into the Google's fold one of the biggest sources of online video traffic that was not already Google's YouTube division, which was spearheading the deal.

Twitch, which specialising in live streaming of game play, also has deals with many of the game-related live-event creators, such as the Evolution Championships for fighting games, Guild War 2 tournaments and the Gamestop Expo.

The site reportedly had the backing of several prominent investors, including Draper Associates, Bessemer Venture Partners, Alsop Louie Partners, WestSummit Capital, Thrive Capital and Take-Two Interactive Software.