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But Twitch is owned by Amazon? They don't need VCs?

Their source of revenue (i.e. advertisers) are often startups and DTC brands that were kept alive by VC money.

I have never seen an advertisement for a startup on Twitch.

You mean they aren’t flooded with meal kit and mattress ads like every other form of media?

Small businesses like startups would rather pay streamers directly to promote their products than advertise on Twitch.

The users that use and pay Twitch do? (Not VC but capital in general)