AmazeVR, a Los Angeles-based digital live performance platform, mentioned Tuesday it has raised a $17 million funding spherical to create immersive music experiences via digital actuality (VR) concert events.
Like different industries, the leisure sector was affected by the coronavirus lockdown. Many music artists needed to cancel or push again their reside occasions through the pandemic. Some artists and music businesses have shifted to digital or on-line concert events to compensate for these canceled occasions. AmazeVR is betting that digital reveals, which have grow to be standard amongst artists and followers for the reason that pandemic, are going to take over the leisure business.
Mirae Asset Capital led the Collection B spherical together with returning backers, together with one other Mirae Asset Monetary Group subsidiary (Mirae Asset Enterprise Funding), CJ Funding, Smilegate Funding, GS Futures and LG Expertise Ventures. New strategic traders — Korean leisure big CJ ENM and cellular sport maker Krafton — participated within the newest spherical.
“The digital actuality leisure business is rising quickly, and we consider that music and gaming are two of essentially the most promising sectors for future growth,” mentioned a spokesperson at CJ ENM.
AmazeVR co-CEO Steve Lee mentioned that his startup plans to make use of the financing to develop partnerships with artists and their administration businesses, labels and publishers. He added that it’s at present in talks with potential companions to work with high artists within the U.S.
The startup is getting ready digital concert events and a music metaverse service that may be out there throughout all main VR app shops and work with next-generation headsets such because the Meta Quest Professional and Apple’s personal rumored VR headset, Lee continued.
The Collection B funding spherical comes within the wake of the startup’s three way partnership announcement with Ok-pop company SM Leisure in July. Each corporations plan to launch Studio A in South Korea and produce immersive VR concert events.
“We’re additionally getting ready to supply digital concert events with SM Leisure artists and develop to different Ok-pop corporations in South Korea,” Lee mentioned. “We plan to rent extra synthetic intelligence engineers, [Epic Game’s] Unreal Engine engineers, and visible results (VFX) artists” to proceed the development of its know-how and the event of premier digital concert events.
The corporate’s aim can also be to broaden content material range with the intention to deliver extra VR live performance followers all over the world.
The AmazeVR group traveled to 15 U.S. cities this summer season for its first industrial digital live performance, Enter Thee Hottieverse, a tour with rap icon Megan Thee Stallion via AMC Theaters. Lee instructed TechCrunch that the corporate had about 75% attendance charges for its concert events, about 4.3 instances the common theater occupancy charge estimated at 15%-20%. The ticket costs had been $20-$25, ~2.5times costlier than the common movie show ticket worth (~$9.17).
“CJ ENM plans to transform concert events and music TV reveals to VR music experiences with AmazeVR’s prime know-how, and extra unique content material corresponding to dramas and films sooner or later to maximise their content material worth and enterprise alternatives,” the spokesperson of CJ ENM mentioned.
The final time TechCrunch lined AmazeVR was earlier this 12 months when it secured $15 million. Its Collection B spherical brings the startup’s complete quantity raised to roughly $47.8 million. The Los Angeles-headquartered startup with workplaces in Seoul now has 62 members on its group.
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