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AmazeVR, a Los Angeles-based digital live performance platform, stated Tuesday that it has raised a $17 million funding spherical to create immersive music experiences by way of digital actuality (VR) live shows.
Like different industries, the leisure sector has been affected by the coronavirus lockdown. Many musical artists needed to cancel or delay their reside occasions throughout the pandemic. Some artists and music businesses have moved to digital or on-line live shows to make up for these canceled occasions. AmazeVR is betting that digital reveals, which have develop into widespread with artists and followers because the pandemic, will take over the leisure business.
Mirae Asset Capital led the Sequence B spherical together with returning backers together with one other subsidiary of Mirae Asset Monetary Group (Mirae Asset Enterprise Funding), CJ Funding, Smilegate Funding, GS Futures and LG Know-how Ventures. New strategic buyers, 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 imagine that music and gaming are two of probably the most promising sectors for future growth,” stated a CJ ENM spokesperson.
AmazeVR co-CEO Steve Lee stated his startup plans to make use of the funding to develop partnerships with artists and their administration businesses, labels and publishers. He added that he’s presently in talks with potential companions to work with prime artists within the US.
The startup is making ready digital live shows and a music metaverse service that will be out there in all main VR app shops and would work with next-generation headsets just like the Meta Quest Professional and Apple’s rumored VR headset, Lee continued.
The Sequence B funding spherical follows the announcement of the startup’s three way partnership with Okay-pop company SM Leisure in July. Each firms plan to launch Studio A in South Korea and produce immersive digital actuality live shows.
“We’re additionally making ready to supply digital live shows with SM Leisure artists and develop to different Okay-pop firms in South Korea,” Lee stated. “We plan to rent extra synthetic intelligence engineers, [Epic Game’s] Unreal Engine Engineers and VFX Artists” to proceed advancing their know-how and creating world-class digital live shows.
The corporate’s aim can be to develop the variety of content material to draw extra followers of digital actuality live shows world wide.
The AmazeVR staff traveled to fifteen cities throughout the US this summer season for its first industrial digital live performance, Enter Thee Hottieverse, a tour with rap icon Megan Thee Stallion by way of AMC Theaters. Lee instructed TechCrunch that the corporate had attendance charges of round 75% for its live shows, about 4.3 instances the estimated common theater occupancy price of 15%-20%. Ticket costs have been $20-$25, ~2.5 instances larger than the typical worth of film tickets (~$9.17).
“CJ ENM plans to show live shows and music TV reveals into digital actuality music experiences with the core know-how of AmazeVR and extra unique content material similar to dramas and flicks sooner or later to maximise its content material worth and enterprise alternatives,” the spokesperson stated. of CJ ENM.
The final time TechCrunch lined AmazeVR was earlier this yr when it took in $15 million. Its Sequence B spherical brings the full quantity raised by the startup to roughly $47.8 million. The Los Angeles-based startup with places of work in Seoul now has 62 staff members.
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