AmazeVR wins million-dollar investment after successful virtual tour
After a successful cinema tour, more investors see potential in virtual concerts and AmazeVR.
AmazeVR has found new backers: Investors are putting another $17 million into the company. Leading the ongoing Series B funding is Mirae Asset Capital. This and several other capital providers renewed their investment, including offshoot Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures. New strategic investors include CJ ENM and Krafton.
$17 million for VR concerts
So far, the startup has tested its system on various tours, such as specially prepared concert buses and movie theaters. Starting in the first quarter of 2023, the company plans to bring its digitally enhanced live experiences to music fans at home. With in-home streaming for VR headsets like the Meta Quest 2, users will then be able to experience the performances in the comfort of their own living rooms.
Ideally, AmazeVR would like to attract more backers by December 2022. Back in January, the company secured $15 million in investment.
One reason for the positive outlook may have been the successful "Enter Thee Hottieverse" tour this summer. The virtual concert by rap great Megan Thee Stallion toured AMC theaters in 15 cities, 75 percent of which were sold out.
According to Techcrunch, that's about 4.3 times the average movie theater occupancy rate of 15 to 20 percent. At the same time, the ticket price of $20 to $25 is significantly higher than the average price of a movie ticket ($9.17).
AmazeVR plans in-home streaming in 2023
In the first quarter of 2023, AmazeVR plans to release its "Music Metaverse service" in all major VR app stores.
The company isn't naming exact platforms yet, but hints at them in the press release - including Apple's rumored VR headset: "AmazeVR is leading VR concert production and online distribution ahead of some exciting launches in 2023, including next-generation headsets such as the Meta Quest Pro (October 2022) and Apple's own VR headset."
The new capital will help expand partnerships with artists, agencies, labels, and publishers, CEO Ernest Lee explains. AmazeVR also wants to attract stars to its service.
New capital for rap and K-pop stars
Already known is a partnership with K-Pop agency "SM Entertainment" (aka "Studio A"). For more gigs with other K-Pop companies, AmazeVR is currently looking for "AI Engineers, Unreal Engineers, and VFX Artists." The Los Angeles-based studio also has an office in Seoul.
The production technology for the VR concerts seems sophisticated: The events are recorded in advance with self-developed 9K cameras. For digital backdrops and effects, AmazeVR uses the Unreal Engine. This creates a mixture of real film and digital animation technology.