Metaverse concerts: million investment for Amaze
Attend concerts from home and still sit in the front row? This idea has potential, investors think.
The operators of the VR concert platform AmazeVR have reason to rejoice: investors are putting another 15 million US dollars into the company. This means that the platform has collected 30.8 million US dollars since its founding in 2015. Another Series B financing is to follow at the beginning of 2022.
The main investors include Partners Investment and Murex Partners. Other investors include Smilegate Investment, Quantum Ventures Korea, ABC Partners, Everrich Group, GS Futures, We Ventures, Base Investment and Dunamu Partners. Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment and Timewise Investment renewed their investments.
AmazeVR: Real Stars, Artificial Effects
In its early years, AmazeVR was a streaming platform for all sorts of 3D VR videos before specializing in virtual concerts in late 2019. The company has benefited from the pandemic in two ways: First, interest from consumers has grown, and second, the music industry has opened up to new technologies, AmazeVR writes.
The next big project is a virtual reality concert tour of U.S. movie theaters featuring three-time Grammy Award winner and rapper Megan Thee Stallion.
More than a hundred guests at a time will be able to put on VR goggles and attend a virtual concert. The concerts are pre-recorded with 9K cameras developed in-house. For digital backdrops and effects, AmazeVR uses the Unreal Engine. The concert experience is a mix of real film and digital animation technology.
First in cinemas, then at home
The virtual on-site concerts are a test balloon for in-home streaming. The longer-term goal of being able to stream concerts directly into Meta Quest 2 or comparable VR glasses in the future. By 2024, AmazeVR wants to offer new concert experiences on a weekly basis.
With the new capital, AmazeVR is investing in new professionals. Since the beginning of 2021, the number of employees has tripled to 41. The company is headquartered in Los Angeles and maintains another office in Seoul.