Amazevr Secures 17 Million in Funding to Scale Virtual Concert Platform

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AmazeVR’s Latest Funding Round and Plans for the Future

AmazeVR, a Los Angeles-based virtual concert platform, has announced that it has raised a significant $17 million funding round. This latest development comes as the entertainment industry continues to grapple with the aftermath of the coronavirus pandemic. Many music artists had to cancel or postpone their live events due to lockdown measures. AmazeVR is betting on the rising popularity of virtual shows among both artists and fans, which have become a staple in the entertainment sector since the pandemic.

The Funding Round

The Series B funding round was led by Mirae Asset Capital, along with returning backers including another Mirae Asset Financial Group subsidiary (Mirae Asset Venture Investment), CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures. Additionally, new strategic investors – Korean entertainment giant CJ ENM and mobile game maker Krafton – participated in the latest round.

Future Plans

According to a spokesperson at CJ ENM, "The virtual reality entertainment industry is growing rapidly, and we believe that music and gaming are two of the most promising sectors for future development." AmazeVR’s co-CEO, Steve Lee, stated that his startup plans to use the financing to expand partnerships with artists and their management agencies, labels, and publishers. The company is currently in talks with potential partners to work with top artists in the U.S.

Expanding VR Concerts

Lee mentioned that the startup is preparing virtual concerts and a music metaverse service that would be available across all major VR app stores. This includes next-generation headsets such as the Meta Quest Pro and Apple’s rumored VR headset. The AmazeVR team has already traveled to 15 U.S. cities for its first commercial virtual concert, Enter Thee Hottieverse, a tour with rap icon Megan Thee Stallion through AMC Theaters.

Success of Virtual Concerts

Lee told TechCrunch that the company had about 75% attendance rates for its concerts, which is approximately 4.3 times the average theater occupancy rate estimated at 15-20%. The ticket prices were $20-$25, nearly 2.5 times more expensive than the average movie theater ticket price (~$9.17).

Future Plans with CJ ENM

CJ ENM plans to convert concerts and music TV shows to VR music experiences using AmazeVR’s prime technology. Additionally, they will create original content such as dramas and movies in the future to maximize their content value and business opportunities.

Conclusion

The recent funding round brings AmazeVR’s total amount raised to approximately $47.8 million. The Los Angeles-headquartered startup with offices in Seoul now has 62 members on its team. With this latest development, it is clear that virtual concerts are here to stay, and AmazeVR is leading the charge.