The recorded industry giant has pumped a six-figure sum into Berlin-based start-up Gigmit in a deal it says will lead to "artistic success and economic growth" for both
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Scooter Braun, Superfly’s Rick Farman and Twitch’s Kevin Lin are among those to contribute to a US$30m investment in avatar-based, virtual concert start-up Wave
By IQ on 11 Jun 2020
Mega-manager Scooter Braun is among those to have invested in Wave, a music-tech startup that creates virtual worlds for live concerts.
The Los Angeles-based company recently received $30 million in funding from investors including Superfly co-founder Rick Farman and Twitch co-founder Kevin Lin. Braun invested via Raised in Space Enterprises, which he launched last year with former BMG president Zach Katz.
The funding round, which was led by venture capitalist firm Maveron, brings Wave’s investment total to $40m.
Wave transforms artists into digital avatars in real-time and casts them onto stages in customised virtual worlds. The company recently announced a concert series, One Wave, with performances from John Legend and Tinashe.
“[This] support shows the entertainment industry is looking for new, interactive ways to connect with today’s digital generation”
The funding will be used to create “new virtual environments and formats, and interactive experiences”, such as in-game activations and social experiences, as well as accelerating it expansion into global markets, specifically Japan and China.
According to Wave CEO Adam Arrigo, the new financial support “shows the entertainment industry is looking for new, interactive ways to connect with today’s digital generation”.
“I want to work with today’s most forward-thinking leaders in music and technology,” says Braun, who manages acts including Justin Bieber and Ariana Grande.
“The future of the industry depends on it. Adam and his team at Wave are bridging these two very important industries to create transformative experiences for the next generation of concertgoers, with a refreshingly artist-first approach.”
Avatar-based virtual concerts have proved to be an immensely popular format, with digitalised appearances by Marshmello and Travis Scott in Fortnite attracting tens of millions and the ongoing coronavirus pandemic further accelerating the push towards digital forms of ‘live’ entertainment.
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