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Early backers include Bill Silva, Marty Diamond, Coran Capshaw, Ben Lovett
By Gordon Masson on 15 Jul 2021
US-based virtual concerts pioneer, Flymachine, has raised $21 million in new funding, thanks in no small part to some heavyweight music industry backers.
The likes of Red Light Management founder Coran Capshaw, Mumford & Sons’ Ben Lovett, veteran promoter Bill Silva, Wasserman execs Marty Diamond and Larry Webman and Californian promoters Another Planet Entertainment, have all been named as angel investors of Flymachine, which is pitching its output as “first-of-its-kind immersive social experience.”
Flymachine’s founders include ATC Management; CEO Andrew Dreskin, who also co-founded Ticketfly and TicketWeb; chief experience officer Rick Farman, of events company Superfly, which was behind such brands as Bonnaroo and Outside Lands; and chief technology officer Matthew Davis, who is also the founder of [namethemachine].
The company says the multi-million dollar investment round will allow it to hire new staff, expand its network of venue partners, and develop new features for the Flymachine digital events platform.
“We’ve already heard great feedback from artists and their teams about the potential to connect more with their fans and bring immersive, new experiences to concerts”
So far, the company has announced deals with venues such as Bowery Ballroom in New York City, Bimbo’s 365 Club in San Francisco, The Casbah in San Diego, The Crocodile in Seattle, Marathon Music Works in Nashville, Vogue Theatre in Vancouver, and Teragram Ballroom in Los Angeles, while it notes that the new seed capital will allow it to expand on its partner venue network.
Co-founder Dreskin comments, “Virtual events have an opportunity to change the game for artists, promoters, and fans, but the technology that exists today is pretty underwhelming – videobox, paywall, and a bunch of scrolling nonsense; not exactly what one would call game-changing. At Flymachine, we’re creating something different: a digital venue of the future, an art medium, and a social meeting place. It offers a level of depth, agency and social interactivity that hadn’t before existed. It’s a pretty cool way to check out a show remotely.”
Diamond, who is managing executive at Wasserman Music, says, “Flymachine is live digital events on a completely different level. The social element is unparalleled, and the artist and fan engagement we’ve seen so far has been amazing. We’ve already heard great feedback from artists and their teams about the potential to connect more with their fans and bring immersive, new experiences to concerts.”