LOS ANGELES, April 8, 2021 /PRNewswire-PRWeb/ -- AmazeVR, the company bringing artists closer to fans anywhere, anytime through immersive technologies, today announced that it has raised $9.5 million in funding from a number of global investment firms. The round was led by Murex Partners, with participation from We Ventures, Bass Investment, and Dunamu & Partners. Additional existing investors-- Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment and Timewise Investment-- also joined the round.
AmazeVR recently shifted its model to focus solely on creating new immersive experiences for recording artists, providing them with a way to interact and connect with fans in addition to offering new revenue streams. AmazeVR's Immersive Concerts provide a VIP experience that makes it seem like fans are seated only a few feet away from their favorite artists. Thanks to its Unreal Engine-based VFX pipeline, AmazeVR can leverage world-class effects and environments that extend the reach of an artist's concert to potentially millions of people located anywhere; most artists do not spend all their time on the road, often only touring every few years, and when they are on tour, it's only possible to hit the largest countries and cities. With AmazeVR's Immersive Concert experience, however, artists can reach fans through movie theaters, VR headsets, unique pop-up events, and more.
"Working closely with artists and labels over the past several months, it has become apparent that AmazeVR has the potential to take the music industry into the future while completely reinventing the fan experience," said Ernest Lee, co-CEO of AmazeVR. "We're rapidly building out our artist pipeline and striking broad distribution agreements to bring stellar artist-to-fan engagement to millions of people worldwide. Our efforts are further assisted by interest in the VR market, with Apple preparing to release a VR headset and the Oculus Quest 2 representing a growing percentage of Facebook's revenue. As more and more consumers gain access to VR technologies-- be they through headsets, theaters, or even their phones-- there is enormous potential for Immersive Concerts."
Partnering to Build the Future
AmazeVR recently collaborated with Roc Nation R&B/Hip-hop duo Ceraadi for its debut Immersive Concert Experience, and the company has several other concerts in the works. To bring the Ceraadi experience to life, AmazeVR partnered with D-BOX to produce a pop-up solution. There are also plans to grow the partnership with new projects on the horizon, leveraging D-BOX seats spread out through some 760 theatrical screens to offer new content and unique experiences. Additionally, AmazeVR is in discussions with CJ 4DPLEX to distribute Immersive Concerts to its 4DX movie theaters. This incorporates approximately 770 4DX movie theaters with 88,000 haptic motion seats.
Through these and other arrangements, AmazeVR facilitates the production and distribution of virtual music experiences that can be viewed online and at ticketed activations. The ability to offer new revenue streams is particularly important to an industry bleeding in the wake of the pandemic. Recent research by PwC showed that the global live music industry lost $18 billion in 2020, with up to 90% of independent music venues in the U.S. expected to permanently close without federal assistance according to the National Independent Venue Association. Additionally, MRC Data found that consumer habits have fundamentally shifted-- 77% of Millennials reported that they would not be willing to attend an event with over 500 people even after the pandemic ends. AmazeVR offers the industry a way to recoup these losses and grow profit for the future while delivering the type of experiences fans long for.
"AmazeVR represents the future of music promotion and fan interaction," said Dohan Kim, the CEO of Timewise Investment, CJ Group's venture capital investment arm. "We are thrilled to support AmazeVR and are excited that it could leverage CJ ENM's production and distribution network for films like Parasite and Broadway musicals, as well as going into 4DX and CGV, the fifth largest theater company with 3,412 screens. With these and the team's growing list of partnerships, we see unlimited distribution in the future."
To learn more about all that AmazeVR makes possible, please visit http://www.amazevr.com.
About AmazeVR
AmazeVR is a virtual concert platform for the highest quality VR content creation and mass distribution. It provides an end-to-end solution for a radical new way to experience immersive music content with AmazeVR's proprietary technologies—from ultra-high-resolution custom cameras, to cloud-based creation tools, to intuitive social interactions with friends as avatars. AmazeVR was founded in 2015 by the founders and former executives of Kakao, a $40B market cap mobile platform company.
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