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AmazeVR to forge the future of immersive concerts with Another $15M Funding

AmazeVR is set to roll out its first ever commercial VR concert, featuring 3X Grammy winner Megan Thee Stallion, to select AMC Theatres.

AmazeVR Virtual Concert

Yesterday, AmazeVR announced that it has managed to secure $15m in funding, which was oversubscribed in three weeks. Murex Partners and Partners Investment spearheaded the new funding in collaboration with Dunamu & Partners, Base Investment, We Ventures, GS Futures, Everrich Group, ABC Partners, Quantum Ventures Korea, and Smilegate Investment. Previous investors Timewise Investment, Partners Investment, Mirae Asset Capital, and Mirae Asset Venture Investment.

AmazeVR, according to Lee, started developing VR technologies in 2015 and transitioned fully into the world of VR concerts in late 2019. Even prior to the Covid-19 pandemic, the firm saw the need for a fully immersive music experience using VR concerts, but the music industry was hesitant, owing to concerns about cannibalisation of live performances, their most profitable income source, according to Lee.

However, the onset of the coronavirus pandemic accelerated its adoption in the market and allowed AmazeVR to identify product-market fit quickly.  People began to understand that VR concerts are not here to replace live concerts, instead, they are a completely new genre of entertainment, Lee said.

AmazeVR is set to roll out its first ever commercial VR concert, featuring 3X Grammy winner Megan Thee Stallion, to select AMC Theatres throughout the United States this spring. Lee also confirmed that the firm has already booked its second artist, a worldwide A-lister, and is in the final steps of securing the third artist. 

Years of research and development have resulted in unique 9K cameras and software that are capable of automating complicated unreal engine-based virtual reality concert visual effects (VFX) modules and operating more than 100 headsets at the same time. The business intends to increase its content development to offer new VR performances weekly to both in-theatre and at-home audiences by 2024.

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