VR concert startup AmazeVR raises $17m, with Korea’s CJ Entertainment joining as strategic investor – Music Business Worldwide

VR concert production company AmazeVR has raised $17 million in new investments in an ongoing round of funding.

This round, which will remain open until late December 2022, joins the $15 million bridge round that was raised in 2021, and puts AmazeVR’s current Series B raise at $32 million.

Past AmazeVR investors are re-upping their interests, including Mirae Asset Capital, Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures. New strategic investors will join, including CJ ENM and Krafton.

Today’s news follows AmazeVR’s recent Megan Thee Stallion virtual reality (VR) concert tour and a recent joint venture partnership with K-pop giant SM Entertainment.

AmazeVR was founded in 2015, and claims that its proprietary technology captures “hyper-real 9K+ live-action footage of artists performing” to give “fans front-row seats to their favorite artists in 3D stage environments”.

The company recently produced Megan Thee Stallion’s VR tour, hosted through a partnership with AMC Theatres, in 15 major cities across the US with, what it says was a 75% attendance rate for its VR concerts.

AmazeVR says that plans are underway to work with some of the “biggest names in music, both in the US and Korea”.

“The VR entertainment industry is growing rapidly, and we believe that music and gaming are two of the most promising sectors for future development.”

CJ ENM

CJ ENM said: “What AmazeVR has developed is truly top-notch. The VR entertainment industry is growing rapidly, and we believe that music and gaming are two of the most promising sectors for future development.

“CJ ENM plans to convert concerts and music TV shows to VR music experiences with AmazeVR’s prime technology, and convert additional original content such as dramas and movies in the future to maximize their content value and business opportunities.”

“With the support of our dedicated investment partners, we’re excited to enter the next age of VR concerts and deliver really amazing performances online to all VR users.”

Ernest Lee, AmazeVR 

AmazeVR CEO Ernest Lee added: “With the support of our dedicated investment partners, we’re excited to enter the next age of VR concerts and deliver really amazing performances online to all VR users.

“We are talking to iconic names in music to continue to bring the best experiences to their fans.”Music Business Worldwide