Virtual concerts and DJ livestreams are having their moment while in-person concerts are put on hold due to the pandemic. But there might be something more to them. Over 12 million people logged into battle royale video game Fortnite to watch Travis Scott’s virtual concert in April. And a year before that, millions more logged in to watch Marshmello’s virtual performance. The popularity of these virtual shows could be here to stay.
LA startup Wave is in the business of developing, monetizing and distributing virtual concerts. The company started in 2016 — years before Marshmello and Travis Scott took the stage in Fortnite — and has worked with musical acts like Kill the Noise, TOKiMONSTA, Imogen Heap, Galantis and more.
On Wednesday, Wave announced that it raised a $30 million Series B funding round, led by Seattle VC fund Maveron. In addition to the backing from Maveron and other VCs, several high-profile investors funded the company, including baseball star Alex Rodriguez, music exec Scooter Braun, Superfly co-founder Rick Farman and Twitch co-founder Kevin Lin.
“It’s a privilege to be supported by such distinguished investors like Maveron and Griffin Gaming Partners, who have funded breakout consumer businesses,” Wave CEO and cofounder Adam Arrigo said in a statement. “The added support from several new strategic partners shows the entertainment industry is looking for new, interactive ways to connect with today’s digital generation.”
This new funding will help as Wave looks into developing new features to make virtual concerts more immersive. The company is working on more personalized artist avatars, as well as new virtual environments and formats. It’s also building new ways to make these concerts more interactive.
The company is also releasing its “One Wave” concert series. This series recently featured a virtual performance by Tinashe, which raised over $20,000 for The Bail Project. John Legend has also teamed up with Wave for his own “One Wave” performance.
The Wave app is available for free through Oculus and Steam platforms.
