Los Angeles-based live streaming platform Maestro announced Tuesday that it raised $15 million in new financing. The Series B included participation from new investors NetEase, Sony Music Entertainment and Acronym Venture Capital.
Due to the pandemic, streaming platforms like Maestro have seen a boost in interest from consumers and content creators alike. Many creatives have been forced to resort to livestreams as a way to continue monetizing their talent since many public arts venues have closed their doors.
The latest announcement for Maestro follows what has been an outstanding year of growth for the startup. Maestro more than tripled its revenue in 2020 and grew its team fivefold over the last six months, according to the company.
“We are witnessing one of the most significant economic shifts in history; a transition from the industrial revolution — produce your widget as cheaply as possible and distribute it as far and wide as you can — to a new model that is essentially the inverse: find your core audience and monetize them effectively and you can do what you love for the rest of your life,” Ari Evans, founder and CEO of Maestro, said in a statement.
Initially, Maestro began as an interactive streaming service for gamers. The company shifted to accommodate other industries following the onset of the pandemic.
Maestro’s platform enables its users to set up branded streaming experiences. Events on the platform can be personalized to feature multiple revenue streams. The platform offers up ticketing and subscription-based options as well as a host of other tools that enable creators to monetize their talent in a variety of ways.
By adding an interactive layer, customers drive an average 175 percent increase in watch time and a 210 percent increase in revenue for streamers, according to the company.
Celebrities including Katy Perry, Billie Eilish and Post Malone have all gone live on the platform over the last year. Maestro has also partnered with industry leaders from Epic Games, Microsoft, Shopify, ViacomCBS and Universal Music Group.
The newly acquired capital will go toward further expansion of the company’s primary product offering. Maestro is now hiring for dozens of remote tech positions as it continues to scale. Open roles span the company’s engineering, product, sales and finance teams.
Maestro has raised $22 million in venture capital financing to date, according to the company.
