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XDear Media Raises $8 Million for the 'Future of Audio & Commerce'
Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake

West Hollywood-based Dear Media announced Thursday that it raised $8 million from Magnet Companies, a private equity-backed holding company with offices in New York and Los Angeles.
Dear Media is a podcast network focusing on female voices, with a roster of over 40 hosts including lifestyle guru Lauryn Evarts of "The Skinny Confidential," Jackie Schimmel of "The Bitch Bible," and wellness and nutrition experts Wendy Lopez and Jessica Jones. The network, whose podcasts can be heard on typical channels like Apple Podcasts and Spotify, targets an audience of mostly millennial and Gen-Z women who want to engage with podcast hosts across multiple channels, chief executive Michael Bosstick told dot.LA.
"We look at this space as needing a serious update," Bosstick said.
The firm's "360 degree business model" provides hosts with production support from idea generation to distribution, and works across a host's portfolio of multi-platform media outlets for promotion. In this way Dear Media aims to usher in what it calls the "future of audio and commerce."
"We view a lot of talent on this network as not just shows but brands themselves," explained Bosstick.
Dear Media is a West Hollywood podcast network focusing on female voices.
For advertisers this means that working with Dear Media enables them to reach consumers not just through podcasts, but also other touch-points that hosts have with their fans, such as online video, social media and blogs. Coordinating such a marketing approach in turn means Dear Media offers its talent a "unique monetization model that allows creators to make more in a much smarter way," Magnet Companies co-founder Jeff Berman described in a statement.
Bosstick told dot.LA that Dear Media is also interested in investing in companies, whether they be complementary bolt-ons or those that its roster of talent wants to pursue. In this sense he sees Dear Media as an "incubator" rather than a mere media company.
Dear Media's shows have exceeded 150 million downloads and its hosts' collective reach extends across 25 million social media followers, according to the company. And the firm believes its roster is destined to grow, thanks in no small part to co-founder Raina Penchansky's connection to United Talent Agency, which acquired her influencer marketing company, DBA, in 2019.
"(Dear Media) will have ample opportunities to work with an industry-wide roster that includes unique access to talent cross-collaborations within UTA and DBA's collective reach," the fundraising announcement said.
The funds will reportedly be used to grow Dear Media's content slate, fund investments, and expand its internal team to bring on more advertisers. Bossttick noted that the podcast space has been "limiting" to some brands, and he wants to leverage his company's approach to help overcome those limits and bring in new entrants.
Bosstick started the company with Penchansky in 2018 after having spun up a podcast of his own, with his wife, and noticing the shortcomings of what he described as a narrow approach.
"We joined a prominent network and the experience was limiting, because they'd only focus on a subset of the brand," he said. "So we said let's go back to self-producing and build it how we wanted it to be done." This experience has proven beneficial in multiple ways, Bosstick said. It has allowed him to relate to the many pain-points that podcasters face, and has served as an on-ramp for several Dear Media hosts, who originally were guests on his show.
The fundraise comes at a promising time for podcasts in general and particularly in Los Angeles. Spotify has reportedly spent over half a billion dollars on podcast acquisitions since the start of 2019, and representatives from the company have told dot.LA that Los Angeles is the "center of gravity" for its podcast strategy.
Dear Media's numerous L.A.-based podcast company counterparts include Wondery, Neon Hum, and Crooked Media.
Bosstick is bullish on the space.
"I think you'll see a lot of new brands and money moving in," he said. "It's an exciting time for podcasting."
Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake
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Genies Wants To Help Creators Build ‘Avatar Ecosystems’
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Here's What To Expect At LA Tech Week
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
The Los Angeles Kings Embraced the Metaverse, and the NHL Is Ready to Follow
Fans attending the Stanley Cup playoff at Crypto.com Arena in May 2022 might have noticed that the Los Angeles Kings went the extra mile with in-arena videos. Vibrant, 3D images of players plus Kings mascot Bailey the Lion flashed across the massive screens, impressive products of the team’s collaboration with Israeli “deep tech” startup, Tetavi. However, the excitement of the games might have obscured the significance of those videos—they marked the first time an NHL team used volumetric technology to record player footage.
Volumetric technology, according to Tetavi’s website, “brings real humans into the digital world” by creating “the next generation of photorealistic digital content and immersive experiences for the Metaverse and Web3.” This means that even though the Kings ultimately lost the playoffs to the Edmonton Oilers, the team still forged a path for the National Hockey League (NHL) to enter the metaverse. According to an in-depth report by ESPN’s Greg Wyshynski, the Kings’ innovative videos are just the beginning of the NHL “just dipping its collective toes in the Metaverse.”
The Kings went with immersive, VR-friendly video, but ESPN reports that around the same time, the St. Louis Blues introduced metaverse shopping. The Blues metaverse experience featured a realistic look inside the team locker room, where fans could browse through team merchandise. In addition, ESPN reports that the NHL is now actively working on new and novel game-watching experiences accessible via an Oculus headset and “believes that's a gateway to further involvement in the Metaverse.”
According to ESPN, the NHL is targeting its younger fans with new metaverse and VR technology. League Executive Vice President of Business Development and Innovation Dave Lehanski told the sports network that the question was, "How do we create an additive experience for kids at the game?"
He added that what the NHL wants to do “is take this experience and add stuff that people never contemplated before.”
Los Angeles Kings President Luc Robitaille agreed but added that for the Kings and perhaps pro hockey in general, “what's important is to try something new and take risks.”
Curiosity about the metaverse—and Web3 in general—isn’t limited to the NHL or the Kings. The Los Angeles Rams opened a “virtual fan house” after winning Super Bowl LVI. In June 2022, Los Angeles Lakers legend Earvin “Magic” Johnson announced that he’d purchased football and basketball franchises in SimWin Sports, the world's most popular digital sports league.
In a press release about his purchase, Johnson said this “multi-billion-dollar business is about to take off.” It’s beginning to look like many decision-makers in pro sports agree with him.