The metaverse—a loosely defined term for a hypothetical iteration of the internet where users could work, shop and socialize inside 3D virtual realms—is taking shape. The technologies involved typically include virtual reality and augmented reality (AR), as well as platforms for digital goods that can be created, sold and transferred from one platform to another.
Across L.A., companies new and old are building and betting on this concept to varying degrees—from animation studios making virtual reality movies, to electronics companies designing hologram videos straight out of a sci-fi story. These investments are tied to a lucrative promise: the metaverse is projected to be a nearly $800 billion market opportunity. For the region’s entertainment industry, in particular, it could present a new way to create and deliver content and engage with fans.
Entertainment tech reporter Christian Hetrick looks at the many ways L.A.-based companies are preparing for the arrival of an immersive digital future.
Here’s What Happened in LA’s Entertainment Tech World This Week 🍿
First Night School, then Next Games. This week, Netflix acquired its third mobile game developer: Boss Fight Entertainment. Netflix is aiming to capture gamers. The streaming giant will soon drop three new mobile games.
Theranos’ Elizabeth Holmes and WeWork’s Adam Neumann have found themselves at the center of a Hollywood subgenre: the startup horror story.
Disney, Mattel and Sony are working with Gamefam to integrate their brands into advertising experiences within gaming worlds.
Activision is grappling with another sexual harassment lawsuit that may jeopardize its pending $69 billion merger with Microsoft.
Hollywood talent agency WME has added Escapeplan, a pair of Bored Ape NFTs, to its list of clients.
Social Media 📱
Education tech app 1Question locks social media sites, streaming services and gaming apps until kids can solve educational questions.
Snapchat acquired a neuro tech firm this week. Could its future concept of augmented reality include controlling devices with your mind?
Social messaging platform Message Party aims to raise $2 million to rethink online chatting for Web3.
Children’s advocates are backing legislation that would expose TikTok, Snap and other social platforms to lawsuits over the addictive nature of their apps.
Medical Technology ⚕️
The chance of misdiagnosis can be as high as 20% in many doctors' offices. Artificial intelligence tools are gaining ground as a way to prevent it.
Techstars Los Angeles' next cohort of startups has a heavy health focus. The accelerator says it's seen investors pour money into health care startups across the region.
L.A.’s Cedars-Sinai has created an AI tool to make it easier to diagnose risk for heart attacks–five years earlier.
Raises and $$ đź’°
Cybersecurity firms Theta Lake and MixMode both just raised sizable funding rounds, marking Santa Barbara as a cybersecurity startup hotspot.
West Hollywood-based fintech startup Dave raised $100 million to compete with rivals like SoFi by offering crypto trading.
So far this year, about 100 companies have crossed the $1 billion valuation mark, 10 of which have at least one female founder.
See all this week's Southern California raises in our weekly round up.
🎧 Listen UpÂ
On this episode of Office Hours, Hello Sunshine’s Liz Jenkins talks about how her content company aims to disrupt the way storytelling is produced, in Hollywood and beyond.
On this episode of LA Venture, investor Yelena Shkolnik discusses the ways commerce, content and financial technology are converging.
Also...
As fire season approaches, it may be time to talk about microgrids–and what they can do for California’s frail electrical grid.
Beverly Hills-based Subject looks to fill in the gaps for cash-strapped high schools by offering accredited video courses across a range of disciplines.
Hyperlocal app L.A. Dating is getting ready to launch in the coming months.
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