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XE3 is Back, and LA Stands to Make Up for Lost Millions
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
E3 will return to the Los Angeles Convention Center next year, bringing with it tens of millions in much-needed revenue for the city.
After canceling the show in 2020 because of COVID, going online-only in 2021, then again canceling the entire event this year, E3 is finally coming back to Los Angeles in-person next year and this time it is betting that a new event company, ReedPop, can help the struggling show ascend back to the peak of pop culture.
ReedPop has experience running blockbuster events like New York Comic-Con and the annual Star Wars Celebration hosted by Lucasfilm in Anaheim, and that focus on fandom could help reel in more people willing to shell out up to nearly $1,000 for E3 passes.
Started by the Entertainment Software Association in 1995, the in-person E3 conference has been held in Downtown L.A. consistently since 2008. Originally E3 was created to be a trade show event, but over the years it's morphed into more of a fan service, with publishers spending millions on flashy show booths and swag to entice fans into pre-ordering or buying their latest title.
It’s not just locals who are expected to pour in and stimulate the local economy–there’s a sizable contingent of fans who travel from other states or internationally to post up in Los Angeles for the week of E3, plus higher-spending executives from overseas gaming firms with big bankrolls.
Some 65,000 E3 attendees booked over 29,000 hotel rooms during the last in-person conference in 2019. That plus food, transit costs and other spending brought in over $83 million for the city, Los Angeles City Tourism Department Executive Director Doane Liu told dot.LA earlier this year.
After taking a beating during the early years of the pandemic, L.A.’s hotel occupancy was at 54% in the fourth quarter of 2021, according to data from the Downtown Center Business Improvement District. That’s slightly up from the 49% occupancy rate in 2020 reported by the City Tourism Department, but still nowhere near full.
Liu told dot.LA in January that the city collects a tax on hotel rooms booked, which helps boost the city’s overall budget. It also will “practically give away the Convention Center” if organizers book a specific number of rooms, Liu said, which is part of a plan to entice business travelers to come to L.A.
Until next year, though, the L.A. Live district Downtown that was completed in 2009 to cater to event-goers will remain eerily quiet. E3 is one of the Convention Center’s biggest events, though it did just see “tens of thousands” of anime fans descend on Downtown for the annual Anime Expo in June.
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
LA is the Third-Largest Startup Ecosystem in the US
02:00 PM | February 17, 2022
Image courtesy of Shutterstock
Los Angeles is now the third-largest startup market in the U.S.—with nearly 4,000 venture-backed startups calling the City of Angels home, according to a new report from venture capital firm Telstra Ventures.
On Wednesday, San Francisco-based Telstra released its second annual “Tech’s Great Migration” report, highlighting trends across the country’s “emerging tech hubs.” While the report highlights the impressive growth of emerging tech markets like Miami and Houston, it also shows how L.A. has established itself as No. 3 behind the tech megahubs of the San Francisco Bay Area and New York.
Los Angeles is now home to around 3,800 venture-backed companies, according to Telstra, with only the aforementioned Bay Area (approximately 13,000) and New York (approximately 7,500) having larger startup ecosystems. L.A. saw 20% growth, year-on-year, in its number of VC-backed startups last year—outstripping both the Bay Area and New York, but behind faster-growing markets like Miami (44%), Houston (34%) and St. Louis (31%).
The number of venture capital investments into L.A. startups, meanwhile, increased 83% year-on-year, to nearly 1,200. While that growth number also lagged behind rapidly expanding markets like Miami (260%) and Houston (165%), Los Angeles still had the third-highest total number of VC investments in 2021, according to Telstra, behind the Bay Area and New York.
Nationally, startups dealing in blockchain technology saw a particularly sharp jump (182%) in VC deal volume last year—though the total number of blockchain investments (nearly 600) still lagged behind more established sectors like enterprise software, health tech and fintech. L.A. saw a 188% increase in blockchain VC deals in 2021, with nearly 50 such investments; only the Bay Area (over 200) and New York (over 150) had more. (Telstra noted that Miami had by far the highest spike in blockchain VC deals, with more than 2,000% growth; however, the South Florida metropolis still trailed considerably behind the top-three markets in total number of deals.)
Behind blockchain firms, mobile and consumer startups saw the second-most investment growth (93%) in the Los Angeles region, followed by logistics and industrial tech (85%), educational tech (79%) and fintech (76%).
Despite new emerging markets across the country, Telstra’s data indicates that VC funding still gravitates toward established coastal markets. More than half of all U.S. venture capital investments flowed to the Bay Area and New York last year, followed by Los Angeles, Boston, Seattle, Austin, Chicago, Atlanta, Miami and Denver.
The report marks the second consecutive year that Telstra has documented growth across U.S. startup markets, following its initial 2020 report. The San Francisco-based VC firm’s L.A. tech investments include esports outfit Team SoloMid, Playa Vista-based network platform Subspace and Omaze, a charity sweepstakes platform headquartered in Culver City.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
Santa Monica EV Infrastructure Firm InCharge Sold to Swiss Tech Giant ABB
05:53 PM | January 27, 2022
Image courtesy of InCharge Energy
Santa Monica-based fleet electrification company InCharge Energy has sold a majority stake in its business to Swiss robotics giant ABB, the companies announced Thursday.
The deal gives ABB a 60% controlling interest in InCharge, which builds electric vehicle charging systems for commercial fleet operators including ride-share operators, school districts and municipalities. Financial terms of the transaction were not disclosed. The Swiss firm initially acquired a 10% stake in the startup through its Series A funding round in 2020, which ABB led alongside Macquarie Capital.
While InCharge will be folded into ABB’s e-mobility division, it will maintain its management team, including co-founders Cameron Funk and Terry O’Day, as well as its “tech neutrality,” the company said in a press release.
Founded in 2018, InCharge manages fleet electrification projects for commercial customers including truck rental company Ryder, truck and bus manufacturer Navistar and GM BrightDrop, which is developing electric-powered vans for commercial delivery firms. BrightDrop is part of GM’s larger initiative to have an all-electric lineup of vehicles by 2035; its first customer is FedEx, which placed an initial order for 500 EV600 vehicles.
InCharge currently employs around 50 people. As part of its plans to expand nationally, the Santa Monica startup has a four-year goal to hire hundreds of field technicians to support and service its charging systems across the country.
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Pat Maio
Pat Maio has held various reporting and editorial management positions over the past 25 years, having specialized in business and government reporting. He has held reporting jobs with the San Diego Union-Tribune, Orange County Register, Dow Jones News and other newspapers in Ohio, West Virginia, Maryland and Washington, D.C.
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