Culver City-based Maestro, a platform used by pop star Billie Eilish and other entertainers to stream their performances, has landed $15 million in a Series B round.
It was backed by industry heavyweights from Sony Music Entertainment to Twitch's co-founder Kevin Lin, who are eying digital concerts and live streamed shopping as future revenue hot spots.
A consortium including the Chinese-based music platform Tencent Music Entertainment announced Friday it has bought another 10% stake in Universal Music Group, which values the company at 30 billion euros. It bumps the consortium's total stake in the L.A.-based music giant to 20%.
The move will help TME's parent company Tencent broaden its reach as a leading player in music and gaming across China.
- Where Is the Investment in New Music Technology Going? - dot.LA ›
- LA's Music-Tech Startups Are Poised to Reshape the Industry. - dot.LA ›
The Chinese majority-owned Tencent Music Entertainment is acquiring a minority stake in the L.A.-based virtual concerts company Wave, giving the startup a door into the country's state-controlled internet.
Terms of the deal weren't disclosed but the agreement will allow Wave concerts to be distributed on TME's platforms, including QQ Music, Kugou Music, Kuwo Music and WeSing, that operate within China's "Great Firewall." The two companies will also collaborate on developing shows for TME Live, TME's livestreaming platform the company launched in March.
- Are Livestream Concerts Music's Future or a Pandemic Fad? - dot.LA ›
- No concerts? No problem. Wave to host virtual performance series ... ›
- TikTok, The Weeknd and the Hunger for Virtual Audiences - dot.LA ›
- Virtual Concert Hall Wave Raises $30 Million - dot.LA ›
- Wave Virtual Concert Platform Raises $30 Million - dot.LA ›