wave

wave

Illustration by Ian Hurley

In Los Angeles—like the startup environment at large—venture funding and valuations skyrocketed in 2021, even as the coronavirus pandemic continued to surge and supply chain issues rattled the economy. The result was a startup ecosystem that continued to build on its momentum, with no shortage of companies raising private capital at billion-dollar-plus unicorn valuations.

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Once the home of Frank Sinatra's vinyl recordings, Warner Music Group has ventured into the virtual entertainment world. The company announced it will partner with a virtual concert provider and invest in a tech company that plans to develop avatars and create NFTs for the label's artists.

Monday's announcement that Warner will enter into a content and investment partnership with Los Angeles-based Wave followed a similar announcement Friday that the venerable music label will partner with Genies, a tech company that will help develop a virtual presence for Warner artists and NFTs for their artwork and music.

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Photo by Sam Moqadam on Unsplash

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.

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