Photo Credit: Unit1 Studio
Mixed-reality concert firm Unit 1 Studio raises $26.7 million in a new funding round to expand its technology and grow its roster of avatar-based concerts.
UK-based mixed-reality concert production firm Unit1 Studio has announced securing ÂŁ20 million ($26.7 million) in its latest round of funding to scale its technology and grow its roster of avatar-based concert productions. The funding round, led by existing backers Mercuri, Gilston Music, and artist manager Paul McGuinness, included an oversubscribed equity round led by Balderton Capital, along with additional financing for concerts that are currently in development.
The company is focusing on developing tech designed to make avatar-based concerts easier and more economical to produce across different venues. Unit1 says it has developed a way to transfer avatar concert productions between venues more quickly and at a lower cost, potentially allowing the same production to operate in multiple locations without extensive redevelopment.
Productions like ABBA Voyage have proven that demand for avatar-based live experiences exists, but the cost of developing and relocating similar shows has limited their capacity for wider adoption.
Unit1’s productions combine visual effects, CGI, and live performance elements to create mixed-reality shows featuring artists who may no longer tour or whose performances can otherwise be difficult for audiences to experience live. The company is focusing on both newer audiences discovering music from previous decades and established fans looking for new ways to experience artists’ work.
“Unit1 is, and will always be, about expanding the connection between fan and artist regardless of time or geography. ABBA Voyage proved audiences love avatar concerts, but the development and relocation costs have meant the opportunity of avatar concerts is not being realized,” said Barney Wragg, Founder and CEO of Unit1 Studio. “Our ability to develop these shows at a fraction of the cost and replicate them [in] any location finally makes these shows a commercial reality.”
The new round of funding will support Unit1 Studio’s work developing and operating mixed-reality avatar concerts, with the production financing specifically focused on expanding its roster of concerts currently in development.
The company’s first showcase, created in partnership with KT Tunstall, was originally installed in Unit1’s former West London offices. Recently, the company relocated the project to its new studio in Tileyard London.
News of the funding round at Unit1 also follows the addition of former IFPI head John Kennedy to its board. Kennedy stepped down from his role at IFPI in 2010.