Flymachine, a new virtual venue for music performances that launched back in May, is the latest live concert streaming platform to drum up investment interest. The startup has just announced that it has raised $21 million in a funding round led by Greycroft Partners and SignalFire. Additional investors include Primary Venture Partners, Contour Venture Partners, Red Sea Ventures, and Silicon Valley Bank.
Flymachine is aiming to power the “digital future of live events” with its new platform, which creates an immersive experience for fans watching a livestreamed performance from the comfort of home. Fans can create private rooms with their friends as they watch the show, or they can join public rooms. Proximity-based video chat allows for an experience similar to that of being at an in-person show, whereby users can talk to others over the sound of the music or choose to move away to immerse themselves in the music.
“Virtual events have an opportunity to change the game for artists, promoters, and fans, but the technology that exists today is pretty underwhelming — videobox, paywall, and a bunch of scrolling nonsense; not exactly what one would call game-changing,” said Andrew Dreskin, CEO and Co-Founder of Flymachine, in a statement. “At Flymachine, we’re creating something different: a digital venue of the future, an art medium, and a social meeting place. It offers a level of depth, agency and social interactivity that hadn’t before existed. It’s a pretty cool way to check out a show remotely.”
With this new funding, the startup will continue to grow its team, expand its network of venue partners, and develop new features.
Marty Diamond, Managing Executive at Wasserman Music, added: “Flymachine is live digital events on a completely different level. The social element is unparalleled, and the artist and fan engagement we've seen so far has been amazing. We've already heard great feedback from artists and their teams about the potential to connect more with their fans and bring immersive, new experiences to concerts.
Upcoming shows include K.Flay, The Black Angels, and Lion Babe. Flymachine, like many other livestreaming platforms, has also signed exclusive agreements with venues in preparation for the return of live events, including Bowery Ballroom in New York City, Bimbo's 365 Club in San Francisco, The Casbah in San Diego, The Crocodile in Seattle, Marathon Music Works in Nashville, Vogue Theatre in Vancouver, and Teragram Ballroom in Los Angeles.