Unit1 Studio, the end-to-end avatar concert producer, has secured a further $20 million of new investment to fuel its work creating and operating mixed reality avatar concerts.
The start-up said its technology has the ability to transport fans to “legendary performances from the artists they love”.
As it unveiled the scale of the new investment, Unit1 announced what it called a “major breakthrough” in the commercial adoption of avatar concerts (and the backdrop to that new funding injection): the ability to rapidly and economically transfer avatar concert productions between venues.
Music Week has reported on the rise of avatar-based productions, including ABBA Voyage, for artists who can no longer tour. However, the costs of development and replication of similar productions has proved prohibitive.
“Unit1’s unique technology removes these barriers, increasing the number of artists for which avatar concerts now become a commercial reality,” said a statement. The company is aiming to offer young music fans the concert experience of artists they discover from the 1970s, 1980s, 1990s and beyond, while offering longtime fans a new way to connect with artists they follow.
Unit1 is successfully moving its KT Tunstall avatar showcase (pictured) from its former Hammersmith location to a new purpose-built studio at Tileyard London, where the company will showcase and develop its “hyper-realistic” avatar concerts.
Barney Wragg, Unit1 Studio founder, said: "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 realised.
“Our ability to develop these shows at a fraction of the cost and replicate them to any location finally makes these shows a commercial reality. The combination of our technology, new financing and our growing team, means we can develop shows for artists and fans worldwide.”
The combination of our technology, new financing and our growing team, means we can develop shows for artists and fans worldwide
Barney Wragg
Unit1’s new funding is made up of an oversubscribed equity investment round led by leading VC Balderton (investors in Kobalt Music Group and Revolut) and additional production financing to expand the roster of concerts currently in development.
Daniel Waterhouse, general partner at Balderton, said: "Until now, avatar concerts have been locked behind the economics of ABBA Voyage – a one-off, one-location proposition. Unit1's innovative new technology will fundamentally change that, opening up the genre to a whole generation of legacy artists.
“Barney is hugely respected in the industry and has managed to solve a structural problem that everyone knew existed but nobody had cracked. As a founder, Barney brings a unique blend of creative vision and commercial nous to every project that he sets his mind to, and having followed his journey for many years I couldn't be more delighted to formally partner for the next chapter of Unit1."
Strengthening Unit1's team, the avatar concert producer has made key hires and expanded its board, with John Kennedy, former CEO/chairman of Universal Music UK and IFPI, joining as a non-executive director.
Unit1 has added avatar creators Greg Meeres Young (Planet Of The Apes, Lord of the Rings) and Sefki Ibrahim (ABBA Voyage) to the team, solidifying the producer’s ability to pioneer new developments in VFX and AI-enhanced CGI.
The equity investment announced today was led by Balderton Capital and joined by existing investors Mercuri, Gilston Music and artist manager Paul McGuinness in this round.
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