Jimmy Iovine and Finneas O’Connell are among a group of high profile figures who have invested in content business Yoom.
Formerly known as Tetavi, Yoom has unveiled a new push towards the Metaverse and Web3 that will encourage users to “engage with each other and their favourite celebrities in a more meaningful way”.
Yoom CEO Gilad Talmon explained further, commenting: “We are honored to receive the endorsement andinvestments in time, effort, and capital from these titans in the music and entertainmentindustries, who are among the leading global trend setters in culture broadly. We are gratefulthat they share our vision of a more immersive and connected future where people canengage both with each other as well as their favorite personalities in a more intimate andmeaningful way.”
Joining Interscope co-founder Iovine and Grammy-winning artist, songwriter and producer O'Connell among Yoom’s new investors are Maverick Carter, CEO of The SpringHill Company,; Justin Lubliner, CEO ofthe Darkroom; and Paul Wachter, founder, chairman and CEO of Main Street Advisors. A total of $15 million has been invested in Yoom.
Iovine highlighted Yoom’s potential for the music business.
“I am always looking for new possibilities that advance entertainment and move the cultureforward,” Iovine said. “YOOM is going to bring artists and brands into the Metaverse and Web3, and thatfeels really exciting. This team and the proprietary technology they’vebuilt levels the playing field for creatives and widens the space where communities can grow.I’m inspired to help define what the future of entertainment can look like.”
To be on the ground floor of something so revolutionary is the most exciting part
Iovine added: “The opportunities that will come from this kind of technology are endless. Across industries, we will see more brands and audiences turn to the metaverse and usher in the next era of brand and talent engagement. To be on the ground floor of something so revolutionary is the most exciting part.
“At its core, music moves culture, it brings people together, whether in celebration or commiseration. Giving fans the opportunity to fully immerse themselves in a performance just makes that experience all the more special and impactful. For artists, audiences, and brands, the opportunity to bring to life an immersive experience is going to fundamentally change the way we create and consume music.”
Aaron Stone, former senior partner and head of media,entertainment and communications, and current advisor to Apollo Global Management, hasbeen named as Yoom’s first non-founder chairman.
Stone said: “We are at the inception of a period in which new AI-based technologieswill revolutionize the way we create and experience content, and interact socially. YOOM willpartner with artists to create content that can engender enhanced feelings of presence,enabling new and different ways for people to emotionally engage and form communities. Iam particularly excited that YOOM will provide the ability to create extraordinary content andexperiences previously unavailable to anyone, to virtually everyone. I am thrilled to be a partof such a talented team in developing new methods to inspire creativity and to explore andexpress the human condition.”
Yoom has already partnered with the Los Angeles Kings, who became the first NHL team to enter the Metaverse earlier this year. Its first steps into the music industry are expected to be revealed soon.