Maestro raises $15M in Series B funding from Sony Music & NetEase

Maestro raises $15M in Series B funding from Sony Music & NetEase
Maestro, a live-streaming company, has reportedly raised a Series B funding round worth $15 million from Sony Music Entertainment and NetEase. These two investors have joined the funding round, which includes the likes of Twitch co-Founder Kevin Lin, Stadia Ventures, Acronym Venture Capital, and former executives of Activision Blizzard namely Michael and Amy Morhaime. Other existing investors that contributed to this funding round include Zoom employees namely Richard Gatchalian & Aaron Lewis, Transcend Fund, Hersh Interactive Group, The Strand Partners, and SeventySix Capital.

Maestro has secured total investments of $22 million to date. Apart from the live-streaming tech, the company provides monetization tools to its music clients, enabling them to sell merch and tickets, set up subscription events and pay-per-view, and give shout-outs to fans. It can also host virtual and augmented reality concerts. For those uninitiated, it has tripled its revenue in 2020 and paid out millions of dollars to the creators since the launch of its monetization tools in May.

According to Sony Music Entertainment’s President of Global Digital Business & U.S. Sales, Dennis Kooker, the company’s recent investment in Maestro is a part of its ongoing focus on supporting new technologies that offer cutting-edge tools & solutions to artists. He further added that the live-streaming service provides greater control and flexibility to artists to create engaging and customized live-stream events for fans.

Joshua Siegel, Acronym Venture Capital’s General Partner, has reportedly commented that Maestro has been efficiently redefining the relationship between content creators and owners and their viewers. Through its platform, customers can directly control the audience relationship and increase engagement & monetization as per the brand objectives. The company has high confidence in Maestro’s potential to drive creator economy growth.

As per the statement made by Maestro’s Founder & CEO, Ari Evans, the company has been witnessing a significant shift from the industrial revolution of producing cheap widgets to a new model that effectively discovers core audiences and monetizes them.