Unit1 Studio, a UK
company producing mixed-reality avatar concerts, has secured £20 million in new
funding to expand its technology and grow its roster of avatar concert
productions. The funding includes an oversubscribed equity round led by
Balderton Capital, alongside additional financing for concerts in development. Existing backers
Mercuri, Gilston Music and artist manager Paul McGuinness also joined the round.
Unit1 is developing
technology designed to make avatar concerts easier and more economical to
produce and replicate across different venues. While productions such as ABBA
Voyage have demonstrated demand for avatar-based live experiences, the cost of
developing and relocating similar shows has limited their wider adoption.
The company says it
has now developed a way to transfer avatar concert productions between venues
more quickly and at lower cost, potentially allowing the same production to
operate in multiple locations without requiring extensive redevelopment.
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 targeting both newer audiences discovering music from previous
decades and established fans looking for different ways to experience artists’
work.
Barney Wragg,
founder of Unit1 Studio, said the company aims to broaden access to avatar
concerts by reducing the cost and complexity involved in developing and moving
productions between venues:
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 new funding will
support Unit1’s work creating and operating mixed-reality avatar concerts, with
the production financing specifically intended to expand its roster of concerts
currently in development.
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