London avatar-concert producer Unit1 Studio raises $20m after moving show intact
London-based Unit1 Studio has raised USD $20 million to build avatar concerts, live shows where digital versions of musicians perform on stage.
The company announced the financing on September 21. The package combines an oversubscribed equity round, where investors buy shares in the business, led by Balderton Capital with production financing, money set aside for shows in development, Music Business Worldwide reported.
Unit1 Studio did not disclose the split between the two pots. The equity round was joined by existing investors Mercuri, Gilston Music and artist manager Paul McGuinness, who managed U2 for more than three decades. Balderton General Partner Daniel Waterhouse is backing founder Barney Wragg's team.
The money will fund creation and operation of mixed reality avatar work, according to Balderton Capital's own announcement, titled 'Unit1 Studio breaks major barrier to avatar concert adoption ... secures new investment' Balderton Capital. Unit1 Studio describes itself as an end-to-end producer, meaning it handles avatar shows from capture and creation through to staging them Music Week.
The pitch is cost and flexibility. Unit1 Studio aims to offer a lower-cost version of large avatar-concert productions such as ABBA Voyage and to organise showcases of digital versions of both living and dead artists in any venue, The Guardian reported.
To support that claim, the company says it has completed a world first. It lifted a finished production intact, including its screens, and re-sited it rather than rebuilding it from scratch.
The test case was a KT Tunstall avatar showcase. It was first staged in a west London demo space belonging to Brompton Technology, with Brompton Technology and ROE Visual working on the production. The team then moved it to a purpose-built studio at Tileyard London in King's Cross.
The move took four days. That included recalibrating the show for the new room.
What makes this stand out is the practical detail. Touring usually means freight, crew time and rebuilds. Four days door to door is short. If the process repeats, it could cut labour and kit costs for promoters and venues.
