Maestro, the interactive live streaming platform for content creators, has raised $15m (~£10.76m) in its Series B funding round.
The round featured funding from existing investors, such as SeventySix Capital, The Strand Partners, Stadia Ventures, Hersh Interactive Group and Transcend Fund, as well as from newcomers, including NetEase, Sony Music Entertainment and Acronym Venture Capital.
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The Series B capital is expected to help expand Maestro’s products and further diversify its customer base.
“We are witnessing one of the most significant economic shifts in history,” commented Ari Evans, Founder and CEO of Maestro. “A transition from the industrial revolution – produce your widget as cheaply as possible and distribute it as far and wide as you can, to a new model that is essentially the inverse: find your core audience and monetise them effectively so that you can do what you love for the rest of your life.
“We are reinvigorated by the human spirit and creative passion exploding from what is now hundreds of millions of creators globally and, importantly, watching the career path flourish with a variety of models that are all working symbiotically. We serve the creator as a partner in their journey and the achievement of their dreams.”
According to the release, the company more than tripled its revenue in 2020 and paid out millions of dollars to content creators since the launch of its monetisation tools last May. The firm has also grown its team fivefold in past six months. The company has raised a total of $22m (~£15.78m) to date.
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Dennis Kooker, President of Global Digital Business and U.S. Sales at Sony Music Entertainment added: “We are pleased to be supporting the continued development of Maestro as part of our ongoing investment in new technologies that provide artists with cutting-edge tools and solutions for growing their careers.
“Maestro gives artists greater flexibility and control to build the most engaging and customised events for their fans, allowing creators at any stage of their career to put together a world-class live stream event.”
Some of Maestro’s industry partners include Epic Games, Microsoft, ViacomCBS, Shopify, Universal Music Group, Adweek and Wave.
Joshua Siegel, General Partner at Acronym Venture Capital said: “Maestro is at the forefront of redefining the relationship of content owners and creators with their viewers. Instead of relying on incumbent distribution platforms, customers control the audience relationship directly and maximise engagement and monetisation in a way that fits with their brand objectives. We are very excited by Maestro’s potential to be a fundamental driver in the growth of the creator economy.”
Esports Insider says: Maestro’s latest funding highlights the current demand for video-driven platforms. The platform looks to offer content creators ways to build and grow businesses through modern monetisation strategies. Thanks to the latest investments, Maestro shall be able to pursue its goal of ‘accelerating growth of the creator economy’.