Flymachine Raises $21M for Virtual Concerts Platform

The Evolving Landscape of Virtual Concerts

With the resurgence of in-person concerts and live events across the United States, questions have arisen regarding the future of the virtual event opportunities that emerged during the pandemic.

Flymachine's Approach to Digital Music Experiences

Based in San Francisco, Flymachine is dedicated to replicating the atmosphere of live concerts within a livestreamed environment. The company believes that evolving consumer behaviors, particularly increased comfort with video communication, coupled with the music industry’s need for digital expansion, will drive adoption of their virtual concert platform.

Securing Investment for Growth

Flymachine has successfully secured $21 million in funding to support its ambitious plans. This investment round was spearheaded by Greycroft Partners and SignalFire, with further contributions from Primary Venture Partners, Contour Venture Partners, Red Sea Ventures, and Silicon Valley Bank.

Past Attempts at Virtual Concerts

The virtual concert industry experienced a mixed reception during the height of lockdowns. Spotify explored virtual event formats. Startups like Wave attracted significant venture capital to transform artists into digital avatars for immersive performances. While some smaller artists utilized platforms like Oda for live concert subscriptions or hosted shows on Zoom, widespread success among major artists proved elusive.

Targeting a New Audience

Flymachine differentiates itself by focusing on attracting individuals who would typically miss live shows. This includes those geographically distant from venues, lacking childcare, or preferring to avoid crowded concert settings. CEO Andrew Dreskin posits that this "on the bubble" audience represents a sustainable market for their platform, bridging the gap between “a night in and a night out.”

Strategic Venue Partnerships

The company’s strategy revolves around establishing partnerships with prominent concert venues across the U.S. These include Bowery Ballroom in New York City, Bimbo’s 365 Club in San Francisco, The Crocodile in Seattle, Marathon Music Works in Nashville, and Teragram Ballroom in Los Angeles. Flymachine will livestream performances from these locations to at-home viewers.

The founding team brings substantial experience to the venture; Dreskin previously founded Ticketfly (later acquired by Pandora), and co-founder Rick Farman co-founded Superfly, the organizers of the Bonnaroo and Outside Lands festivals.

The User Experience

Flymachine aims to replicate the social aspect of attending a concert with friends. Users can experience shows in “private rooms” with video chat bubbles, allowing them to interact with friends remotely. The platform allows for independent volume control for both the concert audio and friend’s audio streams.

Long-Term Vision

Despite launching as vaccination rates increased and in-person events resumed, the Flymachine team believes there is a lasting opportunity. They contend that the pandemic underscored the need for accessible and flexible music experiences.

Dreskin explains to TechCrunch that the company intentionally avoided a rushed launch during peak lockdown, recognizing that virtual concerts would become an integral part of the entertainment landscape moving forward.