Moment House has raised $1.5 million in funding to elevate live music performances that people pay to attend. It is filling a gap that has widened during the pandemic, in the virtual space between free live performances and paid concerts.
Forerunner Ventures led the round, and angel investors include Scooter Braun, Troy Carter, Palm Tree Crew Investments (Kygo and Myles Shear), Jess Lee at Sequoia Capital, Jared Leto, Jack Conte Patreon, and others.
With the close of its seed funding round, Moment House is also introducing its platform for artists to create special digital experiences. To kick off the launch, Moment House is announcing Yungblud’s digital world tour as well as additional Moments by Blackbear, Kaytranada, Kygo, Denzel Curry, Ruel, and others.
Arjun Mehta, CEO of Moment House, said in an interview with VentureBeat he learned the basics behind starting a company at the University of Southern California’s Jimmy Iovine & Dr. Dre Academy, an interdisciplinary entrepreneur program. After graduating, he went to work with Shray Bansal and Nigel Egrari to start Moment House with the goal of bringing people together through art and technology. The platform has been in development for the past year.
“It really came from this notion that ‘if I’m an artist, or creative, and I want to go live on the internet with a high-quality experience, and I want to charge for it, how would I do it?’,” Mehta said. “And there was no obvious answer to that question, which felt a bit absurd. It’s like a fundamental utility missing from the internet. There’s no simple and elegant way to do this.”
Above: Moment House is made for live moments for core fans.
The company has handled dozens of Moments in the past few months to validate the platform. Other platforms like YouTube and Twitch focus on free performances, monetized through ads. Moment House focuses on events that core fans will pay $10 or $15 for, as an elevated experience but short of something like a formal concert.
The Moment House platform is designed to enable special Moments on the Internet. With its geofencing capabilities, low-latency streaming technology, ticketing security, merchandise integrations, and global payments support, Moment House offers advanced infrastructure while remaining artist-friendly. Artists earn 100% of the ticket revenue, with Moment House earning a small service fee from fans.
As Yungblud launches his sophomore album titled Weird!, he is kicking off his first digital world tour with Moment House.
“With Moment house, every event is called a moment, every digital event, every digital experience. And really, it’s about how do we design this experience to feel very elegant, to feel exciting to feel compelling,” Mehta said. “There’s a special ephemeral quality to digital events, about how culturally relevant they are.”
Livestreaming on platforms such as Twitch serves one of these purposes, but the focus on things like gaming is very different, Mehta said. For instance, buying tickets to such as an event isn’t really the focus of Twitch.
“We’re laser-focused on the needs of an artist and we’re not orienting it around free content,” Mehta said. “This is for an artist who already has an audience, and you’re engaging the core fans with content.”
The company has a dozen employees.
“Our North Star is the fan experience,” Mehta said. “The focus of our company is on the great moments of great artists. If we really nailed this, and fans feel like these moments are great, then we are hitting our goal. Our product roadmap goes beyond just the chat and the screen. There are so many more unique interactivity points during the moment, before, or after the moment.”
The pandemic accelerated the company’s momentum for funding and signing up artists, but it isn’t the only enabler, Mehta said.
Source: Read Full Article