Making money on livestreams has never been easier thanks to a suite of tools from the Los Angeles-based startup Maestro, which just nabbed $15 million in financing to grow its business.
As video commerce becomes the norm and entertainers, brands, businesses, and franchises of all sizes and stripes look to cut out the middle man, the array of services on offer from Maestro may be the scissors these entities need to cut the cord.
The company has already worked with names as diverse as the Golden State Warriors, the Dallas Cowboys, and pop sensation Billy Eilish on embedding its interactive tools into various live events and promotions.
Initially the LA-based company launched to the gaming community with interactive features that folks could use in-stream to create better engagement with fans. But what started in the gaming world quickly spun out as the company slashed prices to $500 per month for its services.
The pandemic also helped as artists who were cut off from their audiences began to explore alternative ways to reach fans — and make money.
“We were targeted to a small number of very premier customers. It was around 50 to 60 and we grew to in the hundreds,” said Maestro chief executive, Ari Evans, said. “2020 was a blowout year… People needed an interactive streaming platform that they could spin up quickly that they could launch on their website.”
Celebrities from Katy Perry to Post Malone to Billie Eilish all turned to the service and so did other streaming platforms like the Los Angeles-based virtual concert platform, The Wave.
Now the company has $15 million in new financing to capitalize on its growth from investors including NetEase, Sony Music Entertainment, and Acronym Venture Capital, alongside a host of industry titans including Twitch co-founder Kevin Lin and Moonwell Capital, founded by former Activision Blizzard executives Michael and Amy Morhaime, the company said in a statement.
Existing investors like SeventySix Capital, The Strand Partners, Stadia Ventures, Hersh Interactive Group, and Transcend Fund, as well as early Zoom employees Richard Gatchalian and Aaron Lewis, also participated.
Since the launch of monetization tools in May of last year, Evans estimated that the platform has paid out at least $5 million to entertainers who used the service.
“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 customized events for their fans, allowing creators at any stage of their career to put together a world class live stream event,” said Dennis Kooker, President, Global Digital Business and U.S. Sales, Sony Music Entertainment, in a statement.
“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 maximize engagement and monetization 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,” said Joshua Siegel, General Partner, Acronym Venture Capital.
“Maestro… started off with the content and now we’re adding membership and community management and ticketing and all that stuff,” said Evans.
The next step, and a big part of what Evans and his team of 55 employees will work on building will be a developer ecosystem, so software designers can start building out new tools to sell through the Maestro platform.
“The third piece is a developer ecosystem,” Evans said. “We’re really copying Shopify, Squarespace for video or Shopify for video. It’s kind of strange that this has taken so long to develop.
The one thing that Maestro won’t do is discovery or search services, Evans said. “We’re helping creators make money and build a business on top of video. That’s something creators need to be aware of if they’re going to build that direct to consumer channel,” he said. “If you do do that and you’re successful you’re in control over your audience.”
