Condense, a Bristol-based virtual streaming company, raised GBP 500,000 (~USD 630,000) in funding from BBC Ventures, the investment arm of BBC. Alongside this, BBC partnered with Condense to use its technology to create immersive live events and virtual experiences within the New Music Portal initiative, aimed at attracting younger audiences.

The funding will ensure that BBC “stands to benefit” as Condense grows, as stated by the company.

Condense's technology allows artists to perform in a capture area, which is then converted into a 3D simulation and streamed live into a virtual venue, enabling remote audiences to experience the performance from different angles using avatars, without requiring specialized VR equipment.

Analyst QuickTake: The small amount of funding raised is reflective of the dampened landscape for metaverse event platforms. For example, Meta shut down its Horizon Venues app in June 2022 , with its features moved into Horizon Worlds instead. This was followed by the company’s decision in May 2023 to remove users' ability to create their own events on the platform.