NextVR has raised $30.5 million to live-stream content in virtual reality

Live streaming and virtual reality are seen as the future of entertainment, and NextVR wants to cash in on both of the trends at the same time. The startup just finished a $30.5 million round of funding led by Comcast and Time Warner, which will help it broadcast more live-streamed content in virtual reality. NextVR has already live-streamed one of the Democratic presidential debated and the NBA’s season-opening game, but with this funding, it can expand its content offerings and attract more users.

Comcast Corp. and Time Warner Inc. are investing in virtual reality, the latest traditional media players to bet on the emerging technology amid big disruptions in pay television. The companies’ venture arms joined a $30.5 million funding round for NextVR Inc., which broadcasts events live in virtual reality. Last month, NextVR offered virtual-reality broadcasts of a Democratic presidential debate and the National Basketball Association’s season-opening game. Virtual reality, which enables users to feel immersed in a scene by wearing a digital headset, has become a popular bet for traditional media companies seeking to hold and expand their audiences as viewers cut pay-TV subscriptions in favor of content delivered via the Internet. In September, Walt Disney Co., Sky PLC and others invested $65 million in Jaunt Inc., which creates and distributes virtual-reality content. Comcast joined a $10 million funding round this year for AltspaceVR Inc., a social-media platform for virtual reality, and is set to announce a third virtual-reality investment this month, said Michael Yang, managing director of Comcast Ventures.