Viacom is betting on the future of entertainment with an investment in DigiTour Media, a producer of concerts and festivals featuring social media stars.
Viacom has acquired a minority stake in DigiTour and will add a member to the Los Angeles startup's board of directors. It comes as part of an undisclosed round of funding for DigiTour that also included LionTree and Slow Ventures. Sources peg the round at over $10 million.
"Partnering with a premiere entertainment company like Viacom and its powerhouse brands is something I have always envisioned for DigiTour," said co-founder and CEO Meridith Valiando Rojas. "We believe that this pairing will lead to opportunities to combine our authentic connection to generation Z with Viacom's unparalleled television, film, digital and international resources in order to help accelerate and scale our media brand globally."
DigiTour was founded in 2010 to create live experiences where YouTube and Vine stars perform and then meet with fans. Past events have featured headliners Fifth Harmony, Vine star Nash Grier and YouTube super group Our2ndLife. Past investors include Ryan Seacrest and Advance Publications, parent company of Conde Nast.
The investment comes as Viacom has experienced ratings declines across several of its networks as more young audiences turn to online platforms such as YouTube for entertainment.
This article was originally published by The Hollywood Reporter.