Variety recently held their Venture Capital & New Media Summit in LA to "explore how the investment community is driving technology innovation" specifically in relationship to the growing and evolving entertainment industry.  Here, Hollywood and Silicon Valley meet to  explore how the investment community drives technological innovation affecting the entertainment industry.

With traditional and digital media companies looking to gain a stronghold in the worldwide marketplace, Hollywood is looking to invest in start-ups that can attract digital consumers and deliver content.  VC's are looking "across the spectrum" including pure entertainment, e-commerce, mobile tech and home entertainment.

"We are looking to invest in high-growth or high-potential companies that are led by a strong set of founders or management team, addressing a significantly large market opportunity and that have a compelling, novel product or solution," says Michael Yang, managing director, Comcast Ventures, and speaker at Variety's Venture Capital & New Media Summit. "In the context of entertainment, we're looking for startups that have created new online experiences that have captivated users and have gotten them to spend meaningful time in those experiences."

Kurt Hoppe, also a conference speaker and director of Smart TV Innovation and Alliances for LG Electronics estimates that within 4 years, 90% of their new TVs will be connected to the internet showing a rate of growth that is faster than that of game consoles. "There's a potential for disruption in the way entertainment is delivered to the home" says Hoppe.  "VCs want to make sure they're placing their bets on different horses because someone is going to win."