Comcast and Time Warner are among the investors chipping in on a $30.5 million funding round for NextVR, a company that specializes in broadcasting live events in virtual reality.

According to the Wall Street Journal, this isn’t Comcast’s first bet on VR: the operator joined a $10 million funding round for AltspaceVR earlier this year. But this is Time Warner’s first jump into investing in VR.

Both Comcast and Time Warner representatives told the Journal that VR could be the next big platform. And locking down new video features and functions is critical as traditional pay-TV subscriber numbers continue to slowly but steadily erode.

NextVR says it’s developed a proprietary lens-to-lens technology that allows it to offer live and on-demand video in high definition and immersive 3D. The company demonstrated the technology last month with broadcasts of an NBA game and a Democratic candidate debate.

Along with Comcast and Time Warner, other companies in the pay TV and SVOD markets have been exploring VR content. DirecTV launched a VR app using footage from a boxing match. Both Hulu and Netflix have announced plans to offer content in virtual reality and channels like SyFy have already done so.

Many manufacturers have jumped into the market for VR headsets, particularly following Facebook’s acquisition of Oculus. Samsung and HTC both offer VR headsets and Google offers Cardboard, an inexpensive headset that works with most newer Android smartphones.