First Sony (NYSE: SNE), and now Time Warner (NYSE: TWX) has invested in Gaia Interactive, a San Jose, CA-based virtual space “hangout” geared towards young people. The amount was not disclosed, reports VentureBeat. Late last year the company announced an investment from Sony Pictures, and a tie-up with Sony and Warner Bros. (owned by Time Warner) to stream movies and TV shows inside of virtual theaters online created on its service.

Updated: The company says this is part of a $12 million round that other companies (including Sony) invested in. Gaia claims to pull in $1 million per month in the sale of virtual goods.

• Sony Invests In Community Site Gaia Online; Signs Up For Virtual Movie Screenings
• Online Avatar Social Network Gaia Gets $8.93 Million Funding
• Virtual Hangout Gaia Closes Second Round Financing With $12M