An investigation of twin corotating rotors’ interaction effects was performed by load (thrust and torque) measurements, flow field dynamics through Time-Resolved Particle Image Velocimetry, and acoustic emissions using a microphone array. Two rotors, each with a diameter of D = 393.7 mm and equipped with three blades, were investigated in a side-by-side configuration, to simulate a multirotor propulsion system. The mutual distance between the propellers is 1.02 D, and four different rotating speeds, i.e., 2620, 3500, 4360, and 5200 RPM, were explored. In such a configuration, thrust and torque undergo a reduction compared to that found for a single propeller configuration. The level of aerodynamic load fluctuations increases as well. The interaction of the wakes produces a recirculation region at the external periphery of the shear layers. An innovative approach involving the coupling of Proper Orthogonal Decomposition (POD) and Wavelet Transform has been employed to investigate the dominant structures within the flow and their mutual influence. The results reveal that the interacting wakes are dominated by a wave-like motion pulsating at Harmonics of the Blade Passing Frequency (HBPF) of 1/3. Higher orders of POD modes capture coherent vortical structures, including tip vortices pulsating at HBPF = 1. The aeroacoustic investigation shows that the noise level, in terms of the Over All Sound Pressure Level, presents a remarkable increment concerning that generated by the single propeller.