Tencent Music Buys Shares In Virtual Concerts Company Wave
November 20, 2020 at 1:20 AM (PT)
TENCENT MUSIC ENTERTAINMENT has acquired shares in L.A.-based virtual concerts company WAVE after buying equity in both UNIVERSAL MUSIC GROUP and WARNER MUSIC GROUP.
WAVE combines broadcast technology and real-time gaming graphics to transform artists into digital avatars in a virtual world, through which they can play livestreamed concerts for fans to watch and interact with. The company has hosted over 50 events from artists including THE WEEKND, JOHN LEGEND and LINS3EY STIRLING, performing for millions of viewers around the world.
Those viewers can access and share WAVE concerts via YOUTUBE, TWITCH, FACEBOOK, TWITTER and other digital and gaming channels.
WAVE previously received a $30m funding boost from SCOOTER BRAUN, ALEX RODRIGUEZ, SUPERFLY co-founder RICK FARMAN and TWITCH co-founder KEVIN LIN.
TENCENT MUSIC will be able to air WAVE experiences in CHINA across all of its platforms including QQ MUSIC, KUGOU MUSIC and WESING, as well as developing virtual concert content for TME LIVE, TME's in-house live music performance streaming arm.
TME Group VP/Content Cooperation TC PAN commented, “The collaboration with WAVE marks an important step forward in our efforts to integrate technology and music, aiming to amplify the immersive music experience for our users, enhance user engagement and promote content consumption.
“With this strategic partnership, we will further extend the boundaries of music services through virtual performances, and build a broader music ecosystem.”
Added WAVE COO JARRED KENNEDY, “WAVE is committed to bringing our interactive virtual entertainment experiences to music fans around the world, and TME is the ideal partner to accelerate these efforts.
“We share the belief that gaming technology will dramatically expand the breadth of possibility for creative expression and audience interaction in music, and we are thrilled to be collaborating with TME to build that future."