Image credit: John Legend
Warner Music Group invests into more virtual concert spaces, solidifying the idea that livestream and virtual concerts will survive post-pandemic.
WMG (Warner Music Group) has been investing into the digital realm recently with an eight-figure sum into Roblox and an investment into tech company Genies. Now they are looking to take things further by putting money into the virtual concerts platform Wave. WMG now joins other investors such as Tencent, Scooter Braun, Justin Bieber, The Weeknd, and Twitch co-founder Kevin Lin.
The exact amount WMG invested is yet to be confirmed but they have taken a minority equity position in the company as a result.
The LA-based company Wave blends broadcast technology and real-time gaming graphics to transform artists into digital avatars in a virtual world. These can then be streamed for fans to watch and interact with.
Warner said that Wave will “develop virtual performances, experiences, and monetization opportunities” for its artists, including “new forms of ticketing, sponsorship, and in-show interactions for fans.” Adding: “Through Wave, WMG will be able to forge more powerful artist activations, incorporating new and fan-favorite features into their shows to fuel audience engagement.”
To this day Wave has hosted more than 50 events for several popstars, DJs, and artists, including The Weeknd, John Legend, Dillon Francis, and many more.
Watch the a recent livestream by Wave with John Legend here: