Source: Financial industry website
Beijing time November 17th, China's online music entertainment platform Tencent Music Entertainment Group announced today that it has reached a strategic cooperation with Wave, a leader in virtual performance services, and will invest in it in the form of equity. According to the cooperation agreement, the two parties will further jointly explore the blue ocean market for virtual concerts. Based on its leading advantage in the Chinese market and improve the music entertainment ecosystem, TME will operate on all platforms under QQ Music, Kugou Music, Kuwo Music and Quanmin K Song. Exclusive broadcast of Wave Show in China; at the same time, both parties will jointly develop high-quality virtual concert content for TME live, an innovative performance brand under TME, and jointly explore new modes of music promotion and performance through a deep and innovative cooperation model. Music lovers provide global premium music content and innovative interactive virtual music entertainment experience. Since the launch of
in March 2020, TME live has broken the boundaries between online and offline. With its excellent brand influence and excellent production quality, it has continued to attract well-known artists from various genres and styles at home and abroad, such as Andy Lau, Eason Chan, Jessie J, Zhou Shen, etc. Its multi-scene, innovative performance mode and extremely fast, high-definition stream digital audio and video technology also brings users a high-quality immersive super performance experience. At the same time, TME live has also won the sponsorship of well-known brands in different industries at home and abroad, and provides users with VIP exclusive, virtual gifts and other value-added services, so that users can better interact with artists.
Wave utilizes advanced broadcasting technology and real-time image engine to convert singers into digital avatars in real time and project them onto the virtual stage, bringing users an immersive virtual performance experience. So far, the company has hosted more than 50 virtual performances for pop stars, DJs and artists including The Weeknd, John Legend, Tinashe, Lindsey Stirling, etc. through social and gaming platforms, attracting millions of users worldwide Watch.
Pan Caijun, Vice President of Content Cooperation Department of Tencent Music Entertainment Group, said: "The cooperation with Wave marks an important step in integrating technology and music content. This cooperation will bring users a higher-quality immersive music experience. Enhance users’ enthusiasm and willingness to consume music content. At the same time, through innovative virtual performance models, we will further expand the boundaries of music entertainment services and build a broader music entertainment ecosystem." said Jarred Kennedy, chief operating officer of
Wave: "Wave Committed to providing interactive virtual entertainment experience for music fans around the world. TME is an ideal partner to explore this innovative field together. We believe that cutting-edge technology will greatly expand the creative expression of music and the possibility of interacting with audiences , We are very happy to cooperate with TME to explore the future together."
As the leader of online music entertainment services in China, TME has a wealth of industry experience and a sound music ecological platform. With the completion of this strategic cooperation, TME extends the boundaries of music services to the field of virtual performances, realizes a broader music ecological layout, and uses more innovative scenarios to create a new content promotion model for musicians and high-quality works Providing a ubiquitous stage further strengthens TME's resource integration advantages and publicity capabilities, and releases the diverse value of music. The investment of
not only provides new ideas for TME to realize the continuous growth of the diversified value of music content, but also brings more possibilities for crossover and value release to the Chinese music industry. In the future, TME will continue to invest more advanced technology, high-quality content, and operational resources, and work with industry partners to promote the continuous development and commercialization of the field of ultra-field innovation.
