Tencent Music takes a minority share in virtual entertainment platform Wave

By Emmanuel Legrand

China's Tencent Music Entertainment Group has acquired a minority stake in US start-up Wave, a Los Angeles-based company providing animated live concert technology that transforms artists and fans into animated avatars. Under the partnership, Tencent Music will be able to broadcast Wave's concerts on its various platforms, including QQ Music, Kugou Music, Kuwo Music and WeSing. Terms of the transaction were not disclosed.

  "Through creative cooperation models, both companies will also develop innovative promotional approaches, build high-quality music content, and bring interactive, unique and emerging concert experience to China's music lovers," said Tencent in a statement.

  The two companies will also create virtual concerts content for Tencent Music's own live performance brand, TME Live. TME Live was launched in March 2020 and is exploring monetisation through sponsorships, and offering services such as VIP packages and virtual gifts for users to engage with their favourite artists. To date, Wave has hosted more than 50 Wave events for artists such as The Weeknd, John Legend, Tinashe and Lindsey Stirling, among others.

An immersive experience

  "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," said TC Pan, Group Vice President of Content Cooperation of TME. "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: "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." 

  Tencent said the partnership with Wave will allow TME to further extend "coverage of music services to virtual performances, developing a broader music ecosystem and creating a borderless stage for musicians around the world, opening a new path of sustainable and long-term monetisation model, while also creating unique opportunities for development and value growth in China music industry."