Warner Music Group has announced a partnership with and investment in virtual entertainment company Wave, which has hosted livestreams by the Weekend, John Legend, Tinashe and others. According to the announcement, Wave will develop virtual performances, experiences, and monetization opportunities for WMG’s global roster of emerging and established artists. This includes new forms of ticketing, sponsorship, and in-show interactions for fans. The deal follows WMG’s partnerships with companies like interactive platform Roblox and virtual avatar company Spirit Bomb.
“WMG has an incredible history of being a trailblazer in the music industry. They share our vision for pulling the future forward using new technologies that benefit artists and fans alike,” said Adam Arrigo, CEO and Co-Founder of Wave. “We’re excited to partner with them to create interactive events that are unlike any other virtual concerts ever experienced.”
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WMG and Wave will collaborate to bring Wave’s cutting-edge technology to transform participating artists into digital avatars, performing live and taking fans into an immersive virtual experience. Wave offers fans unique and interactive offerings including live chats, virtual gifting and voting, as well as real-time audience appearances during artist performances. 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.
“The commercial opportunity in the metaverse has exploded in the last several years, with the past few months seeing a tipping point for mainstream adoption of immersive social experiences and virtual communities,” said Oana Ruxandra, EVP, Business Development and Chief Digital Officer at WMG. “Wave is indisputably a leader in the interactive virtual entertainment space and the right partner to help us grow WMG’s efforts. Our artists and their fans will be getting best-in-class experiences, as we pioneer new forms of consumption and monetization.”
WMG joins a variety of artists, entrepreneurs, and venture capitalists investing in Wave. Justin Bieber, The Weeknd, Scooter Braun, J Balvin, Maveron, among others, participated in Wave’s most recent funding round. The company also announced its continued expansion into China through a strategic partnership with Tencent Music Entertainment.
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