NYSE-listed Tencent Music Entertainment Group (TME) announced a strategic partnership and minority equity investment in Wave, the market leader in interactive virtual entertainment experiences.
The partnership between the two parties will enable TME to air Wave experiences in China across all of its platforms, including QQ Music, Kugou Music, Kuwo Music, and WeSing.
Moreover, the collaboration allows TME and Wave to jointly develop virtual concerts for TME Live, a live performance brand from Tencent, through premium music content and interactive concert experiences.
Since launching in March this year, TME Live not only attracted renowned artists but also explored monetization through sponsorship from high-profile domestic and international brands as well as VIP packages for users to purchase.
As a company harnessing broadcast technology and real-time gaming graphics, Wave has hosted more than 50 events for pop stars, DJs, and artists including The Weeknd, John Legend, and Lindsey Stirling, performing for millions of viewers around the world.
“With this strategic partnership, we will further extend the boundaries of music services through virtual performances, and build a broader music ecosystem,” said TC Pan, TME Group Vice President of Content Cooperation.
The announcement also came at a pivotal time for Wave, closing 2020 as the company’s biggest year since its establishment five years ago. “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,” commented Jarred Kennedy, COO of Wave.
“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,” Kennedy added.