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South Korean entertainment leader CJ ENM has invested in US-based virtual reality concert platform AmazeVR. The move is aimed at improving the group’s presence in the metaverse and expanding opportunities for K-Pop and unscripted content.
AmazeVR claims to be the first and only company using its unique and proprietary technology to deliver high-fidelity 9K+ live-action footage of artists. This gives fans front-row seats in a 3D stage environment, allowing VR concerts to be easily scalable and quickly produced.
AmazeVR has previously produced concerts with Megan The Stallion and worked with Korean girl group Aespa on both real-world and virtual concerts. It recently formalized a joint venture with Korean talent agency SM Entertainment to host upcoming VR concerts for other K-Pop artists.
CJ ENM, which operates music TV channels, music award shows and the KCON convention, sees the new technology being used in two directions. The group has hundreds of music and concert IPs in its existing content library that can be reused as VR content. His unscripted content portfolio includes “Street Fighter” and “Show Me the Money.”
It also expects to create new content “unlimited by time and space” from new events.
The price and structure of CJ ENM-AmazeVR has not been revealed. In January of this year, AmazeVR raised $15 million, bringing the amount of capital raised since its launch in 2015 to nearly $31 million. The Los Angeles-based company has attracted other Korean investors in previous funding rounds. These include Mirae Asset Management and Quantum Ventures Korea.
CJ ENM said the latest investment is part of its strategy to expand into digital and technology-related business sectors related to AR/VR technology, Metaverse, non-trivial tokens (NFTs) and other tools. Earlier this year, it acquired a minority equity stake in US-based Hyperreal Digital, which develops ‘digital people’ technology.
“We are pleased to partner with AmazeVR to lead a new paradigm in the entertainment industry with a company that leads premium VR content production technology,” said Kang Ho-sung, CEO of CJ ENM, in a prepared statement.
“With the support of our dedicated investment partners, we are excited to enter the next era of VR concert production and deliver some amazing performances,” said Ernest Lee, CEO of AmazeVR. “We’re talking to the biggest names in music to continue bringing the best experiences to their fans.”
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