Tencent Music Entertainment Group Announces Strategic Partnership and Investment in Wave
- Wall Street ekes out gains to close languid week
- 'Faster than Porsche but Safer than Volvo': Tesla (TSLA) Begins Model S Plaid Deliveries, Priced Between $131,100 and $145,600
- Oil hits multi-year highs in third weekly gain on demand recovery
- Snowflake (SNOW) Falls Following Investor Day Despite Strong Guidance, Analysts Bullish But Say Investors May Have Wanted More
- Dollar looks stronger as euro and sterling dip
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
SHENZHEN, China, Nov. 19, 2020 /PRNewswire/ -- Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the leading online music entertainment platform in China, today announced a strategic partnership and minority equity investment in Wave, the market leader in interactive virtual entertainment experiences. Under the partnership, TME will be able to air Wave experiences in China across all of its platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing.
Additionally, this collaboration will allow the two companies to develop virtual concert content for TME Live, an innovative live performance brand under TME, which pioneers the integration of offline concerts with an online experience. 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.
Since its launch in March 2020, TME Live continues to attract renowned and iconic artists through its superior influence, brand, and production quality. TME Live also explores monetization by attracting sponsorships from high-profile domestic and international brands, while proactively offering services such as VIP packages and virtual gifts for users to engage with their favorite artists.
Wave harnesses cutting-edge broadcast technology and real-time gaming graphics to transform any artist into their own digital avatar, livestreamed for fans to enjoy and interact with them in a virtual world. To date, the company has hosted more than 50 Wave events for a number of popstars, DJs and artists including The Weeknd, John Legend, Tinashe and Lindsey Stirling, performing for millions of viewers around the world across social and gaming platforms.
"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."
"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," added 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."
This announcement comes at a pivotal time for Wave, closing 2020 as the company's biggest year since it was founded nearly five years ago. This year it continued expanding its relationship with major and emerging artists, labels and AAA gaming companies looking to engage with next generation audiences at the nexus of entertainment and gaming. Now, through TME, it will continue its mission to serve the entire music community, providing an opportunity for any artist of any genre to engage with their fans, as well as reach new audiences.
As the leading online music entertainment platform in China, TME persistently leverages the advanced resource integration, promotion and distribution capabilities to unlock the value of music. Under this new partnership with Wave, TME further extends 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 monetization model, while also creating unique opportunities for development and value growth in China music industry.
About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. Tencent Music's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.
Wave creates interactive virtual entertainment experiences for artists and music fans to connect worldwide. The company harnesses cutting-edge broadcast technology and real-time gaming graphics to transform any artist into their own digital avatar, who can perform live; allowing fans to enjoy and interact with them in a virtual world.
Wave concerts are distributed across all major platforms, including YouTube, Twitch, Facebook, Twitter, digital and AAA gaming channels. To date, the company has hosted more than 50 Wave events for a number of popstars, DJs and artists including The Weeknd, John Legend, Tinashe, Imogen Heap, REZZ, Galantis, Jean-Michel Jarre and Lindsey Stirling, performing for millions of viewers around the world.
Wave was founded by music and technology veterans Adam Arrigo and Aaron Lemke, whose experience includes supporting the design and development of leading music and gaming apps including the Rock Band series and Dance Central series. The company is based in Los Angeles, CA. For more information, go to https://wave.watch/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Media Relations Contact Tencent Music Entertainment GroupEdmond Lococo, ICR Inc.E-mail: TME.PR@icrinc.com Phone: +86-138-1079-1408
WaveMetro Public Relationswave@metropublicrelations.com
SOURCE Tencent Music Entertainment
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- 'They Can Hire Jeff Bezos and It Won't Make a Difference': GameStop (GME) Taps Senior Executives From Amazon as New CEO and CFO, Tops Q1 Earnings Estimates and Says May Sell Up To 5 Million Shares
- USW, Mississippi Polymers Reach Return to Work Agreement, Extend Contract
- Janssen Announces Results from Phase 3 MAIA Study Showing Significant Overall Survival Benefits for Treatment with DARZALEX® (daratumumab) in Patients with Newly Diagnosed Multiple Myeloma Who are Tr
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!