Once the home of Frank Sinatra's vinyl recordings, Warner Music Group has ventured into the virtual entertainment world. The company announced it will partner with a virtual concert provider and invest in a tech company that plans to develop avatars and create NFTs for the label's artists.
Monday's announcement that Warner will enter into a content and investment partnership with Los Angeles-based Wave followed a similar announcement Friday that the venerable music label will partner with Genies, a tech company that will help develop a virtual presence for Warner artists and NFTs for their artwork and music.
"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," Oana Ruxandra, EVP, business development and chief digital officer at WMG, said in a news release.
Wave, a virtual concerts platform, uses its technology to transform artists into digital avatars through which they can perform livestreamed concerts for fans. It has recently released performances from artists such as The Weeknd and John Legend.
"Wave is indisputably a leader in the interactive virtual entertainment space and the right partner to help us grow WMG's efforts," Ruxandra added. "Our artists and their fans will be getting best-in-class experiences, as we pioneer new forms of consumption and monetization."
The agreement will allow Warner to develop virtual performances, experiences and monetization opportunities for its line-up of artists across its labels, including "new forms of ticketing, sponsorship and in-show interactions for fans," the company said.
In the past few months, Warner has announced it has invested in social gaming platform Roblox and experimental virtual artist record label Spirit Bomb, "enabling artists to power their creative visions and engage fans in new ways," the company said.
Warner did not release financial details of its investment in Wave.
In addition to the digital avatars for live performances, Wave offers live chats, virtual gifting and voting, as well as real-time audience appearances during artists' performances.
"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."
The deal with Warner is one of Wave's biggest partnerships to date. It has also teamed up with Tencent Music Entertainment as well as investment from Justin Bieber, J. Balvin, The Weeknd, Scooter Braun, Top Dawg Entertainment, Maveron and Griffing Gaming.
Wave has so far hosted more than 50 events for popstars, DJs and artists.
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