A consortium including the Chinese-based music platform Tencent Music Entertainment announced Friday it has bought another 10% stake in Universal Music Group, which values the company at 30 billion euros. It bumps the consortium's total stake in the L.A.-based music giant to 20%.
The move will help TME's parent company Tencent broaden its reach as a leading player in music and gaming across China.
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The Chinese majority-owned Tencent Music Entertainment is acquiring a minority stake in the L.A.-based virtual concerts company Wave, giving the startup a door into the country's state-controlled internet.
Terms of the deal weren't disclosed but the agreement will allow Wave concerts to be distributed on TME's platforms, including QQ Music, Kugou Music, Kuwo Music and WeSing, that operate within China's "Great Firewall." The two companies will also collaborate on developing shows for TME Live, TME's livestreaming platform the company launched in March.
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- The music industry has increasingly turned to livestreamed concerts to try to make up for the massive losses sustained from the cancellation and postponement of in-person events due to the pandemic.
- An ongoing experiment is underway to find and develop the best technology and techniques for engaging fans and convincing them to pay for digital shows.
- Some themes are emerging in what works, what doesn't, and what's coming next.
Post Malone and his bandmates donned women's dresses while livestreaming a Nirvana tribute. British artist Yungblud livestreamed a performance reminiscent of a variety talk show. And Linkin Park's lead singer Mike Shinoda created a series of albums developed entirely in collaboration with his digital followers on Twitch.
Welcome to the new era of live concert-streaming.
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