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South Korean leisure chief CJ ENM has invested in U.S.-based digital actuality live performance platform AmazeVR. The transfer is meant to reinforce the group’s presence within the metaverse and develop alternatives for Ok-Pop and unscripted content material.
AmazeVR claims to be the primary and solely firm utilizing its unique and proprietary expertise, to seize hyper-real 9K+ live-action footage of artists performing. This provides followers front-row seats in 3D stage environments, making VR live shows simply scalable and sooner to provide.
AmazeVR has beforehand placed on live shows with Megan Thee Stallion and labored with Korean lady group Aespa on actual world and digital live shows. It not too long ago formalized a three way partnership with Korean expertise company SM Leisure to provide upcoming VR live shows for different Ok-Pop artists.
CJ ENM, which operates music TV channels, organizes music award reveals and the KCON conventions, sees the brand new tech being utilized in two instructions. The group has lots of of music and live performance IPs inside its present content material library which could be repurposed as VR contents. Its unscripted content material portfolio contains “Road Girls Fighter” and “Present Me The Cash.”
It additionally expects to create new content material “that’s not sure by time or area” from new occasions.
The worth and construction of the CJ ENM-AmazeVR was not revealed. In January this yr, AmazeVR raised $15 million, bringing to almost $31 million the quantity of capital raised since its debut in 2015. The Los Angeles-based firm has attracted different Korean traders in earlier funding rounds. These embody Mirae Asset Administration and Quantum Ventures Korea.
CJ ENM says the newest funding is a part of its technique to develop its digital and expertise associated enterprise sectors associated to AR/VR tech, metaverse, non-fungible tokens (NFTs) and different instruments. Earlier this yr, it acquired a minority fairness stake in Hyperreal Digital, a U.S.-based metaverse agency growing ‘digital people’ expertise.
“We’re excited to associate with AmazeVR, an organization that’s main premium VR content material manufacturing expertise, to guide a brand new paradigm within the leisure trade” mentioned CJ ENM CEO Kang Ho-Sung, in a ready assertion.
“With the help of our devoted funding companions, we’re excited to enter the following age of VR live performance manufacturing and ship some actually superb performances,” mentioned AmazeVR CEO Ernest Lee. “We’re speaking to iconic names in music to proceed to convey one of the best experiences to their followers.”
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