Korean CJ ENM Continues to expand digital and technology business with investment in US-based concert platform Amaze VR. The private equity stake is part of the entertainment powerhouse's strategy to grow business sectors related to AR/VR technology, Metaverse, NFTs and other tools. The aim is for CJ ENM to extend the lifetime value of his IP by producing and distributing his VR content and concerts.
Founded in 2015, AmazeVR uses proprietary technology to capture ultra-realistic 9K+ live-action footage of artist performances, giving fans a front-row seat to 3D stage environments. The company's portfolio includes Megan Thee Stallion's virtual reality concert tour and her joint venture with K-pop giant SM Entertainment (known as “Studio A”). Plans are afoot to continue collaborating with big artists in both the US and South Korea.
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CJ ENM's library has hundreds of music and concert IPs that can be developed as VR content. Through its partnership with Amaze, the company also plans to amass an additional library of VR content that will fuel its expansion into the VR platform business.Existing CJ ENM music IP ranges from unscripted content to street woman fighter and show me the money From offline conventions and concerts such as the K-POP music award show MAMA Awards and the K culture festival KCON.
“We are excited to partner with AmazeVR, a leader in premium VR content creation technology, to lead a new paradigm in the entertainment industry,” said Ho-Sung Kang, CEO of CJ ENM.
AmazeVR CEO Ernest Lee added: We're in talks with some of the most iconic figures in music to continue to provide the best experience for our fans. ”
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