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The move is intended to enhance CJ ENM's presence in the metaverse and expand opportunities for K-pop and unscripted content
By IQ on 27 Sep 2022
South Korean entertainment giant CJ ENM has bought a stake in US-based virtual reality (VR) content platform AmazeVR.
The move is intended to enhance CJ ENM’s presence in the metaverse and expand opportunities for K-pop and unscripted content, according to Variety.
Los Angeles-based AmazeVR claims to be the first and only company using its exclusive and proprietary technology, to capture hyper-real 9K+ live-action footage of artists performing. This gives fans front-row seats in 3D stage environments, making VR concerts easily scalable and faster to produce.
The startup has previously developed immersive experiences with Megan Thee Stallion and worked with Korean girl group Aespa on real-world and virtual concerts.
It recently formalised a joint venture with K-pop juggernaut SM Entertainment to produce upcoming VR concerts for other K-pop artists.
“We are talking to iconic names in music to continue to bring the best experiences to their fans”
In January this year, AmazeVR raised US$15 million, bringing the amount of capital raised to nearly $31m since its debut in 2015. It has attracted other Korean investors in earlier funding rounds – Mirae Asset Management and Quantum Ventures Korea.
CJ ENM, which operates music TV channels, organises music award shows and the KCON conventions, says the investment in AmazeVR is part of its strategy to expand its digital and technology-related business sectors related to AR/VR tech, metaverse, non-fungible tokens (NFTs) and other tools.
Earlier this year, it acquired a minority equity stake in Hyperreal Digital, a US-based metaverse firm developing ‘digital humans’ technology.
“We are excited to partner with AmazeVR, a company that is leading premium VR content production technology, to lead a new paradigm in the entertainment industry,” says CJ ENM CEO Kang Ho-Sung.
AmazeVR CEO Ernest Lee adds: “With the support of our dedicated investment partners, we’re excited to enter the next age of VR concert production and deliver some really amazing performances. We are talking to iconic names in music to continue to bring the best experiences to their fans.”
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