Entertainment has evolved dramatically over the span of last year. Nowadays, the primary way to consume live music is online, and artists across the country are taking new routes to greet their fans. Luckily for them, there are platforms like Wave. The company specializes in creating virtual concert experiences, and it just secured Warner Music Group as a high-profile new investor to support its growth.
Following WMG’s recent investment in Wave, the two companies are entering a partnership that allows Wave to create new features and experiences for artists and fans alike. Though a dollar amount was not disclosed, WGN now holds a minority equity position in Wave. The entertainment company is looking to create more performance avenues and monetization opportunities for its artists.
Some of the 50 artists who have graced Wave’s digital stage so far include The Weeknd, John Legend, Tinashe, Alison Wonderland and Dillon Francis.
What sets Wave’s platform apart is its use of real-time gaming graphics that bring an artist virtual avatar into a digital performance space. Fans can stream the virtual concerts live and interact with the artists using Wave’s live chat, virtual gifting and voting features. Fans can also see virtual representations of themselves in the audience during a concert.
Wave’s broadcast tech allows users to stream virtual concerts on a variety of platforms like YouTube, TikTok, Twitch and Roblox in addition to its own site. Going forward, Wave is making improvements to its platform with new methods of ticketing and sponsorship for artists, and additional immersive functionalities for fans, as reported by the trade publication Music Business Worldwide.
“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,” Adam Arrigo, CEO and co-founder of Wave said in a statement. “We’re excited to partner with them to create interactive events that are unlike any other virtual concerts ever experienced.”
The company has previously garnered attention from several A-List investors including Tencent, Alex Rodriguez, Scooter Braun, Justin Bieber, The Weeknd and Kevin Lin, co-founder of Twitch, most of whom participated in the startup’s $30 million Series B funding round closed last June. Looking ahead, Wave is currently hiring for several LA-based positions across engineering, art, production, and more.
