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CJ ENM invests in VR concert platform AmazeVR Read more: CJ ENM invests in VR concert platform AmazeVR | Media Investment | Business | News | Rapid TV News Follow us: @rapidtvnews on Twitter

Founded in 2015, AmazeVR is claimed to be the first and only VR concert provider in the market, using its exclusive and proprietary technology to capture hyper-real 9K+ live-action footage of artists performing. Aiming to give fans front-row seats to artists in 3D stage environments, AmazeVR delivers premium high-definition VR experiences, transforming VR concerts to be scalable and faster to produce.

AmazeVR’s portfolio includes the recent success of Megan Thee Stallion’s virtual reality (VR) concert tour and joint venture partnership with K-pop giant SM Entertainment (known as “Studio A”). Plans are underway to work with some of the biggest names in music, both in the US and Korea. AmazeVR is continuing discussions with chart-topping artists in the US for their next concert production and has formed a JV with SM Entertainment to produce upcoming VR concerts for select K-pop artists.

With the investment, CJ ENM says that it will now be able to expand the life time value of its IPs creating synergy with AmazeVR's technology to create VR content, which will enable to company to expand business opportunities related to VR platforms.

The Korean firm already has a substantial amount of music and concert IPs within its content library that can be developed into VR programming. In addition, its production capabilities combined with AmazeVR’s technology will be able to create a new form of VR content that it says is “not bound by time or space.”

Based on the existing library of well-made originals, CJ ENM will be able to accumulate an additional library of VR content which will serve as a propeller for the company to expand into the VR platform business as part of its strategy to accelerate business growth and seek new momentum as a leader in the entertainment industry. CJ ENM’s hit music IPs ranges from unscripted content such as Street Women Fighter and Show Me The Money to offline conventions and concerts such as the world’s No.1 K-pop music awards show like the MAMA AWARDS and the leading K-culture festival KCON.

The new investment is part of CJ ENM’s strategy to expand its digital and technology related business sectors related to AR/VR tech, metaverse, non-fungible tokens(NFTs) and other tools and most recently it acquired a minority equity stake in Hyperreal Digital, a US-based metaverse firm that is known for its high fidelity 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,” commented CJ ENM CEO Ho-Sung Kang commenting on the investment.

“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,” added AmazeVR CEO Ernest Lee. “We are talking to iconic names in music to continue to bring the best experiences to their fans.”

Read more: CJ ENM invests in VR concert platform AmazeVR | Media Investment | Business | News | Rapid TV News
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