Korea’s CJ ENM is continuing expansion of its digital and technology business with an investment in U.S.-based concert platform AmazeVR. The undisclosed stake is part of the entertainment powerhouse’s strategy to grow its business sectors related to AR/VR tech, metaverse, NFTs and other tools. The aim is to see CJ ENM extend the lifetime value of its IPs by producing and distributing VR content and concerts.
AmazeVR was founded in 2015 and uses proprietary technology to capture hyper-real 9K+ live-action footage of artists performing, giving fans front-row seats to 3D stage environments. The company’s portfolio includes Megan Thee Stallion’s virtual reality concert tour and a joint venture partnership with K-pop giant SM Entertainment (known as “Studio A”). Plans are underway to continue working with big acts both in the U.S. and Korea.
CJ ENM for its part has hundreds of music and concert IPs within its library that can be developed into VR contents. With the Amaze tie-up, the firm will also accumulate an additional library of VR content which will serve as a propeller for the company to expand into the VR platform business. Existing CJ ENM music IPs ranges from unscripted content Street Women Fighter and Show Me The Money to offline conventions and concerts such as K-pop music awards show MAMA Awards and K-culture festival KCON.
“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,” said CJ ENM CEO Ho-Sung Kang.
Added AmazeVR CEO Ernest Lee, “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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