Leading entertainment company CJ ENM announced its investment in the US-based VR concert platform ‘AmazeVR’. With this investment, CJ ENM will 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.
CJ ENM has hundreds of music and concert IPs within their vast content library that can be developed into VR contents. On top of the company's vast content library, CJ ENM's production capabilities combined with AmazeVR’s technology will be able to create a new form of VR content that is not bound by time or space.
Based on CJ ENM’s 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 <Street Women Fighter>, <Show Me The Money>, etc. to offline conventions and concerts such as the world’s No.1 K-pop music awards show <MAMA AWARDS>, world’s No.1 K-culture festival <KCON> etc.
AmazeVR, founded in 2015, has since dominated the VR concert market as the first and only company, using its exclusive and proprietary technology, to capture hyper-real 9K+ live-action footage of artists performing. Giving fans front-row seats to their favorite artists in 3D stage environments, AmazeVR delivers premium high-definition VR experiences, truly transforming VR concerts to be easily 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.
“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” stated CJ ENM CEO Ho-Sung Kang.
“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,” stated AmazeVR CEO Ernest Lee. “We are talking to iconic names in music to continue to bring the best experiences to their fans.”
This 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. Most recently, the company acquired a minority equity stake in Hyperreal Digital, a US-based metaverse firm that is known for its high fidelity digital humans technology.