Warner Music has announced a partnership with and investment in Wave which is, and I quote, a "leader in virtual entertainment". What does the deal mean? Well, "Wave will develop virtual performances, experiences and monetisation opportunities for Warner Music's global roster of emerging and established artists", the monetisation options including "new forms of ticketing, sponsorship, and in-show interactions for fans".
"WMG has an incredible history of being a trailblazer in the music industry", reckons Wave co-Founder and CEO Adam Arrigo. "They share our vision for pulling the future forward using new technologies that benefit artists and fans alike. We're excited to partner with them to create interactive events that are unlike any other virtual concerts ever experienced".
On the Warner side, the major's Chief Digital Officer Oana Ruxandra says: "The commercial opportunity in the metaverse has exploded in the last several years, with the past few months seeing a tipping point for mainstream adoption of immersive social experiences and virtual communities. Wave is indisputably a leader in the interactive virtual entertainment space and the right partner to help us grow WMG's efforts. Our artists and their fans will be getting best-in-class experiences, as we pioneer new forms of consumption and monetisation".