HONG KONG -- Tencent Holdings' music unit said on Thursday that it had reached a deal to take a minority stake in U.S. startup Wave, forming a partnership to bring the Los Angeles-based company's popular animated live concert technology to Chinese audiences.
Virtual performances have seen fast growth during the coronavirus pandemic, as most live concerts have been canceled or postponed. Wave, a five-year-old startup, rose to prominence this year by hosting more than 50 events featuring performers such as John Legend and Tinashe. The events have been streamed on platforms including YouTube, Twitch, Facebook, Twitter and TikTok.
