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Media & Entertainment

Tencent Music invests in US 'avatar' concert company Wave

Tie-up marks rare technology deal amid tensions and heightened scrutiny

Artists such as Swedish electronic dance music duo Galantis have been holding virtual Wave concerts where avatars powered by motion capture technology represent the performers.(Courtesy Wave)

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.

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