Posted on March 13, 2021
What Future For Concerts? Virtual Reality, Waze, Verzuz, Virtual Concerts & More
In recent years, the virtual venue & event production company Wave, formerly known as TheWaveVR, focused their energy on using non-immersive media channels to distribute its virtual performances to a wider audience. The company announced that it deprioritized its VR app and will officially, by the end of March, shut it down to focus on bringing more fans to experience virtual events on popular streaming platforms.” According to Wave, the app was slowing down the process of tech.
Wave’s CEO Adam Arrigo took it to Twitter to explain the company’s decision to terminate the VR app. He wrote, “Two years ago, we pivoted out of VR into gaming and live-streaming, as the VR industry didn’t develop as quickly as we’d hoped,” claiming that “Artists need audiences to thrive, and we realized VR just wasn’t there yet, and there was a bigger opportunity for artists outside headsets.”
Since its launch in 2016, Wave raised $40 million, $30 million out of which came from investors like Scooter Braun, according to Crunchbase. The aim of collecting venture capital was to contribute to chasing the vision of making virtual concerts the future of music performances.
Even though the developments 2020 brought to the music and tech industries made VR concerts a popular theme for discussions, the reality remains that VR has a chicken/egg problem that holds it back from evolving at full pace to reach its potential. There are only few VR developers on the market because the consumer hardware is still too expensive, and the consumer hardware is costly due to a lack of developers. Of course, VR is still considered one of the priorities in the tech industry. You can learn about its brilliant potential and importance in The Toxicity of YouTube’s New Algorithm, TikTok’s Uncertain Future, Instagram Reels & Virtual Events or Four Ways Augmented Reality Could Change The Music Industry.
Triller Network Acquires Verzuz
Verzuz is an American webcast series created by producers Swizz Beatz and Timbaland. The series was first introduced during the early days of the Covid-19 pandemic as a virtual DJ battle, with Swizz Beatz and Timbaland facing off during its first iteration through an Instagram Live broadcast in March 2020. Episodes include battles between producers Teddy Riley and Babyface, singers Erykah Badu and Jill Scott, Brandy and Monica, rappers Ludacris and Nelly, and Young Jeezy and Gucci Mane.
Virtual platforms keep increasing in size, and many famous artists prefer performing on such platforms because of the pandemic lockdown. Swizz Beatz and Timbaland became pioneers of such a platform and allowed millions of people worldwide to enjoy live broadcasts straight from Instagram. They truly used Instagram in the best way possible.
This week, the Triller network acquired Verzuz, which implies that Triller trusts the concept of virtual experience. Under the terms of the agreement, the Grammy Award-winning entrepreneurs and producers will also join the management team to help oversee company strategies.
As a result, Swizz Beatz and Timbaland became large shareholders of the company. In turn, they vow to transfer an allocated part of their combined equity to the 43 performers who have appeared on Verzuz to date.
Bobby Sarnevesht, executing chairman and co-owner of Triller, while announcing the acquisition, said, “There is no more disruptive and innovative brand in music today than Verzuz.” He continued, “Both Triller and Verzuz share the ‘artist first, music first’ vision. We view this acquisition as more of a partnership than an acquisition, as Swizz, Timbaland, and the 43 artists who are all becoming shareholders and partners in Triller Verzuz from this day forward become our voice.”
As such, it could be inferred that industry giants are looking at investing in virtual performances. Yet, there are no exact details about when exactly the pandemic will be defeated, and fans who don’t want to miss out on concerts, have the opportunity to enjoy virtual events thanks to the hard work of people like Swizz Beatz and Timbaland.
Make sure to follow MusicPromoToday‘s blogs and Instagram, among other credible sources, to be updated on recent news on the music industry and its development. Looking to launch your first virtual concert? Check out Ty Dolla Sign’s or Rick Ross’s Tiny Desk home edition concert, an easy to replicate layout that can premiere on your Instagram, YouTube and/or Twitter live.
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