Chinese powerhouse Modern Sky Entertainment is planning to launch a virtual edition of its Strawberry Music Festival.
Launched in 2010, the annual event takes place across cities in China each spring. The Beijing edition is the largest music festival in the country.
The digital version of the festival will feature digital versions of real-life artists, as well as wholly virtual artists from Modern Sky’s new virtual artist label No Problem.
Virtual idols have been thriving in China over the years, with its market value reaching 3.46 billion yuan (US$540 million) in 2020, up 70.3% from the previous year, according to the consultancy group iiMedia. The metaverse hype was expected to push its market value to nearly 107.49 bn yuan ($16.8 bn) in 2021.
Modern Sky revealed that developing virtual artists will be a key part of its strategy for 2022 along with organising virtual music festivals and selling original digital works in the form of NFTs (non-fungible tokens).
Thc company, launched in 1997, already comprises a number of sub-labels, covering music publishing, artist management, live music, visual and product design, retail and performance venues, recording and production, media, design hotels and other sectors.
Tencent Music last month launched TMELAND – dubbed ‘China’s first interactive virtual music festival’
Modern Sky isn’t the only Chinese entertainment conglomerate making moves in the music metaverse. Tencent Music last month launched TMELAND – dubbed ‘China’s first interactive virtual music festival’.
The Chinese tech giant is also planning to acquire gaming smartphone manufacturer Black Shark in a move that could help the company build its own metaverse.
The company already owns a stake in video game company Epic Games – the maker of Fortnite which has hosted virtual concerts from the likes of Travis Scott, Ariana Grande, Marshmello, Steve Aoki, Deadmau5, Easy Life and J. Balvin.
The company also entered into a strategic partnership with Roblox, in May 2019, in which Tencent holds a 49% stake. Last year, Tencent filed for two Metaverse-related trademarks.
Modern Sky and Tencent follow in the footsteps of Decentraland and Roblox which have helped pave the way for festivals in the metaverse.
Virtual blockchain-based world Decentraland hosted the ‘world’s first multi-day festival in the metaverse’ last October.
In that same month, Roblox and event promoter Insomniac, meanwhile, brought one of the largest electronic music festivals in the world – Electric Daisy Carnival (EDC) – to the metaverse.
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