VNUE PROVIDES UPDATE ON ICON METAVERSE PROJECT

Rhea-AI Summary

VNUE, Inc. (OTC: VNUE) has announced that its ICON metaverse entertainment venue project is nearing completion, with one of its virtual arenas, Earth Arena, currently at 90% completion. Developed in partnership with Kokku, a leading South American Roblox developer, this project aims to create a persistent multi-stage music festival experience on the Roblox platform, which boasts over 50 million active users daily. CEO Zach Bair expressed satisfaction with the project's progress, highlighting various interactive features to be included, such as eMerch and NFTs. The venue will host both free and ticketed events, enhancing the live music experience for fans.

Positive

• Completion status of the Earth Arena at 90% signifies project progress.
• Collaboration with Kokku, a reputable game developer, enhances credibility.
• Access to over 50 million daily Roblox users increases audience potential.
• Interactive features like eMerch and NFTs diversify revenue streams.

Negative

• High expenses expected in project expansion may not offset revenues.
• Dependence on the performance of the Roblox platform could limit control.

"Earth Arena," one of multiple virtual arenas, at 90% completion

NEW YORK, March 14, 2023 /PRNewswire/ -- Today VNUE, Inc. (OTC: VNUE) is reporting that its ICON metaverse entertainment venue project – known as the "VNUE Icon Project" a.k.a. "VIP," is getting closer to launch date, as the one of multiple planned virtual festival Arenas stands at approximately 90% completion.

As previously reported, VNUE is working with South American Premiere Roblox developer Kokku to build the first ever persistent multi-stage music & entertainment festival experience which will initially be deployed on Roblox's platform, with 50+ Million active daily users worldwide. Kokku is the developer best known for its work on AAA games such as Guerrilla's Horizon franchise, Activision's Call of Duty: Black Ops – Cold War, and Premium Roblox Experiences including Samsung's Space Tycoon and Netflix' Stranger Things: Starcourt Mall.

Zach Bair, CEO of VNUE, said, "The ICON project is coming along nicely and as expected. Key components, such as our 'Earth Arena' – one of multiple virtual arenas – are at 95% completion; Earth Mini Games elements and other features are through their incremental build process and are awaiting our approvals. I'm very satisfied with the pace at which production is being accomplished, and I can't wait for this exciting technology to be rolled out."

The VNUE Fest Entertainment space will operate continuously, presenting both free and ticketed concerts, music launches, listening parties and more each day across multiple themed and customizable stages and festival venues. Fans will experience interactive games, missions, eMerch, NFTs, as well as parental controls for Roblox's young audience.

In offering every facet of a true metaverse event production house, VNUE will deliver live and recorded performances within multi-dimensional, experiential virtual worlds, and will track musical performances with VNUE's Soundstr MDM platform, to ensure rights holders are properly compensated.

The Roblox festival and multi-stage virtual experience will offer a permanent, persistent festival environment with customizable stages for entertainers to take up virtual residencies, while VNUE and our VIP program will power independently commissioned events that utilize repeatable, scalable, and highly creative teams and processes. 

Interested artists, labels, managers, agents or others should reach out to VNUE via our website.

About VNUE, Inc
VNUE, Inc., (OTC: VNUE) is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform (www.set.fm), exclusive license partner and "instant live" pioneer DiscLive (www.disclive.net), and protecting the rights of artists and writers with the company's Soundstr music recognition technology (MRT) (www.soundstr.com). VNUE also recently acquired StageIt (www.stageit.com), one of the oldest and most well-known ticketed live streaming platforms. The veteran entrepreneurs, artists and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair (www.zachbairmusic.com), are passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology.

Safe Harbor
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new service lines noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations we will be providing services in, the impact of which cannot be predicted at this time. 

View original content:https://www.prnewswire.com/news-releases/vnue-provides-update-on-icon-metaverse-project-301771979.html

SOURCE VNUE, Inc.

FAQ

What is VNUE's ICON project?

VNUE's ICON project is a metaverse entertainment venue aimed at creating a multi-stage music festival experience on the Roblox platform.

When is the VNUE ICON project expected to launch?

The VNUE ICON project is nearing launch, with its Earth Arena currently at 90% completion.

Who is developing the VNUE ICON project?

The VNUE ICON project is being developed in partnership with Kokku, a prominent game developer known for its work on various popular titles.

How many users does Roblox have?

Roblox has over 50 million active users daily, providing a large potential audience for the VNUE ICON project.

What features will the VNUE ICON project offer?

The VNUE ICON project will offer features such as interactive games, eMerch, NFTs, and both free and ticketed events.