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LONDON — Before the launch of “ABBA Voyage,” the London concert performed by 3D digital avatars of the iconic Swedish band, member Björn Ulvaeus said they hoped audiences would “feel that they’ve gone through something that they’ve never seen before.”

Following its May 27 debut, much of the reaction from domestic and international critics, fans and industry professionals has been rapturous.

“Other than the team involved, no one really knew how they would integrate an avatar-based performance,” Sarah Cox, director of live event technical consultancy Neutral Human, told CNBC. “That blew me away as someone working on real-time graphics. My jaw hit the floor. You look around and people are really buying into the idea that ABBA are there.”

Demand has been strong — the show’s run has been extended to November 2023 and could well go beyond that.

And the team has confirmed it aims to take the show around the world.

“Our ambition is to do another ABBA Voyage, let’s say in North America, Australasia, we could do another one in Europe. We can duplicate the arena and the show,” producer Svana Gisla told a U.K. government committee session in November.

What can fans expect from ABBA’s new virtual concert, ABBA Voyage?

It also expects other shows to begin following the same model.

“The tech itself isn’t new but the way in which we’ve used it and scale and barriers we’ve broken down are new. I’m sure others will follow and are planning to follow,” Gisla said.

That could “absolutely” be the case somewhere like Las Vegas, where some shows run round the clock with rotating crews, she added.

“We have live musicians, so we keep our band and do seven shows over five days a week. But you could roll round the clock. Vegas will quickly adopt this style of entertainment and do Elvis or the Beatles.”

Money, money, money

View of the ABBA Arena on May 26, 2022 in London, England.

Dave J Hogan | Getty Images Entertainment | Getty Images

It was also designed for flexibility. It was constructed on a one meter raised platform without breaking ground, and could be disassembled and reconstructed elsewhere — or stay in place and host another show in future.

But emulating Voyage’s model — which sees digital replicas of the four band members perform classic hits and newer numbers for 90 minutes, while also interacting with each other and speaking to the audience between songs — will be no easy task.

The show was in the works for five years and had a £141 million ($174.9 million) budget funded by global investors. It needs to get around 3 million people through its doors to break even, according to Gisla, and the average ticket price is £75.

After choosing their set list and making other creative decisions, the ABBA members did five weeks of performance in motion capture suits. Hundreds of visual effects artists then worked on the show for two years, led by the London branch of Industrial Light & Magic, a visual effects company founded by George Lucas.

Promotional image for ABBA Voyage, the digital avatar-based live show currently running in London.

Johan Persson | ABBA Voyage

A decade ago, a Coachella performance featuring an apparent hologram of Tupac Shakur impressed audiences and hinted at alternative reality’s potential in live shows, with the artist’s likeness digitally recreated without using archive footage.

While not meeting the technical definition of a hologram, which uses laser beams to construct an object with depth, the visual effects team projected a 2D image onto an angled piece of glass, which was itself projected onto a Mylar screen, creating a 3D effect. Shakur then “performed” two songs with Dr. Dre and Snoop Dogg, 16 years after his death.

The Voyage team is tight-lipped about exactly how their show works, but previously confirmed it is not a laser-based hologram either. It involves 65-million pixel screens which give the impression of the band performing life-size on stage in 3D in real time, with traditional-style concert screens showing close-ups and different views on either side.

Its servers are being pushed to the “absolute extreme” to render the images without lag, Gisla said, such that they are shaking through some transitions. She also acknowledged that the 10-meter high side screens are “very unforgiving” on detail and there are improvements that could be made.

Rapper Snoop Dogg (L) and a “hologram” of deceased rapper Tupac Shakur perform on stage on the third day of the 2012 Coachella Valley Music & Arts Festival.

Christopher Polk | Getty Images Entertainment | Getty Images

But, she added, with real-time render speeds becoming quicker, “Benny and Bjorn could be sitting in a chair at home connected to their avatar, updating them to talk about last night’s football result to the audience. That will come.”

Next steps

ABBA avatars perform their 1981 song The Visitors in London, 2022.

Johan Persson | ABBA Voyage

“Posthumously you can put artists back on stage, ethically you may or may not have a view on that,” said Gisla. “Having ABBA partake in this is I can say this is an ABBA concert. ABBA made the decisions, chose what to wear, chose their set list, ABBA made this show.”

For an artist like Elvis with an extensive visual and audio archive you could create an accurate replica, but without the input that makes this show feel so tangible, she said.

For Cox, live shows that provide a “shared experience” like ABBA Voyage hold a greater appeal than headset-based virtual experiences, though there will certainly be more of those available in future.

And both AR and VR are spreading in the worlds of gaming, events, sports, theater and beyond.

Digital avatar experiments have included musician Travis Scott premiering a song within the wildly popular game Fortnite in 2020, with his avatar looming over players who were still moving around within the world of the game. It got a reported 45.8 million viewers across five shows. Lil Nas X performed the same year in the game Roblox.

A 15 year-old plays Fortnite and Travis Scott Present: Astronomical on April 23, 2020, in Los Angeles, United States.

Frazer Harrison | Getty Images Entertainment | Getty Images

Jo Twist, chief executive of trade body UK Interactive Entertainment, said she was noticing growing opportunities in the intersections between games, music and entertainment experiences.

“While these kind of experiences have mostly been the preserve of the biggest artists so far, we believe that growth in both the number of people who play, and online game worlds that enable user generated content, could open games up to all kinds of performers, allowing them to successfully tap into its enormous player base to raise their profile.” she said.

Giulia De Paoli, founder and general manager of show design and AR studio Ombra, has worked on projects bringing “extended reality” — spanning AR and VR — to live sports.

“AR has permitted us to create a full show for broadcast events that would be impossible with traditional projection and LED setups, like creating huge 10-meter flying numbers and flames around the arena,” she said.

“We see this developing into a full experience for people to watch live and, as the word says, augmenting the reality around us, gamifying, interacting and seeing impossible things happen.”

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Chinese tech giant Tencent’s quarterly revenue jumps 15% on AI investments, gaming unit boost

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Chinese tech giant Tencent's quarterly revenue jumps 15% on AI investments, gaming unit boost

The Tencent logo is displayed on the exterior of a building at the company’s headquarters, with a surveillance camera visible in the foreground, on November 30, 2024, in Shenzhen, Guangdong Province, China. 

Cheng Xin | Getty Images News | Getty Images

Tencent on Wednesday reported a 15% jump in second-quarter revenue as a strong performance in its gaming unit and AI investments boosted growth.

Here’s how Tencent did in the first quarter of 2025:

  • Revenue: 184.504 billion Chinese yuan ($25.7 billion), compared to 161.117 billion Chinese yuan in the same period last year
  • Operating profit: 63.052 billion yuan, versus 57.313 billion yuan last year

Domestic games revenue, which accounts for sales from China, rose 17% year-on-year to 40.4 billion yuan thanks to the performance of the company’s newly-released “Delta Force” game and evergreen titles such as “Honor of Kings,” “VALORANT” and “Peacekeeper Elite.”

Revenue from its international gaming business totaled 18.8 billion yuan, a 35% year-on-year increase driven by games such as “PUBG Mobile,” and the recently-released “Dune: Awakening.”

Meanwhile, Tencent said that AI-driven improvements to the company’s advertising platform and Weixin transaction ecosystem helped boost marketing services revenue by 20% in the quarter to 35.8 billion yuan.

“During the second quarter of 2025, we delivered double-digit revenue and non-IFRS operating profit growth on a year-on-year basis, as we invested in, and also benefitted from, utilising AI,” said Tencent CEO Ma Huateng.

Tencent said its capital expenditures surged 119% to 19.1 billion yuan in the second quarter, as the tech giant invested in AI upgrades for advertising, its gaming business and social media service Weixin.

The Shenzhen-headquartered company’s music unit posted better-than-expected results thanks to growth in strong growth from subscription and non-subscription online music revenue, according to Citi’s Alicia Yap. The firm said Tencent Music had 124 million music subscribers, up slightly from 123 million subscribers noted in Tencent’s first-quarter report.

Looking ahead to the second half of the year, Tencent Music “continues to drive high-quality growth in subscription revenues, growth momentum from fans economy, concert and ad revs will support faster-than-previously expected full year growth,” Yap said in a note.

Tencent, like other cloud computing firms, has put a higher focus on selling artificial intelligence tools as a way to boost revenue and differentiate its offerings from those of its rivals.

Earlier this summer, Tencent revealed it is looking to bring its cloud computing capabilities to Europe, pitching it against U.S. hyperscalers AmazonMicrosoft and Alphabet-owned Google, which collectively make up 70% share of Europe’s cloud market.

“We are striving to bring further benefits of AI to consumers and enterprises through powering more use cases within Weixin, driving usage of our AI native app Yuanbao, and upgrading the capabilities of our HunYuan foundation models,” Huateng said in the Wednesday earnings release.

— CNBC’s Arjun Kharpal contributed to this report.

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Circle shares fall after stablecoin issuer says it will offer 10 million shares

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Circle shares fall after stablecoin issuer says it will offer 10 million shares

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.

NYSE

Circle Internet Group stock tumbled more than 5% in extended trading Tuesday after it said it would offer 10 million Class A shares to the public.

Of the total stock being offered, 2 million shares will be offered by Circle. The remaining 8 million shares will be sold by stockholders.

The stablecoin issuer’s shares have soared more than 450% since it went public on June 5.

As part of the offering, Circle is offering its underwriters a 30-day option to buy an additional 1.5 million shares.

Circle shares closed Tuesday up 1.3% after the company reporting its first quarterly results as a publicly traded company. While charges tied to its IPO weighed on its second-quarter results and led to a loss of $4.48 per share, it saw revenue rise 53% on the back of strong stablecoin growth.

Don’t miss these cryptocurrency insights from CNBC Pro:

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CoreWeave shares drop even as revenue tops estimates

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CoreWeave shares drop even as revenue tops estimates

Mike Intrator, co-founder and CEO of CoreWeave, speaks at the Nasdaq headquarters in New York on March 28, 2025.

Michael M. Santiago | Getty Images News | Getty Images

CoreWeave shares fell about 6% in extended trading on Tuesday even as the provider of artificial intelligence infrastructure beat estimates for second-quarter revenue

Here’s how the company did in comparison with LSEG consensus:

  • Earnings per share: Loss of 21 cents
  • Revenue: $1.21 billion vs. $1.08 billion expected

Revenue more than tripled from $395.4 million a year earlier, CoreWeave said in a statement. The company registered a $290.5 million net loss, compared with a $323 million loss in second quarter of 2024. CoreWeave’s earnings per share figure wasn’t immediately comparable with estimates from LSEG.

CoreWeave’s operating margin shrank to 2% from 20% a year ago due primarily to $145 million in stock-based compensation costs. This is CoreWeave’s second quarter of full financial results as a public company following its IPO in March.

CoreWeave pointed to an expansion in business with OpenAI, a major client and investor. Also during the quarter, CoreWeave acquired Weights and Biases, a startup with software for monitoring AI models, for $1.4 billion.

In May, management touted 420% revenue growth, alongside widening losses and nearly $9 billion in debt. The stock still doubled anyway over the course of the next month.

CoreWeave shares became available on Nasdaq at the end of the first quarter, after the company sold 37.5 shares at $40 each, yielding $1.5 billion in proceeds. As of Tuesday’s close, the stock was trading at $148.75 for a market cap of over $72 billion.

A CoreWeave data center project with up to 250 megawatts of capacity is set to be delivered in 2026, the company said in the statement.

Executives will discuss the results and issue guidance on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Citi’s Tyler Radke’s bullish call on CoreWeave, upgraded to buy

Citi's Tyler Radke's bullish call on CoreWeave, upgraded to buy

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