02/23/2011 12:36 pm ET Updated May 25, 2011

Vice Announces 'The Studio,' Multimillion Dollar Project With Intel To Finance Artists

Vice announced Wednesday that it is partnering with Intel to to create a multimillion dollar studio to support both emerging and established artists and release work in several different mediums.

"The Studio," as the space will be called, will release music, artwork and films. The aim is to partner with the artists and then promote their work globally in museums, online and at festivals and concerts. The first exhibition of the work produced by people in The Studio will debut at the Coachella festival in California in April.

The project is an expansion of The Creators Project, an initiative hatched between Vice and Intel in 2010. That project was designed to showcase emerging artists. The Studio will dramatically expand the scope of the project's activities, and will bring established artists into the fold.

For instance, the bands Interpol and Animal Collective will both collaborate with artists from The Studio when they play at Coachella. Other artists working with The Studio include Brazilian rapper Creator Emicida and fashion designer Hussein Chalayan.

"We created The Studio because the status quo in Media right now is a tragedy," Shane Smith, the founder of Vice, said in a statement. " Whether it's in film, music or the fine arts, a lack of access to production and distribution has left some young artists disenfranchised and frustrated. The Creators Project created The Studio to show the world that there is another model for supporting creativity."

Vice and Intel are holding an event in New York City on Wednesday night to kick off The Studio.