The lines between gaming and music have always been blurry. And with the metaverse rearing its head and drawing closer, it seems like the two will finally merge – This is not a pipe dream but a reality that now prevails in our world. Take an example of the Lil Nas X concert on Roblox, a gaming platform. The platform boasts more than 120 million active players, which explains why the performance attracted more than 33 million plays. While this was not the first show on a gaming platform, it raised a lot of awareness about the intertwining of these realms.
In the past, the metaverse was touted as a dream come true for video gamers who could now take their gaming to the virtual world. This virtual/ physical blend also made it possible for bettors to wager money virtually, making the betting experience even more enjoyable, including predicting e-sports outcomes. But now, it seems that the metaverse will also benefit the music industry by paving the way for musicians and music fans to take their love for music to the virtual world.
How Will the Metaverse Change the Music Industry?
Let’s start by defining the metaverse – this is a realm that combines the best of our physical and virtual worlds, enabling your avatar (online persona) to interact with other such avatars. And all you need is a headset and a stable internet connection. But how will this augur with the music industry?
1. It will help musicians and promoters reach their audiences on a much more personal level. Think about it. While online music concerts are great and allow music lovers to enjoy tunes from any part of the world, they are not the same as being physically present in the show. As a result, some music fans do not enjoy the experience. But with the metaverse (which merges physical and virtual concepts), it will be almost as if the musicians and the fans are in one place. It will enable them to interact with each other, increasing the audience reach of the musician. And, of course, this will come with added revenue streams.
2. It will give musicians more control over their creations. You may have noticed the sudden interest in NFTs (non-fungible tokens) and how artists have moved in to monetize their ideas. With digital items now selling like hot cake, with some accruing millions of dollars in sales, it makes sense that artists would want to jump on this bandwagon. Not only can they sell their music, but they can also create digital products to offer their fans, thus generating income from more than their music.
3. It will enable musicians to take their brands to the next level. In the metaverse, creators have the final say on the distribution of their work. For example, artists like Snoop Dogg and bands like Grimes have used this space to further their careers by offering exclusivity to fans. Music lovers who want to own creator pieces are willing to part with a lot of money in exchange for these NFTs. Moreover, the metaverse is an ideal platform to grow a community, fostering brand loyalty for the creators.
4. It allows fans to have one-on-one interactions with their favorite musicians. Rather than watch their favorite musicians from behind a screen, fans can use their avatars to interact with those of musicians. And this makes the experience more wholesome, pushing fans closer to the musicians.
As such, the metaverse will be a dream come true for everyone in the music industry, including musicians/artists, consumers, and innovators. Some musicians who have created NFTs include Snoop Dogg, Parker McCollum, Nirvana, Duran Duran and others. Organizations such as The Recording Academy/GRAMMYs, SXSW, Coachella, Billboard and Universal Music and Warner Music have created NFTs.
In the future, anyone will be able to attend a music conference virtually from the comfort of their home. There will be no need to book air tickets to see your favorite artist. Moreover, you will have the chance to invest in NFTs to build your investment portfolio while supporting your favorite musicians. The opportunities are endless!
