The music industry is every bit as primed for a theoretical metaverse as the internet is gearing up towards taking the next, big step. But there’s more to jumping on the bandwagon and monetizing their songs.
The music industry is primed because there are so many ways to create content, venues, scenarios that can be monetized within the industry as a whole, and the addition of instantaneous, digitally rendered content and NFTs is an explosive, potential revenue stream.
Regardless of where we go—technologically speaking—as a species, music is going to be a part of it. Music has been integral to humanity since the days when cave people were banging bones against a log to create a rhythm.
Music Industry in the Metaverse
The metaverse changes nothing where the music industry is concerned and adds even more potential for creativity, monetization, and marketing.
What Does the Metaverse Add to the Music Industry?
While it’s difficult to actually list the things that a concept (which has yet to reach fruition) can add to the music industry, it’s easy to speculate. In total immersion, virtual environment, just about anything is possible.
- Digitally rendered concerts
- In-home concerts
- DJs for parties
- Virtual wedding receptions
- Pay to meet
- Music lessons
- Non-fungible tokens (NFTs)
- In-game events
What’s the next best thing to physically attending a concert? Well, showing up to a concert that is digitally rendered in a virtual world. You can dress how you like, socialize, and show off all those music industry-related NFTs.
Fortnite has already done something similar—although it was on a gaming platform—when it hosted Travis Scott for an event that attracted millions of players on a single night.
That’s not the only time a similar event has happened either. It’s not a stretch to imagine these venues in a virtual setting, including your home, where you could play host to a concert-like performance from your favorite music personalities.
That includes bringing popular, virtual versions of your favorite DJs to your home to spin music for a party or a wedding reception. On top of all that, you could pay to meet your favorite stars one-on-one, and those same stars could do 20+ digital meets in a day without ever leaving their couch.
You could hire famous musicians to offer virtual music lessons in your home or in any virtual setting that you choose.
The biggest money-making stream of all will be the NFTs beyond a doubt. So far, Call of Duty Mobile has raked in $559 million from in-game transactions, primarily on NFTs while Roblox saw $94 million by September of 2020.
Imagine every single device, apparel, or product that’s related to the music industry, digitally rendered, and a decorative item in your $500,000 virtual home. NFTs are where the real money is at and the music industry is well aware of such potential boons.
In-game events are already happening, as aforementioned, and that won’t change, even if we go to a virtual landscape over a physical one.
Trends #6 and #7 in the Music Industry
If you want to know whether or not the Music industry is aware of and prepared for the metaverse, look no further than the current trends within the industry. The 6th largest trend is the metaverse, with NFTs right behind at #7.
The vast majority of the trends within the music industry revolve around Roblox, Fortnite, and digital summits—the frequency of which has exploded due to COVID restrictions.
NFTs are another major trend in the music industry. While digital art is currently experiencing an explosion in revenue and activity, musical art is not far behind it. This is not lost on industry leaders and music artists as NFTs represents an exponential increase in their revenue streams.
Major US music company Warner Music Group has entered in a collaboration deal with avatar technology company Genies in order to develop avatars and NFTs for WMG’s artists. These avatars will facilitate fan reach across immersive platforms and the metaverse.
Due to this Genies’ project, WMG’s artists will be able to turn their favorite cultural moments or latest artistic endeavors into “Digital Wearables Drops”.
“Both music and avatars provide humans with the ability to fully express their authentic personalities. Cultural icons and figures are some of the most expressive people on earth and they should not be constrained by real world limitations. This partnership allows the leaders of culture to fully immerse themselves into the fantastical realm of the metaverse and build new, direct, and authentic connections with their respective followings and fanbases,”
Akash Nigam, CEO of Genies.
See the full Warner Music Group press release here.
If things continue in the same trajectory the metaverse and NFT trends that are being observed in the industry will continue to move up until it reaches a point where it’s the number one priority from here on out.
When it comes to the music industry, the sky’s the limit when it comes to the metaverse, regardless of the fact that it’s technically still a theoretical concept, as no one is certain how the entire thing will eventually come together.
As it currently stands, the concept and eventual inception of the metaverse is nothing but a win for the entire music industry.