Music giants step into the Metaverse

Photo: Preechar Bowonkitwanchai / Shutterstock via ETX Daily Up

For Spotify, the metaverse is the future of music. The music streaming company has just launched its own virtual world on Roblox, which is one of the most popular digital spaces alongside Decentraland and The Sandbox. It comes in the form of several islands where players can interact with avatars of their favorite artists or access new content. They can also complete missions to unlock virtual goods that can be used anywhere on the video game platform.

While the various activities are still limited at this point, Spotify will soon offer players the opportunity to discover a theme park dedicated exclusively to the K-pop world. They will be able to meet the avatars of South Korean children’s group Stray Kids and singer Sunmi.

“Spotify immerses users in an audio world no matter how or where they listen. Now, with Spotify Island on Roblox, we’re bringing unique new experiences to fans and artists,” Daniel Ek’s company said in a statement.

Everyone in the Metaverse

With Spotify Island, the Swedish band offers a taste of what awaits music lovers in the not too distant future. It follows in the footsteps of US-based Epic Games, which in April 2020 managed to attract 12.3 million Fortnite players to an unprecedented (and completely virtual) event from Travis Scott. A total of 27.7 million viewers headed to the online video game to experience the American rapper’s mega-show, titled “Astronomical,” after four more broadcasts of the event.

Spotify is not the only player in the music industry looking to enter the metaverse. Warner Music Group has purchased a digital parcel on The Sandbox to build a property that doubles as a music theme park and concert venue.

said Oana Ruxandra, Digital President and Vice President. Development at Warner Music Group.

In the meantime, Universal Music aims to enter virtual worlds with a musical group consisting of three virtual monkeys from the Bored Ape Yacht Club group and other primates from the Mutant Ape Yacht Club group. A character is set and has its own story. The group will hold virtual parties and participate in video games on online platforms.

Put the players first

Although the metaverse is still in its infancy, this digital replica of the physical world has the potential to become a true music-making Eldorado. The major players are all hoping to take advantage of the new sources of revenue that the development of this virtual world promises. For Universal Music, the idea is to make money by selling NFTs related to Kingship’s business such as unreleased tracks, tickets to exclusive events, or virtual merchandise. Spotify hopes to do the same with its islands on Roblox.

But efforts still need to be made to engage tomorrow’s music fans. Investing in the metaverse is above all a way for music giants to attract new audiences, chief among them video game players. And with good reason: The most passionate gamers are also the most dedicated music lovers, according to a Twitch report conducted with MIDiA Research. While subscribers to the streaming music service spend an average of 6.9 hours on their favorite activity, that number jumps to 7.6 hours for video game fans. They also spare no expense when it comes to indulging in their passion. One in five gamers buy products to support their favorite artists, while only 8% of average consumers buy.

While the emergence of the metaverse represents a crucial step in bringing music and video games together, younger generations remain skeptical about this new technology. Only 9% of American teens are considering purchasing a virtual reality headset to explore these virtual worlds, according to a study by investment bank Piper Sandler.

The French seem even more curious about the infinite possibilities the metaverse offers: 22% of 18-25 year olds in France frequent these accessible alternate worlds, according to the Heavin agency. It is possible that the arrival of Spotify and others in the metaverse will encourage them to make a decision. c.

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