Is A New Music Format Emerging in the Metaverse ?
Is a new music format emerging in the metaverse that is about to revolutionize the way artists release music and the way fans consume it? As a former major label senior marketing executive, artist manager, and entrepreneur, who spent the past decade helping artists tell their stories and build profitable and authentic direct-to-fan businesses’ I wholeheartedly believe so, and here’s why.
New metaverse companies are changing how fans interact with their favorite artists. Instead of just passively consuming music on streaming platforms, fans can now become active participants in the creative process. This allows for a more authentic connection between fan and artist and encourages creativity and collaboration. Metaverse companies provide the perfect platform for this new type of engagement to take place. Every day, there is a new headline about how artists are taking the plunge to be part of this new digital landscape. Recent news from Warner Music, Sandbox, Pixelynx, Roblox, Animal Concerts, and others points to artists wanting to bring fans into this new space. There is a tremendous opportunity to build a cohesive music-centered experiential environment that allows fans to listen, co-create, purchase, experience, and hang out with their like-minded fan community on a global level.
How exciting for an artist to invite fans into a private listening session in a virtual world that feels like living inside the album artwork, hear the music, get an exclusive NFT for being there, hang out with the artist, and a global fan community of avatars showing of their own personal identity all from your bedroom fully immersed in the experience. This is not to take away any IRL experiences; it’s an extension to create a cohesive moment to consume music and not a fragmented one. IMO being able to take that moment and tie it into both future IRL and virtual events for the artist is where the magic happens. AR will play a big role as well in bridging digital and physical worlds. Just this week we are seeing Coachella launch an AR scavenger hunt in different cities so I expect to see more in this space.
NFTs are the perfect fit for these worlds and a great way to remove the complexity and provide clarity on the value proposition of why owning an NFT has real utility. Fans who receive, earn, or purchase these unique digital assets can now use them as a new way to experience their music in the metaverse or as a way to unlock new music, collectibles, and even real-world access. Artists can now access the data that allows them to communicate with fans directly and not be reliant on third party social platforms. The opportunities are endless around touring, content creation/recreation, album releases, brand partnerships, and personalization of your avatars with digital fashion goods.
The most successful metaverse companies will be the ones that figure out how to use this new technology to create more immersive and interactive experiences for fans that balance IRL and Virtual. I’m excited to see how these companies will develop worlds where fans have the opportunity to not only hear their favorite music but also to see it, touch it, and create it. In other words, they are making music a more sensory experience. And in doing so, they are opening up a whole new world of possibilities for both artists and fans alike. A challenge for all will be in execution and in creative ways to keep up the engagement.
The possibilities are endless. And as metaverse technology continues to evolve, so will the ways fans interact with music and artists. There is no doubt in my mind that marketing strategies around building and reaching new fan communities in these environments will be part of every artists overall marketing plan. I know there are numerous issues around licensing, IP owner ship etc… for this ALL to be fully realized sooner than later. However, I will leave that topic for another post. It’s still early days but I can’t wait to watch the creativity unfold and brilliant ideas be executed.
What do you think about this new trend? Are you excited to see how it will change the music industry? Let me know in the comments below!