Business Opportunities in the Metaverse

Metaverse is expanding at a rapid pace. It is going to be the most important technological and social innovation platform in the upcoming years. Till now, the most popular use case in the Metaverse is digital art (in the form of NFTs and gaming). The digital art and NFT segment have thrived over the years with platforms like Opensea, and now LooksRare gaining huge popularity. We have seen a large number of digital galleries opening in the Metaverse. Companies like Sotheby’s have opened up their virtual office in Decentraland. Similarly, gaming studios are trying to serve high-end gaming experiences in the Metaverse. Companies like Atari have huge plans for the Sandbox Metaverse. So what’s next? We have seen the music industry slowly entering the Metaverse with legends like Snoop Dogg actively promoting NFTs and the Metaverse.

So, how can the music industry use the Metaverse to utilize its maximum potential?

It is very difficult to find people with the same interests nearby. So, collaboration is critical. If we can bring in a group of people with the same interest type in the Metaverse, they can eventually create music clubs and can later ramp up to create a decentralized music production house.

  • Jamming

Music is a collective effort. It requires singers, musicians, producers, DJs, and music directors all working in harmony. Till now the only way to work in a remote environment is via zoom call or using some collaborative software. In case we can move such software in an open jamming space in the Metaverse, the experience will be immersive. This can also be monetized by a time-based ticketing system.

  • Music Marketplace

Avatars of famous artists can be placed at different stages in the Metaverse with their songs constantly playing in the background. The albums can be stored in racks in the form of NFTs that can be played in the form of digital players. Interested people can then select and buy from the decentralized marketplace. There will be no middleman and the musician can directly sell their work to their fans.

  • Music Production services

Music Production involves syncing multiple fragmented components into a structured bundle. Once a recording is complete, you may need to overdub, edit, mix, master, etc. While a decentralized marketplace might make it easier to find collaborations, a production can give you an end-to-end solution at a premium. If such a production house is in the Metaverse, they will be easy to access. No phone calls, no travels, for initial discussions. Such production houses will also help you to market and distribute your music through various channels. Once a purely online digital setup is ready, the gig economy will become more structured. This will reduce the production cost, and the reach will be faster and broader. The Metaverse will become the bridge to connect such organizations with individuals for such remote inquiry and collaboration.

  • Music Launch

Currently, music launches are local events, with only limited people attending them. Metaverse can help in bringing music launches to a global level. If your audience is global why travel every day and have global shows. It can be exhausting! The Metaverse can bring a perfect balance between digital and physical outreach. A 3D live show can give your fans a near similar experience with minimum costs. Events can be organized, reward mechanisms and ticketing systems can be developed digitally. The interactions between the artist and the fans can happen on a much larger scale and in a much safer way.

  • Live Performance

Many musicians have a strong community and fan following. It is a challenge for them to engage and build a community at scale. Through the Metaverse, the musician can hire a space and invite their global followers for a live show. They can connect and give digital giveaways to their fans with a similar effect as a real live show.

  • Artist Collaboration

Recently Ice-cube launched his music in Decentraland. This was accompanied by Trevor Jones’ art on the wall, creating a mesmerizing launch event.

This is only the beginning. The line between different forms of art will fade and a collective art form will originate in the Metaverse. Music will now have more tools to make it relatable (previously it was hugely dependent on music videos).

Just like the other sectors in the real world, the Metaverse has the potential to change the music industry. The movement has already started with Snoop Dogg, Ice Cube, and many others showing their interest. It will not take long when music releases will be a recurring event. Big companies like Spotify, Sony will see and explore the potential. This will be a huge boost for the music industry.

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