Music giants enter Metaverset

etx metaverse

Photo: Preechar Bowonkitwanchai / Shutterstock via ETX Daily Up

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

While the various activities are still limited at this stage, Spotify will soon offer players the opportunity to discover an amusement park dedicated exclusively to the K-pop world. They will be able to meet avatars from the South Korean boy band Stray Kids and the singer Sunmi.

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

All in Metaverset

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

Spotify is not the only player in the music industry that wants to get into the meta-verse. Warner Music Group has purchased a digital package on The Sandbox platform to build a property that serves as a music theme park and concert venue.

“At LAND, we want to develop enduring and immersive social music experiences that challenge the boundaries of the real world and allow our artists and their fans to engage like never before,” said Oana Ruxandra, Chief Digital and Vice-President. Executive President of Business Development at Warner Music Group.

Meanwhile, Universal Music aims to enter the virtual worlds through a music group consisting of three virtual primates from the Bored Ape Yacht Club collection and another primate from the Mutant Ape Yacht Club collection. Each is assigned a personality and its own story. The group will perform virtual concerts and participate in video games on online platforms.

Put the players first

Although the meta-verse is still in its infancy, this digital copy of the physical world has the potential to become a veritable eldorado for the music industry. The big players are all hoping to take advantage of the new sources of revenue that the development of this virtual universe promises. For Universal Music, the idea is to make money by selling NFTs related to Kingship’s business, such as unreleased tracks, exclusive event tickets or virtual merchandise. Spotify hopes to do the same with its islands on Roblox.

But efforts are still needed to engage tomorrow’s music lovers. Investing in the meta-verse is first and foremost a way for music giants to attract new audiences, primarily video game players. And with good reason: The most passionate players are also the most dedicated music fans, according to a Twitch report conducted by MIDiA Research. While subscribers to a music streaming service spend an average of 6.9 hours on their favorite activity, that figure jumps to 7.6 hours for video game enthusiasts. Nor do they spare anything when it comes to pampering their passion. One in five players buy products to support their favorite artists, while only 8% of average consumers do.

While the emergence of the meta-verse marks a crucial step in bringing music and video games closer together, younger generations remain skeptical of this new technology. Only 9% of American teens are considering buying a virtual reality headset to explore these virtual worlds, according to a survey by investment bank Piper Sandler.

The French seem more curious about the endless possibilities that the metaverset offers: 22% of 18-25 year olds in France visit these available alternative worlds, according to the Heaven agency. It is possible that the arrival of Spotify and others in the meta-verse will encourage them to take the plunge. JB


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