- Metaverse may prove incredibly beneficial for artists across the globe.
- The technology may increase revenue generation of the artists.
Entertainment industry is one of the biggest markets in the world having generated $2.34 Trillion globally in 2021 according to PricewaterhouseCoopers (PwC). This figure may surge more in the future considering how metaverse arrival can make several aspects including concerts, tours, film-making and more easier. The sector witnessed a steep decline in revenue during Covid-19 pandemic, and the advent of metaverse technologies can prevent such happenings in future.
A Steady Shift is Underway
Artists will benefit the most from this technology. Currently, a band needs to schedule their tours in different countries after releasing an album. Metaverse will allow them to simply schedule a concert where fans living across different nations can come together and witness its beauty in a whole different way. Travis Scott spent less than 10 minutes in Fortnite and amassed over $20 Million from his digital giant avatar.
It will cut-off the travel expenses while adding more revenue to their releases. NFTs have taken this concept to a whole new level. An artist can simply release his/her album as a blockchain-based token while offering some percentage of royalties to the holders. Initiatives like this open up a window for an increased interaction between artists and their fans as they may get exclusive offers like a ‘Gala Dinner’ or IRL meet with the celebrity.
Moreover, artists are likely to spend more time with their friends and family. A tour may take weeks or even months which can potentially lead them feeling homesick. Liam Payne, member of a boy band One Direction, revealed that he had a similar feeling during one of his tours.
Metaverse can enhance user engagement if the artists offer reduced prices to their virtual concert. Fans unable to afford expensive tickets may finally get a chance to see their favorite band performing live during an event. This may sound like it can lower revenue generation of the artists however, we must not forget that there will be a larger audience in contrast to performing an event in a physical location.
Streaming services are slowly taking the place of theater experiences. A majority of moviegoers are making a shift from 3-D recliners to the comfort of their couch. At some point virtual reality headgears will completely eliminate the need to watch a 3-D film in cinemas. According to the data there are currently around 1.5 Billion people using streaming services.
As industry titans keep abreast of the users with latest technologies, it will only open new areas for the artists to deliver entertainment much sustainably. However, it will shed a negative impact on IRL experiences for the ones preferring to witness their favorite artists actually performing live in front of their eyes.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/21/how-transition-to-metaverse-can-make-artist-lives-better/