Introduction

The music industry is suffering - badly. On a whole, it is experiencing declining revenues across the board, and adding to the malaise are the multiple concerts and shuttered music venues resulting from the COVID-19 pandemic.

This poses a question. Could blockchain technology and the burgeoning metaverse sector be the panacea for the music industry? Well folks, stay tuned as the answer is a resounding YES!

The Music Industry is Evolving Thanks to the Metaverse

The virtual world has moved beyond science fiction to becoming science fact. And, the virtual world is quickly evolving beyond gaming. Music concerts in the virtual world have already begun to appear.

And there are some big name performers involved. For a Fortnite concert performance in 2020, rapper Travis Scott pulled in a cool $20,000,000 in merchandise sales [Tassi, P. Ariana Grande Should Earn A Fortune From Her ‘Fortnite’ Rift Tour Concert. (Accessed December 28, 2021)]. English singer-songwriter Ed Sheeran took to Pokemon-Go for a concert in November 2021. On Roblox Sweedish sensation Zara Larsson claims she earned a seven-figure payday selling in-game items like hats, backpacks and sunglasses to dress up their avatars [Savage, M. How pop star Zara Larsson made a seven-figure sum on Roblox. (Accessed December 28, 2021)]. Most notable among these is Ariana Grande's Fortnite show in October, 2021. Attended by over 78 million Fortnite users, it is speculated that her payday for this 'gig' will far exceed the $20 million earned by rapper Scott [Tassi, supra.].

Within this exciting new environment travel bans do not exist. Venues are not closed due to COVID restrictions. No vaccination is required for attending. Entrepreneurial artists are free to offer memorabilia in NFT format for sale absent a physical venues overhead, middlemen and investment. After all folks, the show must go on....

'Animal Concerts' Ahead of the Curve

Led by Colin Fitzpatrick, Animal Concerts, a company launching in January 2022, makes the promise to bring your favorite performer to a near-by metaverse. Animal Concerts is in the final stages of reaching a contract with Alicia Keys, a Grammy Award winning performer.

Animal Concerts will soon permit people to stream virtual reality augmented concerts live and allow them to experience them as an interactive event from the comfort of their own home. Even at home we can experience a concert as if we were there - right down to the souvenir ticket stubs we all used to cling to (think of an NFT being given as the modern day metaverse version of the ticket stubs we hung on bulletin boards).

Say goodbye to the present one-side television broadcasts.

With 360-degree cameras on stage, you can use a VR headset to get an immersive experience — like you are dancing on stage with your favorite bands, from your living room anywhere in the world. We want to enable you to enjoy the concert with friends by seeing their avatars. The goal is to become the “Netflix of live streaming concerts.

[Ahonen, E. Concerts in the Metaverse could lead to a new wave of adoption. (Accessed December 28, 2021)].

From the perspective of the artist, virtual concerts are beneficial. No travel is involved and venue size does not limit the number of spectators. There are economic advantages as well:

• Comparatively, a virtual venue does not require the same number of stage hands, production assistants, scenery, props, security, etc. as a physical arena all reducing costs.
• Ticket sales are no longer limited to the number of seats available in the venue adding to gross revenue.
• The number of middlemen required is reduced in virtual production affecting a savings.
• Performers can now earn 50% of all ticket and NFT sales (in the Animal Concerts productions).

Whether it be Roblox, The Sandbox, or Decentraland, for example, they all have the common characteristics of supporting a huge user base and the facilitation of permitting the sale of digital assets. By using a decentralized platform for virtual concerts, all one would need for access is a software digital wallet, and, the NFTs earned or purchased relating to the virtual concert can be displayed in a wide array of decentralized worlds.

Nonetheless, virtual concert audiences could be comprised of people unfamiliar with cryptocurrencies. Crypto is not mainstream - yet. As such, requiring a crypto wallet for access to a virtual concert and to avail the purchases of souvenir NFTs could be a major barrier to be overcome. Animal Concerts addresses this dilemma by providing a 'go to' website where customers could purchase tickets and NFTs using a credit card.

However, in the case of Animal Concerts, a token will be made available - the Animal token. Beyond using the token for purchases, it will also serve as a governance token. In the area of governance some novel engagement concepts are advanced permitting the fans and artists to interact in new ways. For instance, Animal token holders may get the opportunity to vote on which selections the artist will play in the virtual concert, or, what costume or outfit will be worn by the artist for the performance. Staking of the Animal token by holders could bring 'first access' status for NFT drops or even free event tickets.

The average Animal Concerts virtual event will cost between $10 and $30 to access. Discounts will be available for customers paying with Animal tokens providing an incentive to use the platform's native token.

Conclusion

Could the metaverse be a 'white knight' for the music industry? Given the current world state of pandemic, inflation and crime, there is a definite need for live entertainment of the interactive concert type from the comforts of home that the metaverse can fill. Let's all face it, without music life would be - well - boring.

AUTHOR'S NOTE: This article was previously published on Leo Finance and several other tribes on the HIVE Blockchain.