Sponsored virtual concerts present a novel way for brands to assess the relevance of the metaverse to their marketing goals. consumer opportunity for engagement.
Even after the pandemic lockdown ended, consumers were still interested in attending concerts virtually. pre-pandemic levelsThis shift has helped accelerate efforts by artists and music labels. Monetize your virtual eventAs a result, the global market for virtual events is $617 billion by 2030 virtual reality experience, estimated market segment over $227 billion By 2029. Researchers predict that by 2026, 25% of consumers will consume at least one hour of metaverse A space for work, shopping, or entertainment. moreover, Recent research 56% of Generation Z and 61 percent millennial generation I am interested in attending a virtual concert.
A collaboration between Roblox and Warner Music Group could signal a trend
Travis ScottThe 9-minute concert in the Metaverse of $20 million in revenue – how many times Amazon In the same year, it earned revenue per minute.Similarly, Ariana Grande’s Fortnite concert will reportedly 78 million viewers, making her payday seven digits. Games The connection between her platform and the potential for millions of devoted fans to converge on her in one place is no coincidence. Games like Fortnite give music labels access to millions of loyal fans and an opportunity to showcase their artists to a diverse audience. audience They can only be found together during the game. This trend has not been overlooked by entertainment brands looking to capitalize on growing consumer interest in live virtual experiences.
Warner Music Group (WMG) recently announced the launch of Rhythm City, a Roblox music-themed social roleplay experience.Developed in partnership with game femmeRhythm City introduces Roblox audiences to new artists and music through social roleplay and grants access to exclusive digital items.
“As our lives become more and more digital, it opens up exciting opportunities for artists and fans to engage and interact,” said Oana Ruxandra, Chief Digital Officer and EVP of Business Development at WMG. said in a press release. “WMG is focused on facilitating the foundation of these new experiences by building and experimenting across an evolving ecosystem. can create a place to define and contextualize communities within living spaces.”
Roblox users can roleplay as virtual music producers, DJs, and other characters. Additionally, WMG said Rhythm City will also host virtual his concerts and events featuring WMG artists.
Fortnite recently $3 billion Expand your commitment to innovation within the metaverse. Similar to entertainment brands looking to attract gamers with Fortnite, investors may see gaming platforms as a unique opportunity to create brand affinities and test new options for making money in the virtual space. there is.Lead live music events such as Coachella Launch Fortnite events, branded virtual merchandise and entertainment networks. heart radio Launch a virtual world on your platform. In addition, a new concert will be held as a result. other music labelsas recently Kid Laroy concert At Fornite, artists released new tracks to narrate video experiences, giving viewers XP and exclusive DLC.
Point for Marketers
Millions of consumers play games every day. To build relationships on these platforms, marketers need to develop content that is native, immersive and engaging, much like a game. Music is powerful in igniting a sense of community and drawing fans to new platforms. However, the most successful live entertainment experiences don’t have to feature Ariana Grande at her level of talent.Marketer is building virtual experiences in her Fortnite many yearstapping into music fandom is a natural evolution towards intelligent engagement strategies.