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Today’s music industry will be like old cassette tapes if Metaverse can take full advantage of 5G technology, say music industry advocates.
Arash Darodi, EVP and general counsel of Fender Musical Instruments, says it’s too early to predict the future of music in the Metaverse due to current hardware limitations. However, he expects drastic changes as cheaper, faster and smaller devices allow developers to take full advantage of 5G speeds. T-Mobile compares 5G wireless technology to riding a 3G rocket, scooter or bicycle.
“While carriers are offering 5G, the real possibilities have yet to emerge, absolutely blazing-fast speeds,” he said.
Darrody notes that the software lags behind, but that it catches up quickly. The problem is in the hardware. So far, no one has been able to create practical and effective virtual or augmented reality devices that allow for complete immersion in the digital world.
“He’s not here yet,” she said.
Darodi believes that the best virtual reality device is a kind of glasses. Collaborations with big fashion brands can help, she says.
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“If you can turn it into a fashion statement, it will be easily accepted not only by technologists but also by the public,” he said.
© Reuters/Thomas Mukwa Francis Mwangi, 13, uses an Oculus VR headset in Sakit, Kenya, June 2, 2022. Reuters/Thomas Mukwa
Metaverse: New technology allows users to experience things in virtual reality
Darodi describes Metaverse as a truly immersive 3D experience, comparing it to the current flat 2D web. It changes the way music is made, accessed and consumed. However, music remains a shared experience.
“This is the next evolution that will ultimately connect humanity,” Darody said.
He explained that people always come together to share experiences. Many homes still have a fireplace, although the fireplace is a traditional gathering place, so there is no need for heating.
Metaverse enhances that experience. For example, Ticketmaster’s Live Nation division recently canceled ticket sales for Taylor Swift’s The Eras tour concert due to a system glitch, leaving many Swifties empty-handed after waiting in line for hours.
Darodi said Metaverse will never be able to replicate the excitement of a live concert, but its 360-degree immersive environment can satisfy those who can’t attend a live broadcast.
“It democratizes the experience of many people who are geographically or economically unable to access it,” Darudi said.
Unlike any other pioneering effort today, he hopes live concert promoters will move into the digital world to create the best possible experience.
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Live music generated the most revenue in 2019 before the pandemic, with $28 billion for recorded music and $6 billion for music publishers, according to London-based consultancy Enders Analysis.
In the year In August 2021, Ariana Grande hosted a Metaverse concert on the gaming platform Fortnite, a division of Chinese company Tencent Holdings, in which users participated with personalized avatars.
Other artists followed. Elon Musk’s former partner Grimes and rapper Travis Scott performed at the Metaverse Fashion Week concert in March 2022.
Enders’ analysis reported that 28 million people attended Scott’s Fortnite concerts, compared to 700,000 people who bought tickets for the concert tour. However, his live tours generated $54 million in ticket sales, with $20 million from Metaverse concerts.
The what and why of the Metaverse is the key to the great NFTS boom.
Darodi said Metaverse’s concerts will be monetized through admission fees, real-time merchandise promotions and non-perishable token (NFT) sales.
“When you can combine real-time e-commerce with a live concert, it’s great,” he says.
Musicians use NFTs to increase their income. They sell their music, artwork, and/or kits in tokenized form. Artists featured on OpenSea, the first and largest NFT marketplace, include Snoop Dogg, Shawn Mendes, 3LAU, Deadmau5, Grimes and Steve Aoki.
According to Water & Music, Open Sea NFT music sales will bring in $86 million by 2021.
Lowe’s has tapped into the metaverse to help consumers visualize designs.
Fender has entered the Metaverse. In June, the company announced the inclusion of the Fender Stratoverse in its Horizon Worlds meta-platforms. The guitar-shaped island features a first-of-its-kind collaboration feature to create original musical riffs.
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Darrody has trademarked the Fender for Crypto name to protect the company’s name and headstock design to protect its intellectual property and bring greater convenience to users.
I need to understand where technology is taking the world so that I can protect the company from a legal standpoint.
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