Is the metaverse upsetting the music industry?
The Metaverse is increasingly becoming a central part of the music industry as mainstream artists like Snoop Dogg, Eminem and many more take part in the virtual universe. How will this integration change the future of the industry?
by Janelle Borg by AmplifyYou
Have you ever attended a concert in the Metaverse? If not, it’s probably time to do it. The Metaverse is quickly becoming mainstream, as evidenced by the MTV VMA’s “Best Metaverse Performance” category and Bored Ape Yacht Club-inspired performances by Eminem and Snoop Dogg.
But how will this year’s MTV VMAs and the Metaverse impact the entertainment industry? And is it time to accept that the metaverse is central to the future of the music industry?
This year, the MTV VMAs introduced a new category, which turned out to be the “Best Metaverse Performance” category. The nominees included a veritable list of artists spanning all genres and countries, namely Ariana Grande, BLACKPINK, Charli XCX, Justin Bieber, Twenty One Pilots and eventual winners BLACKPINK.
Each artist was nominated because of a gig they put on in the metaverse. Of course, these aren’t the only artists who have performed in the Metaverse. However, these are big names that have helped bring their majority Millennial and Gen Z fans closer to the concept of the metaverse.
Along with the introduction of this category, the MTV VMAs and the Metaverse have become even more inextricably linked this year. Indeed, the infamous rewards show has announced its first-ever metaverse experience on Roblox. The VMA experience on Roblox included three interactive games. Additionally, it allowed players to increase their chances of voting for their favorite metaverse performance by collecting tokens bearing the MTV logo while playing VMA-related games.
The unique performance of Eminem and Snoop Dogg
At the 2022 MTV VMAs, Eminem and Snoop Dogg also delivered a phygital (physical and digital) performance of their track “From The D 2 The LBC.” The legendary rappers teamed up with Yuga Labs, best known for the Bored Ape Yacht Club, and delivered a stunning performance inspired by Bored Ape’s Otherside metaverse.
Eminem and Snoop Dogg’s “From The D 2 The LBC” music video is also inspired by the Bored Ape Yacht Club. Indeed, the clip, like their performance at the VMAs, alternates between live shots of Eminem and Snoop Dogg, their avatars, and Bored Apes.
While audience for award shows is down, virtual concerts are on the rise. Therefore, it makes perfect sense that a musical juggernaut like MTV would want to grab a slice of the metaverse pie.
According to a study by Morning Consult, 61% of Millennials are interested in attending a virtual concert. The same is true for 56% of Gen Zers. Additionally, about 2 in 5 adults wish they had an avatar in the metaverse. 31% said they would buy virtual clothes for their avatar.
If that’s not enough, the number of attendees virtual concerts attract speaks for itself. Travis Scott’s in-game Fortnite tour has garnered over 27 million concurrent players in-game, while Lil Nas X’s Roblox has garnered 33 million views.
With the MTV VMAs struggling to stay relevant and attract new audiences, it’s no surprise that MTV included the metaverse to revamp. Only time will tell if this will impact other award shows. One thing is for sure – given the growing popularity of the metaverse, we surely won’t be surprised!
Janelle Borg knows a thing or two about the music industry. Involved in the industry since the age of 13, she is now involved in a variety of music-related projects and is always eager to share industry tips and tricks with other musicians.