If the Metaverse can take full advantage of 5G technology, today’s music industry will become as obsolete as cassette tapes, says one music industry lawyer.
Aarash Darroodi, Executive Vice President and General Counsel of Fender Musical Instruments, says it’s too early to tell what the future holds for Metaverse music due to current hardware limitations. But he is cheaper, faster, small device Developers can take full advantage of 5G speeds. T-Mobile compared 5G wireless technology to riding a rocket to riding a 4G scooter or 3G bike.
“Operators are offering 5G, but the true capabilities are yet to be unlocked: absolute lightning-fast speeds,” he says.
Darroodi said the software is lagging behind, but will probably catch up soon. The problem is hardware. No one has been able to create a comfortable and effective virtual or augmented reality device that enables a fully immersive digital experience.
“It’s not there yet,” he said.
Darroodi believes the ultimate virtual reality device will be some kind of glasses. He said partnerships with major fashion brands could help with adoption.
“If you can turn it into a fashion statement, it will be much easier to be adopted by the masses than just techies.
Darroodi describes the Metaverse as a fully immersive 3D experience compared to the current 2D flat screen internet. It will change the way you create, share and consume music. However, music remains a shared experience.
“Ultimately, it’s the next evolution that connects humanity,” Darudi said.
He explains that people have always come together to share their experiences. Since the hearth is a traditional gathering place, it is not needed for heating, but many homes still have fireplaces.
The Metaverse enhances those experiences. For example, Live Nation’s Ticketmaster unit recently Taylor Swift’s “The Eras Tour” Following a system crash that left many Swifts empty-handed after hours of waiting in queues.
According to Darroodi, the Metaverse can’t replicate the thrill of attending a live concert, but the 360-degree immersive environment can satisfy those who can’t attend a live event.
“It will democratize the experience for many who cannot afford it either geographically or financially,” says Darroodi.
He expects live concert promoters to move into the digital realm to create a stellar experience that’s radically different from today’s pioneering efforts.
Live music was the biggest revenue source in 2019 before the pandemic, according to a London-based consultancy. He made $20 billion in recorded music and $28 billion in music publishing compared to his $6 billion. enders analysis.
In August 2021, Ariana Grande hosted a Metaverse concert on gaming platform Fortnite, a division of Chinese company Tencent Holdings, where users participated via personalized avatars.
Other artists followed. Former Elon Musk partner Grimes and rapper Travis Scott held a concert during his week at Metaverse Fashion in March 2022.
Enders Analysis reports that 28 million people attended Scott’s Fortnite concerts, compared to 700,000 who purchased tickets for Scott’s live tour. However, on his live tour, Metaverse made his $54 million in ticket revenue, compared to his $20 million in concert merchandising.
According to Darroodi, Metaverse concerts can be monetized through access fees, real-time product advertising and the sale of non-fungible tokens (NFTs).
“It’s exciting to be able to connect with the experience of going to a concert in real-time e-commerce,” he says.
Musicians are also embracing NFTs to increase their revenue. They sell tokenized versions of their music, art, and/or bundles. Artists on his first and largest NFT marketplace, OpenSea, include Snoop Dogg, Shawn Mendes, 3LAU, Deadmau5, Grimes and Steve Aoki.
NFT music sales on Open Sea will generate $86 million in 2021. according to water and music.
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Fender enters the Metaverse. In June, the company announced the Fender Stratoverse built within Meta Platforms Horizon Worlds. The guitar-shaped island features a first-of-its-kind co-play his audio experience for creating original musical riffs.
Darroodi filed the Fender trademark for crypto to protect the company’s name and headstock design, protect intellectual property, and provide consumer comfort.
“I need to understand where technology is driving the world so I can defend my company from a legal perspective,” he says.