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Metaverse to transform music industry

Comparing the metaverse to today's 2D flat-screen internet, Aarash Darroodi said it is a fully immersive 3D experience

Aarash Darroodi, executive vice president and general counsel for Fender Musical Instruments thinks that today’s music industry will look as old-fashioned as a cassette tape once the metaverse with 5G technology kicks in.

As per Aarash Darroodi, it’s too early to tell what the future holds for music in the metaverse because of current hardware limitations. He expected radical changes to take place once cheaper, faster and smaller devices allow developers to exploit 5G technology fully.

“Although carriers provide 5G technology, the true capabilities have not been unleashed yet, the absolute superfast speeds. It’s not there yet,” Aarash Darroodi said.

He believed that the ultimate virtual reality device will be some glasses. Partnership with a major fashion brand could help the gadget’s adoption.

“If you can convert it into a fashion statement, it will be far more easily adopted by the masses as opposed to just techies,” Aarash Darroodi said.

Comparing the metaverse to today’s 2D flat-screen internet, Aarash Darroodi said it is a fully immersive 3D experience. It would alter the process of making, disseminating, and enjoying music. Music would still be a shared experience.

He also said that the metaverse will improve social experiences.

For instance, Taylor Swift’s “The Eras Tour” ticket sales were recently halted by Live Nation’s Ticketmaster division due to a system failure that left many Swifties without tickets despite spending hours in line.

According to Aarash Darroodi, a 360-degree immersive environment can satisfy those unable to attend live events.

He anticipates that live concert promoters will enter the internet space to produce first-rate experiences that look nothing like today’s avant-garde initiatives.

According to London-based Enders Analysis, live music raked in USD 28 billion in 2019, compared to USD 20 billion for recorded music and USD 6 billion for music publication.

In August 2021, Ariana Grande conducted a metaverse concert on the Fortnite gaming app. People attended it via their custom avatars.

Other musicians followed the suit with rapper Travis Scott and ex-partner Grimes performing live during 2022 Metaverse Fashion Week.

According to Enders Analysis, 28 million people watched Travis Scott perform in Fortnite as opposed to 700,000 who bought tickets for his live tour. However, his live time generated USD 54 million in ticket sales as opposed to his metaverse concert’s USD 20 million in merchandise sales.

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