The music industry today will look as old as cassette tape when the metaverse can take full advantage of 5G technology. said one music industry lawyer.
Aarash Darroodi, executive vice president and general counsel of Fender Musical Instruments, says it’s too early to say what the future of music in the Metaverse will look like. Due to current hardware limitations, however, he expects big changes as devices get cheaper, faster and smaller will allow developers to take full advantage of 5G speeds. T-Mobile compares 5G wireless technology to Rocket ride with 4G scooter or 3G bike
“Even though carriers are offering 5G, the true capabilities are yet to be unleashed. which is very fast,” he said.
Darroodi’s recording software is still behind, but may soon catch up. The problem is hardware. No one can create convenient and efficient virtual or augmented reality devices that enable fully immersive digital experiences.
“It’s not there yet,” he said.
Darroodi believes that the best virtual reality device will be some kind of glasses. He says partnerships with major fashion brands can help drive adoption.
“If you can turn it into fashion. It’s much easier for the average person to accept it. instead of being just tech-savvy,” he said.
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Darroodi describes the metaverse as a fully immersive 3D experience. Compared to the current 2D flat screen Internet It will change the way music is created, shared and consumed. However, music will remain a shared experience.
“In the end This is the next evolution of human connection,” said Darrudi.
He explained that people often gather to share experiences. Many homes still have fireplaces, although they are not needed for heating. Because the hearth is the traditional gathering point.
The metaverse will enhance those experiences. For example, Live Nation’s Ticketmaster unit recently canceled ticket sales for Taylor Swift’s “The Eras Tour” after a system outage that left many Swifties empty-handed after hours of queues.
Darroodi said the metaverse won’t exacerbate the excitement of attending a live concert. But the immersive, 360-degree environment caters to those unable to attend a live performance.
Darroodi said, “It’s going to make the experience of many people even better.” people become democratic
He expects live concert organizers to move into the digital realm to create a top-notch experience that will be nothing like today’s pioneering efforts.
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Live music generated the most revenue in pre-pandemic 2019: $28 billion versus $20 billion for recorded music and $6 billion for music distribution, according to Enders Analysis, a consulting firm in the US. London
Ariana Grande held a metaverse concert on gaming platform Fortnite, a unit of China’s Tencent Holdings, in August 2021, where users would attend through their avatars.
Other artists followed, Elon Musk’s former partner Grimes and rapper Travis Scott held a concert during Metaverse Fashion Week in March 2022.
Enders’ analysis reported that 28 million people attended Scott’s Fortnite concerts, compared to the 700,000 who bought tickets to his live shows. However, his live tours generated $54 million in ticket revenue compared to merchandise sales. $20 million from his Metaverse concert
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Darroodi said metaverse concerts could be monetized through access fees. Advertise products in real time and the sale of non-fungible tokens (NFTs).
“It’s exciting that you can connect real-time e-commerce to the concert experience,” he said.
Musicians also use NFTs to increase their income. They are selling tokenized versions of their music, art, and/or bundles. Artists on OpenSea, the first and largest NFT marketplace, 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 & Music.
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Fender entered the metaverse in June. The company has announced the release of the Fender Stratoverse, built within Meta Platforms Horizon Worlds.
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Darroodi filed a Fender trademark for crypto to protect the company’s name and headstock design to protect intellectual property and provide convenience to consumers.
“I had to understand where technology was taking the world. So I can defend the company from a legal point of view,” he said.