fbpx
Skip links

Immersive Tech and Music: Unlocking New Revenue Streams in Virtual Concerts

Lately, immersive technology like virtual reality (VR) has been on a steady rise in various aspects of life. In music, artists find ingenious ways to incorporate VR and even augmented reality (AR) elements in live performances and music videos. We will discuss how VR concerts is fast becoming a thing.  As an avenue to create new revenue streams through providing immersive experiences. Also how royalty tracking systems help ensure that artists and rights holders exploring these innovations are properly compensated for their work.

What is Immersive Technology?

Imagine attending a music concert happening anywhere in the world without ever leaving your home, that is the promise of immersive technology. While watching concerts on TV may seem similar, immersive technology provides something more than just passive viewing. Whether through VR or engaging 2D content, immersive experience allows the audience to loose themselves in a virtual environment through technology.

Using specialized equipment, like a headset, one can experience a simulated environment, a computer-generated world with a 360-degree view. This environment can simulate real-world experiences, enabling users to interact with objects, people, and surroundings in ways traditional media cannot.

Virtual Reality Concerts: A New Interactive Experience

Virtual reality is revolutionizing the live music experience. In addition to attending physical concerts or watching live—streams, fans can now participate in VR concerts hosted on platforms like Fortnite. And they can attend these concerts from anywhere in the world using VR headsets or even standard screens. Within these virtual environments, concert-goers can explore and enjoy special visual effects that would be impossible to replicate in a physical venue. 

Artists Who Have Experimented with Immersive Technology

  • BTS: 

In 2020, K-pop sensation BTS held a series of online concerts called BANG BANG CON. While not fully VR, the use of augmented reality elements enhanced the experience. It was also announced that the group would host a virtual concert on Fortnite’s Party Royale main stage later that year.

  • Travis Scott: 

We are no strangers to Travis Scott’s 2020 Astronomical Concert in Fortnite.  It was one of the most iconic uses of immersive technology in Hip-Hop. His performance was rendered as a giant avatar in an interactive virtual environment. 

  • Burna Boy:  

In 2021, Burna Boy collaborated with MelodyVR for his Live from London concert. Fans worldwide could attend the event virtually, using smartphones and VR headsets.

 

New Revenue Streams for Artists

  • VR Concert Ticket Sales

VR concerts often require tickets, just like traditional concerts,  which generate royalties for artists, songwriters, and rights holders. With virtual concerts, however, there is a wider reach as fans from around the globe can log in without geographic limitations, creating significant potential for increased ticket sales.

  • In-game and Virtual World Soundtracks

Music integrated into virtual worlds and games will generate royalties each time it is played. For artists whose music is featured in-game, these virtual environments have become a growing source of royalties.

  • Virtual Merchandise and NFTs 

Artists can sell virtual merchandise, such as concert memorabilia during their VR concerts. Restricting access to the concert or offering exclusive digital content can equally heighten the buzz surrounding an artists’ performance translating to more sales. There is also the possibility of creating NFTs (non-fungible tokens) as a way for artists to sell unique digital assets tied to their music.

Challenges in Royalty Tracking and Distributing Royalties

  • Navigating Copyright Laws:

VR concerts are accessible to global audiences, raising the issue of navigating international copyright laws. Laws that can be more complex than those governing traditional digital distribution.

  • Real-Time Data Tracking:

In a VR environment, real-time data tracking is essential, but difficult to manage. A single performance may take place across multiple virtual platforms or worlds,  it will be challenging to collect accurate data and ensure fair royalty distribution.

  • Platform Transparency:

Platforms like Fortnite and Roblox must provide transparent and accurate royalty data, ensuring that artists and rights holders get compensated fairly. Without proper data collection systems in place, it can be difficult to ensure that royalties are paid.

Conclusion

Without a doubt, virtual reality is transforming how music is experienced. And it continues to gain momentum, necessitating artists to consider leveraging its technology to optimize their earnings. Therefore, ensuring transparency in royalty tracking for global digital performances will be key to supporting artists, making sure that they are compensated fairly in this ever-changing digital space. Fortunately, platforms like Royalti.io are already poised to address these challenges. As a tool that consolidates data from various platforms and simplifies music catalog management and royalty tracking, it offers an efficient way to track music usage across digital channels. By adapting its current capabilities to VR platforms, Royalti.io could streamline the process of tracking royalties from virtual performances. 

 

Leave a comment