Billboard explained how the big tech giants are focusing on the future of online community involvement, and how it gives music a whole new space to thrive—and make money. Since Facebook announced at the end of October that it would now go by the name Meta, it has caught the attention of not just the tech world. The new name refers to the ”metaverse”, with the company pledging $10 billion this year to create the online ecosystem widely seen as the future of digital social connectivity.
In the simplest terms, the metaverse is the next version of the internet, where you can interact virtually, seemingly face-to-face, with friends, colleagues and anyone you want, anywhere in the world. The idea is still only theoretical and, despite the hype, little of it exists in reality, but imagine it this way: a metaverse is a combination of virtual reality (VR) and augmented reality (AR) that exists above the physical world, interacting with our current way of life, meeting needs that have hitherto seemed unimaginable.
Possibilities include being able to send your hologram to a family dinner when real-life obligations call you elsewhere, and of course, taking part in activities that, just like in the physical world, would cost a pretty penny. For example, we can buy tickets to any concert anywhere in the world, avoiding the environmental pollution of air travel, and enjoy a front-row seat to the concert experience on our own couch in 8K resolution
There are numerous ways the music industry can benefit from this. Music will be streamed and concerts will be viewed, offering traditional revenue sources a new ecosystem to monetize. With this opportunity, we could even throw a party in this new space, hiring our favorite performers while celebrating with friends without even having to meet them.
The metaverse, if it turns out the way many in the tech industry expect, will be a second world with many of the monetizable aspects of real life, with new revenue streams never dreamed of before, taking the music industry to new heights.
The world’s trillion-dollar companies are investing heavily in the metaverse, hoping to secure a share of what is likely to be a crucial part of the internet’s future. Microsoft is betting on the enterprise side of the metaverse, building virtual space versions of key products such as Microsoft Teams and Office (Xbox will also be a key element for the company in the metaverse). According to Bloomberg and The Information, Apple is also developing a headset that integrates mixed reality (virtual and augmented reality) and AR-glasses, which we can expect in the coming years. And Meta will use part of its $10 billion budget to launch its own mixed reality headset, currently called Project Cambria, sometime next year, the company announced at its annual Facebook Connect event in October.
With billions of dollars invested and the combined power of the world’s most powerful companies, the metaverse is already around the corner, the question is whether it will live up to our expectations from sci-fi movies.