Momentum Worldwide’s latest WE KNOW Metaverse study finds that music fans are increasingly venturing into the metaverse — with 75% of music fans who believe that a metaverse platform will transform the way they consume live music, and 85% who are willing to pay for an exclusive music experience in the metaverse.
Jason Alan Snyder, Global Chief Technology Officer at Momentum Worldwide comments, “The metaverse can offer music fans an exciting way to engage with their favorite artists while offering the industry new avenues for monetization. To overcome the barriers in monetizing the metaverse for the music industry, brands must focus on creating unique and memorable experiences that replicate the atmosphere and excitement of a live event. This could involve creating a sense of exclusivity through limited ticket sales, offering virtual VIP experiences, or even creating branded environments within the metaverse. Payment security concerns can be addressed through secure payment gateways and implementing fraud prevention measures. Additionally, technical issues can be minimized through thorough testing and contingency plans in case of any disruptions.”