No surprises here: technology has played an enormous role in how we listen and interact with music. And today’s tech (social media, streaming capabilities, augmented reality (AR), virtual reality (VR), and artificial intelligence (AI)) has created a transformative effect on how artists can share their work, connect with their fans, and make money (cha-ching!). But what about music and the metaverse?

As technology has advanced and put more tools at our fingertips, our capabilities to serve up creative new experiences have shifted from fantasy to reality. Don’t feel like going to a concert? Grab your popcorn and couch surf a live streamed concert! Want to experience concert vibes but in the confines of your own home? No problem! Just hop into the metaverse and participate in a virtual concert.

Virtual concerts? Metaverse? Come again? You read correctly! The growth of virtual concerts takes live streaming up a notch by creating a whole digital experience that amp up an artist’s way of delivering a personalized musical performance in a virtual environment. Fans are immersed in a similar experience as a live one: unbeatable dance moves, light shows, and all their favorite hits to jam along to. But even more interesting comes the numbers, as crowd capacity could be ultimately unlimited, and monetization of these virtual experiences raked in millions for some major artists!

For example, online games like Fortnite and Roblox brought in performers like Marshmello, Ariana Grande, J Balvin and Twenty One Pilots. Marshmello’s 2019 Fortnite event drew in a virtual crowd of 10.7 million. Two years later, Ariana Grande received a whopping 27.7 million attendees. And it’s not just the attendance that is impressive. Artists received monetization for the obvious ticket sales, but also for real and virtual merchandise, event sponsorship, and more.

A very important aspect to recognize is that these types of performances can reach a monstrous audience, but these virtual environments are more than just the amounts of users/players. They have a thriving and very active digital economy where fans are thrilled to spend money on virtual merchandise, concerts, content, etc. And now, many other artists continue to host performances in these types of virtual environments, implementing a model of an artist being motion-captured and used in a performance that is set up for success.

It’s no wonder that artists have begun exploring and creating their own virtual worlds or spaces within existing platforms. Virtual concerts and livestreaming are reviving the struggling music industry and helping it to emerge as a leading industry. This revival can be attributed to fans’ increase demand for customization and a true connection with their favorite artists. And artists gain control over their music and associated performances through the use of technology, ultimately positioning them to earn more revenue.

While AR, AI, and VR technologies are continuing to evolve, their potential for personalized experiences for fans is limitless. Virtual concerts have changed the music industry, and this is an area we will continue to watch with anticipation.