In recent months, Facebook parent Meta has indicated that it will be spending $50 million on a metaverse project, while another social media titan China-based Tencent Holdings, is reportedly making moves in this space.
Now, US radio giant iHeartMedia has revealed its very own plans to extend its presence into the metaverse.
iHeart plans to create iHeart events and experiences on Roblox and is also committing to launch what it calls “tokenized communities for its users and creators” by “building a new token that will incentivize and reward the iHeart creator community in new ways”.
iHeart also says that this token will give “fans unique access to offerings across its multiple platforms”.
A series of collectible non-fungible tokens (NFTs), will also build on iHeart’s previously launched iHeartRadio Music Festival NFTs in partnership with NFT platform OneOf in September 2021.
The company claims that it “will also use its industry-leading consumer reach of over 90% of Americans every month and strong engagement” to create what it says will be the “awareness and demand necessary to bring new metaverse and web3 platforms to the mass market”.
iHeart’s expansion into the metaverse comes two years after it made a ‘significant investment‘ in Artificial Intelligence.
According to All Access, those AI-led changes came at a cost for human staff at iHeart, with no less than 57 named employees – mainly on-air talent – left looking for new work in January 2020.
The so-called ‘metaverse’ – a conceptual virtual world – has become increasingly talked about in the music business in the pandemic era.
Virtual worlds have long been prevalent in the videos games business however, with an arguable pioneer being Rockstar Games, whose open world format blockbuster franchises Grand Theft Auto and Red Dead Redemption offer expansive virtual landscapes to explore and interact with.
Indeed, two of the biggest players in this virtual space in 2022 are still video game companies, including Fortnite maker Epic Games and Roblox Corporation, parent of gaming phenomenon, Roblox.
Fortnite and Roblox attract vast audiences – with 350 million registered players as of May 2020 for Fornite and 47 million Daily Active Users as of August 2021 for Roblox.
Both products allow users to play games, watch concerts and communicate with other players virtually.
“We see this as a unique opportunity to serve our listeners’ needs, provide an important new layer of growth for the company, and help develop the advertising and consumer potential for the metaverse and web3.”
Bob Pittman, iHeartMedia
Bob Pittman, Chairman and CEO of iHeartMedia, said: “Although there are a number of great new products for the metaverse and web3 from a wide array of creators, with our unparalleled audience reach, multiple platforms, and our trusted broadcast and podcast hosts, iHeartMedia is uniquely positioned to build the consumer awareness, understanding and demand necessary for those new products and platforms from both us and others to succeed.
“We see this as a unique opportunity to serve our listeners’ needs, provide an important new layer of growth for the company, and help develop the advertising and consumer potential for the metaverse and web3.”
“In the same way in which we believed in and committed to digital radio and podcasting – and became the strong number one in both — we are big believers in the incredible potential of web3.”
Conal Byrne, iHeartMedia Digital Audio Group
Conal Byrne, President of the iHeartMedia Digital Audio Group added: “In the same way in which we believed in and committed to digital radio and podcasting – and became the strong number one in both — we are big believers in the incredible potential of web3.
“We have already stepped into the metaverse with NFTs and have much more to come.
“iHeart’s place in this ecosystem – giving fans extraordinary access to the special events and influencers we provide every day of the year – is what we’re focused on building out as we work with key partners and develop an easy-to-use ramp to the metaverse and web3 for the mass market.”
Music Business Worldwide
