Music Festivals, Entertainment and the Metaverse
Brands, companies, and communities are increasingly turning to the metaverse as a way to connect. A study from December 2022 showed that 69% of users believe metaverse entertainment will transform social life. The famous 1960s rock festival Woodstock recently announced that it will re-emerge as a digital world in collaboration with metaverse developers Sequin AR. Virtual festivals in the metaverse are not new, with virtual Pride parades, cultural events, and metaverse fashion weeks being common.
Woodstock’s move to the metaverse will preserve and reinvent its legacy for new generations, with a truly global audience now able to experience the festival. The metaverse is seen as a democratizing experience, where people can come together regardless of their physical location to celebrate what they believe in. Connectivity is a key motivator for brands and companies to enter the metaverse, with over 90% of consumers curious about it, offering opportunities to create global connections.
The goal of these initiatives is not to replace physical reality but to complement it, as there is nothing like being at a live show. The Woodstock team and Sequin AR CEO Robert DeFranco agreed that anticipating the needs of artists, audiences, and music genres and leaving room for serendipity is a new challenge in creating a digital complement.
The music industry has been actively adopting Web3 technologies, with major labels like Warner Music announcing its own music-centered Web3 platform. When it comes to legacy, the focus is not just on preserving the past, but also on involving new audiences and shaping the future. The metaverse is expected to create a market valuation of $5 trillion over the next seven years.