Music in Virtual Reality An Opportunity To Fill The Content Void
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20,000 foot view: A transformational technology in need of a meaningful content offering meets a wounded industry looking to new revenue streams. Despite their obvious differences, music (as one of the first and most vigorously disrupted mediums by the internet), and Virtual Reality (as a poster-child of technology’s brave new world), could yet prove natural allies. Early experiments by artists such as Björk, Paul McCartney and Run the Jewels have been well received. With music having already undergone an increasingly visual transition through the Century, a considered approach to VR opens doors to defining the music industry’s relationship with this exciting and embryonic art form.
- Music as an art form has already been increasingly visualised
- Interactive and video entertainment forms are overriding purely music ones in time spend amongst younger demographics
- Visual Albums (Lemonade, Endless) have already shown a successful proof-of-concept for visual music experiences
- Consumer spending on music experiences (Live, VIP) has increased in accordance with the decline of products (downloads, CDs). VR brings the ‘experience’ element to home entertainment
- Millennials are eagerly adopting VR hardware of year olds in the UK claim to own a VR headset) though overall penetration is still just
- The billion VR content funding gap presents an opportunity for music
- Adventurous artists, labels and managers have an opportunity to fill the VR content void and to put music centre stage in the nascent VR marketplace
Companies Mentioned: Alphabet, Apple, Facebook, HTC, MTV, Samsung, Snapchat, Universal, YouTube