Is the Metaverse Really Disrupting the Music Industry?

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

concert with lots of people
Photo by Hume

In the past year, musicians including Megan Thee Stallion and Travis Scott have forged their way into metaverse-related businesses by hosting virtual reality (VR) concerts. It’s no surprise then that the metaverse, still in its early stages of development, has captured the attention of some of the largest investors over the past few years. And a handful of Los Angeles-based music companies invested in the metaverse are trying to capitalize on the moment. Two such companies are Hume, a web3 record label and music NFT project Blocktones, that creates unique tracks minted on the Ethereum blockchain. We spoke to them to find out if musicians along with the music industry will embrace the metaverse.


Here are the most important takeaways:

Web3 will not replace Web2 because both will continue to exist. 

“You're still gonna have the traditional world of entertainment,” songwriter, producer and Hume co-founder Jay Stolar says. “But as more people start spending more time in virtual spaces, and owning virtual goods, you're gonna have more major entertainment and music companies finding a way to bring that(Web3/metaverse) into their world.”

With over 100,000 tracks being uploaded to streaming platforms each day, it is becoming more difficult for fans to engage with new content. 

“Consumers and fans don't really feel tied to the song that they're listening to because there's a new viral song on TikTok every week,” Grammy-winning producer Gino Borri says. “And it makes music feel cheap like fast fashion.”

Music NFTs give fans the connection to artists the way vinyl and CDs did in the past generations.

\u200bman singing in front of crowd at concert

Reo Cragun singing in front of crowd at concert

Hume

“We (Blocktones) really wanted to create something disruptive for the music industry and give people that access again,” Borri says. “You may have no music background, but let's say you buy this track and you connect with somebody in our Discord and they're an upcoming artist, and they're looking for a beat,” Borri continues. “By owning this beat on the blockchain you essentially are a producer. If they record a derivative on it and put it out and put a track over your beat, you're now a producer on that record.”

Web3 has added another layer for fans to interact and consume music from their favorite artists.

“The ethos of web3 is about digital ownership,” Borri says. “And we are allowing people to rethink the way you not only collect and consume music, but also what they can do with their music, and how they can activate the music that they own.”

Independent artists are reaping the benefits of the metaverse and how it will allow them to grow as a musician.

“I've released over 1000 music NFTs and sold over 1000 of them,” rapper Reo Cragun says. “I have a more organic reach than I've ever had which is great because it matters to me to know my community and to know the people who are supporting the music over how many monthly listeners that I have on Spotify.”

Subscribe to our newsletter to catch every headline.

Cadence

CPUC Votes To Change The Way California Will Compensate Rooftop Solar Energy

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

CPUC Votes To Change The Way California Will Compensate Rooftop Solar Energy

Yesterday the California Public Utility Commission (CPUC) voted unanimously to enact sweeping changes to the way the state will compensate rooftop solar energy. The decision, which came after more than three hours of public comment in which rate payers, environmental advocates, and solar industry workers voiced their near-universal opposition to the policy change, will effectively reduce how much money new solar customers can expect to recoup by 75% or more.

Read moreShow less

Office Hours: CNBC’s Julia Boorstin on How Female Founders Can Thrive

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

Office Hours: CNBC’s Julia Boorstin on How Female Founders Can Thrive
Image courtesy of Julia Boorstin

On this episode of Office Hours, CNBC's Senior Media & Tech Correspondent Julia Boorstin joined host Spencer Rascoff to discuss her book “When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them.”

Read moreShow less
https://twitter.com/spencerrascoff
https://www.linkedin.com/in/spencerrascoff/
admin@dot.la

Q&A: Former Head of Yeezy-Adidas Innovation Lab Shares His Journey To Create a Footwear Prototyping Lab

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Q&A: Former Head of Yeezy-Adidas Innovation Lab Shares His Journey To Create a Footwear Prototyping Lab
Photo credit: Carlos Acosta

On Wednesday, Los Angeles-based footwear prototyping lab FCTRY LAb raised $6 million in funding. Co-founded by the former head of Yeezy-Adidas Innovation Lab Omar Bailey and former Wall Street executive Abhishek Som, the lab will help independent designers cut down the time it takes for their designs to reach the market. Traditionally, it takes 8 to 12 months to bring a sneaker into production, but FCTRY LAb touts that they can do the same amount of work in one to three months.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending