How to Generate Income as a Musician Through Virtual Concerts
Most music performers make most of their income from live shows and tours. On the other hand, virtual concerts offer several options to generate revenue.
Ticket sale Ticket sale is an essential component of the artists' income. Virtual concerts can gather millions of attendees since there is no limitation of venue size in metaverses. Thus, ticket sales can generate a large number of revenue.
NFTs NFT, Non-Fungible Token, are proof of certified ownership of a digital object. These digital objects can be tracked in a public digital ledger. In 2021, NFTs were embraced by the music industry as an alternative income source, and many artists created unique,tokenized versions of their songs, albums. Artists can create specific NFTs for the events or promote their existing NFTs to the participants. Virtual concerts are a great way to promote NFTs and earn revenue from sales. NFTs are also beneficial in terms of engagement.
Merchandise sale As human beings, we love to collect objects that tell a story or remind us of a particular experience. Artists can put up physical or virtual merchandise on sale throughout the virtual concerts. Merch items are a vital part of the virtual concerts in metaverse to generate income. In March 2021, American boy band “Why Don’t we” launched a virtual concert event in Roblox. During the concert, virtual merch items such as hats, guitars, backpacks, and skins of the band members were available for the participant audience to purchase with Robux, the platform’s in-game currency.
For reference, the avatars were the most expensive item with 350 Robux each, and the users can buy 400 Robux for 4.99 dollars. Which kind of puts into perspective how much these virtual items cost. Travis Scott’s Fortnite concert also allowed the users to purchase physical merch such as t-shirts, hoodies, hats. In addition to the physical merchandise, virtual merchandise such as skins and dance moves for users’ within the platform. According to new research, the artist grossed 20 million dollars from the Fortnite collaboration, including the merchandise sale, almost half of his earning in- person Astroworld tour held in 2019 in several cities in the USA.