Technology Advances with Potential to Drive Music Revenue Growth

virtual reality (VR)

 

A respected figure in the music industry, Christopher Roberts headed the Classics and Jazz Division at Universal Music and was successful in positioning the genres he represented for a contemporary audience. In tandem with his position as division president with Universal Music, Christopher Roberts guided labels such as Decca and Deutsche Grammophon.

Chris Roberts maintains an interest in the recording industry in the face of a highly competitive digital landscape in which streaming has come to the fore as a significant means of dissemination. A recent World Economic Forum article on the state of the industry pointed to virtual reality (VR) as one area of potential revenue growth.

Beyond simply broadcasting live concert video or audio, VR gives artists the opportunity to provide complete in-concert experiences to people who are too busy or far away to attend the show in person. Artists also have the chance to create virtual interactive experiences in which fans “travel” with the band or hang out backstage.

Another area of revenue opportunity identified for musicians is in the use of bitcoin and blockchain technologies that effectively unify and update artist and song information, thus ensuring that streaming services pay out to the correct artist in a timely manner.

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