Entrepreneurs and businesses of all types and sizes should be keeping an eye on how the metaverse develops, and that includes how other enterprises are viewing opportunities via the metaverse.
Motown in the Metaverse
Consider the June 20 announcement by Motown Records (owned by Capitol Music Group (CMG)) that it’s entering into a metaverse partnership with Second Life and STYNGR.
As a quick review, Motown Record is an iconic music label that was created in Detroit in 1959 by Berry Gordy, Jr. Motown’s history ranges from performers like Diana Ross & The Supremes, Marvin Gaye, Stevie Wonder, The Temptations, and Martha & The Vandellas to artists today like YoungBoy Never Broke Again, KEM and Ne-Yo.
Meanwhile, Second Life was launched in 2003 by Linden Research, Inc. and is described as “the groundbreaking virtual world enjoyed by millions around the globe… Second Life has since gone on to boast nearly two billion user creations and a vibrant $650 million USD economy.”
The STYNGR platform brings together the worlds of music and gaming. It provides “globally licensed music, with access to 100 million+ tracks,” and simplifies “the licensing and delivery of music, exclusive drops, user analytics, and royalty payments into any gaming platform.”
What’s the Deal About?
According to the press release:
“The collaboration includes the launch of Motown Records, a new immersive music experience and venue in Second Life that will be the home to in-world appearances by top classic and contemporary Motown artists. The venue opens with interactive experiences that celebrate the iconic Motown sound. Visitors to Motown Records can snag Styngs, which will allow Second Life Residents to attach Motown Records music snippets to their avatars. There is also a dedicated Motown Records radio station in Second Life curated by Motown and STYNGR. New Motown experiences and content will follow throughout 2023 including events with both classic and contemporary Motown artists.”
Here’s an example of a legendary music label that has been serving up soul, R&B, and pop music for nearly 65 years, and it’s stepping into the metaverse. Why? Alex Williams, VP Gaming Strategy and Business Development, Motown Records, said:
“As the convergence of music, culture, and tech continue to redefine the way fans experience music, partnerships like this enhance that connection building an even greater community among music lovers.”
A Lesson for Entrepreneurs and Small Business Owners
Motown sees where music lovers are and are going, and the company needs to be there to grow its business and the audience for its performers. And that means offering its music through and in various venues, including the metaverse.
That’s a lesson for all entrepreneurs and businesses, i.e., where are your current and potential customers today, and where will technological developments like the metaverse take them? No matter the answer, you need to be there or making the investments to be able to get there.
As The Temptations proclaimed, “Get ready!”