Rather than ever having to go outside again, Roblox (NYSE: RBLX) and Sony Music Entertainment have partnered up to keep us glued to the metaverse.
Wait, what the hell’s a metaverse?
The metaverse is a concept of persistent, shared, 3D virtual spaces linked into a perceived virtual universe — in this case, Roblox’s virtual world.
And now, concerts can take place with Sony-labeled artists without the risk of copyright infringement. This last part is important considering the $200 million lawsuit brought against Roblox in June by a group of music publishers who alleged the company was allowing creators to stream copyrighted music without artists’ permission or payment.
Though no confirmation of what will take place with Sony has been given, it’s likely that we’ll see more concerts, such as the Lil Nas X live virtual performance which took place last November — it was attended by 36 million users.
The deal comes at a pivotal moment for Roblox, whose core younger audience is aging up. As of Q1 2021, there has been a 128% YoY engagement increase amongst over-13s on Roblox — an age generally associated with a musical awakening. By bringing Sony’s commercial license to its platform, Roblox can offer music from some of the world’s biggest artists, increasing retention and encouraging user growth — whilst avoiding copyright infringement.
The success of this deal will be a massive indicator of how popular this metaverse concept really is. It might begin with regular concerts and events, but perhaps in the future, we will see exclusive movie/show previews or full-on screenings.
The world — or should I say, the metaverse — is truly Roblox’s oyster right now, and I can’t wait to see where it goes next.
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Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.