MTV, a famous American cable channel, is the latest to catch the metaverse fever. The cable channel has decided to launch a digital space in Roblox.
MTV To Launch Digital Space On Roblox
This development is part of the platform’s latest category of awards that would recognize musical performance in the virtual space. For this project, the cable channel will collaborate with Super League Gaming.
This aims to target the younger demographics on Roblox to Attract them to the American cable channel. Roblox was originally meant to be a physics modeling engine.
However, the platform has evolved into a 3-D setting where corporations can develop an interactive experience for consumers. This interactive experience allows them to interact and express themselves via avatars.
Gaming has become a significant part of society generating millions of dollars. Marketing teams from Nike, Gucci, and other firms have joined the platform to reach more audiences.
Each of them has unique virtual spaces with digital products. MTV first ventured into the virtual world with the famous game Minecraft.
MTV and executives at Paramount Media Network are now eager to make the MTV VMAs (Video Music Awards) available to a larger audience on Roblox. The organization is aiming its marketing at older kids whose musical tastes are still developing and who could eventually watch the channel.
Interest In MTV’s VMA Dropped In 2021
Furthermore, more Roblox games will carry digital advertisements for the VMA event. Also, users will be allowed to vote for their best metaverse performance using MTV’s logo tokens.
One way to get these tokens is by playing VMA-related games. Meanwhile, the report did not state if NFTs would be part of the program. NFTs are currently gaining more attraction among music artists.
In September 2021, the viewership and interest for the VMA dropped by about 17% for those between the ages of 18-49. As per metaverse specialists, MTV’s entrance into the virtual world for its August 29th event would stimulate high interest in the industry.
According to Cathy Hackl, an analyst, any endeavor to enter the virtual world needs support from many internal stakeholders. If brands must reach out to Gen Z users, they must be very active on Discord.
Also, advertisements would no longer be direct-to-consumer but now direct-to-avatar. This is because the world is currently going digital, and companies must change.
As per Bloomberg Intelligence, the metaverse would be worth over $800 billion by 2024. The report also stated that internet speed and availability are two major factors that would increase usage.