Previously, the MTV Video Music Awards organisers added a new award category for the best performance in the metaverse. It has now become known that the award will take place in the Roblox metaverse.
As part of this initiative, MTV is partnering with Super League Gaming Inc. to bring more viewers to the Paramount Media Network channel by targeting the younger Roblox demographic, according to the statement.
As the metaverse has become a mainstay of modern society and generates more revenue than the film and television industries combined, brands such as Wendy’s Co, Gucci, Nike, and Chipotle do not want to miss their marketing opportunity. Depending on its purpose, each brand creates a virtual space.
The Metaverse has become the perfect place for the music industry during the pandemic. Artists like Charlie XCX and Travis Scott have already performed in the virtual space.
The management of MTV and Paramount Media Network is set to host the MTV VMAs at Roblox to appeal to a younger generation whose taste in music is still in its infancy.
In turn, Roblox will install billboards in all of its games. Users can vote for their favourite metaverse performance using MTV logo tokens earned from three VMA-related games.
This was an essential move for MTV, as as of 2021, the VMA’s viewership for ages 18-49 has fallen by 17%. According to experts, this will undoubtedly arouse more interest in the industry.
According to Bloomberg Intelligence, the Metaverse market is expected to be $800 billion by 2024.
