Daniel Corazzi, CEO and co-founder of virtual reality tech company Eyeora argues that the metaverse is a huge opportunity for events professionals, festival organisers and content creators around the world.

Over the recent months, the metaverse concept has been gaining momentum in the music, sports and events industry. MTV introduced the ‘Best Metaverse Performance’ award category and pop group ABBA announced its new virtual concert venue. All whilst LeBron James is coaching players on the Nikeland court, Ariana Grande is stealing Fortnite players’ hearts and David Guetta is planning his metaverse music adventure.

While some hesitance still remains to become an early adopter, there should be no doubt left about the metaverse becoming the next frontier and disruptor of event experiences. Rather than dismissing the concept as it’s still taking its shape and waiting for competition to ‘trial and error’ first, events professionals and content creators should immerse themselves in the new world.

And there’s never been a better time like the present to do so. The global cost-of-living crisis is threatening the industry’s profits, with fans soon not being able to afford costly tickets. Not to mention the additional expense of travel to and from physical venues or the overnight stay to see their favourite artists or sporting events spanning a few days. The metaverse is offering a future-proofed way to satisfy the hunger of people who wish to escape reality with fun 3D, virtual experiences for a fraction of the usual cost.

If unable to make it in person, there needn’t be a compromise on the real-life experience. Concerts, festivals and sporting events in the metaverse are so much more than just 2D streaming; they’re immersive 3D 360-degree high-definition video experiences that allow viewers to follow musicians on the stage, get up-close with footballers on the pitch, or test the latest tech at a launch party. They’re not there to replace the physical realms but rather enrich it and become their extension.

Every event planner, musician and business is offered a unique opportunity to connect with their audiences, reach new global markets and make their content and products more accessible. Whether it’s an intimate gig, a big stadium show, live or on-demand, the metaverse opens up inclusive ways for all event professionals to engage with audiences on a whole new level. Just imagine always being able to guarantee a front row seat, offer affordable exclusive backstage passes or metaverse-only merchandise.

Aside from unforgettable event experiences, the brand-new virtual world certainly provides a great avenue for industry professionals to monetise content and capitalise on the virtual reality (VR) room gigs via subscriptions, pay-per-view or advertising. Event organisers are free to introduce ticket sales to VR rooms, just like they would to physical festivals or theatre shows. They can leverage self-monetisation metaverse platforms to set up merchandise stalls, sponsorship opportunities, or implement extra charges for exclusive meet-ups with favourite artists.

Metaverse events offer limitless possibilities to drive extra revenue and transform the way people experience music and sporting events. The future of the events industry is now, ready to be explored and embraced, bridging the physical boundaries with the help of new technologies.