Media giant pivots toward the metaverse.
Iheartmedia recently announced their plans to expand into the metaverse. The move will affect musicians and creators by allowing them to reach worldwide audiences in the ever-expanding metaverse. The media giant plans to use its industry-leading reach to bring awareness to the metaverse and web3 platforms. Roblox, an online gaming platform that allows its users to program and play games created by other users is just one example of the many platforms Iheart plans to build communities within.
Iheartmedia wants to use its power to reach what it claims as ‘over 90% of Americans every month’ to create the awareness and demand necessary to bring the metaverse and web3 platforms to the mass market.
Iheartmedia has been around for over 60 years and has continued to stay relevant by changing with the times. In 2019, they invested in AI-led changes to the company which led to the loss of more than 50 on-air talents.
Chairman and CEO Bob Pittman said, “Although there are a number of great new products for the metaverse and web3 from a wide array of creators, with our unparalleled audience reach, multiple platforms, and our trusted broadcast and podcast hosts, iHeartMedia is uniquely positioned to build the consumer awareness, understanding and demand necessary for those new products and platforms from both us an others to succeed.”
Conal Byrne, President of Iheartmedia Digital Audio Group followed up: “We see this as a unique opportunity to serve our listeners’ needs, provide an important new layer of growth for the company ,and help develop the advertising and consumer potential for the metaverse and web3.”
With the announcement, Iheart joins other industry leaders like Facebook and Tencent Holdings in making substantial investments in this growing virtual realm.