However, even with the return in person, digital engagement and virtual experiences remained a priority for many creators and fans, and the continued adoption of web3 technology, such as NFTs, remained a major theme in the entertainment industry. throughout the year.
As we wrap up 2022 and look forward to even more innovation and connection in 2023, the XLIVE publication asked live entertainment professionals and event technology experts to share their top trend predictions for the coming year. This is what they had to say:
NFT ticketing will revolutionize live events
NFT ticketing is an exciting new technology that will revolutionize the way event tickets are sold and managed. Unlike traditional event tickets, which provide little control over the secondary market, NFT marketplace development tickets are unique digital assets that are recorded on the blockchain.
This means they can be governed by smart contracts, allowing event organizers to set things like royalty splits and maximum prices on secondary sales.
Its authenticity can also be easily verified thanks to the transparent nature of the blockchain . By giving event organizers greater control over the sale and distribution of their tickets through smart contracts, they can reduce the impact of scalping and other unfair practices and ensure that tickets are distributed fairly and equitably to fans.
In addition to providing increased security and control, NFT ticketing offers several other benefits. It can also provide a more personalized and engaging experience for fans, as NFT collectibles can be used to reward and connect with event attendees.
Using Web3 and NFT technology, event organizers can be provided with the tools they need to combat scalping, enhance the fan experience, and generate new revenue streams from secondary sales.
Viewers will become members
In 2023 and with the maturity of the use of NFTs for utility purposes, we will see the increase of NFTs tokens in the form of memberships. Fans and followers already have the opportunity to own branded NFTs and receive benefits attributed to their ownership. The increase in programmable membership NFTs will drive experiential engagement.
Fans will get rewards for their engagement
2022 was an interesting year for live music, being the first real full year post-pandemic. In 2023, we will see more community and fan engagement among promoters and their audiences. Some major and minor producers are seeing the value of subscriptions or passes through multiple shows.
The Resound Classified Pass offers unlimited shows (no sold-out shows) for a single annual price. There has been a trend to provide access at a single price to multiple shows during a specific time period for specific venues.
In 2023 web3 technology will be used to reward those fans who are passionate and attend events more frequently. This can come in the form of profitability, special access, community, and more, as fans want to be a part of something that rewards them for participating.
Immersive and interactive experiences at the top
The future of live entertainment, music or anything else is participatory/interactive, this due to the need to make shows bigger and more unique and to use new technologies that make them more immersive, interactive and perpetually new.
We have already seen this in video games and the influence this has on their ecosystem. What does this mean for entertainment in 2023? The creative identity will become the fundamental unit of artistic expression; existing art forms like music will be further reduced to a component of it.
Performances will take the form of immersive experiences in a variety of formats. Interaction and influence will become the role of the audience and the community at large, rather than passive consumption. In-experience purchases and the ability of audience members to influence the content of the experience will be the primary monetization strategy and could possibly replace ticket sales.
Attendance test opens new avenues for fan engagement
The rise of blockchain technology in the event space will open up new realms of experience for fans, with Proof of Attendance (POA) at the top of the list. Powered by NFT marketplace platform development technology, POA allows fans to essentially collect “moments in time”, in the form of a free digital collectible that can only be acquired by being at an event, either in person or online.
This becomes not only a badge of honor that is immutable, almost like an indestructible ticket stub, but it is also a way for the organizers to continue to engage with fans who attended a specific event.
Imagine if Adele could (anonymously) identify everyone who was at her first concert based on ownership of a POA digital asset and invite them on her world tour. Or if an artist could give fans a unique priority for her next event based on the number of previous events they attended, proven through the number of POA collectibles they own. The possibilities are endless, and this trend will quickly begin to dominate the mainstream as fans and organizers realize that this changes everything.
An integrated consumer experience will establish a baseline for the future of Web3
In 2023, blockchain adoption will happen to consumers and fans who might not be aware of what exactly they are buying or interacting with when it comes to an NFT token. web3 marketplace development and the blockchain ecosystem will be more attractive to users who do not have a complete idea of how this technology works.
That being said, the industry will witness an educational component to the new user onboarding process, with smooth introductions such as easy wallet creation before entering a platform. At a similar time, artists and creators who have been on web3 and released previous tokens will start to build real profit around those NFTs. You will start to see these groups focus on the lasting benefits and impact these tokens can have.
Authentic brand experiences will be key
Big brands are going to cut spending on trade show sponsorships. Smaller brands are going to start creating new traditions and when the economy fully recovers they will have taken up more market share than expected. Smaller brands are looking for more than just the big buzz trade show organizers are used to. They want to meet real people in environments that allow them to build relationships that will matter in the long run.
Artist-focused experiences will continue to grow and evolve
The pandemic accelerated an important trend: artist-centric experiences. First, it was an intimate live stream in 2020, artists from their living rooms to ours while we were all in lockdown.
Then came livestreaming platforms and artists performing in AR and VR, web and mobile streaming for fans around the world. 2021 kicked off a number of early Web3 initiatives around niche musical NFTs and artists acting as avatars in virtual worlds.
In our world today, most digital experiences have involved labels and publishers licensing their catalogs to platforms, but we are in the early stages of a new era where artists are leading the way and engaging with their fans with new tools. for creators, new underlying technologies, and new forms of creative expression.
Web3, along with the bridges between Web2 and Web3, promise great possibilities for new artist-centric business models, revenue streams, and fan experiences.