iHeartMedia Eyes Metaverse Operations with New Initiative

UTC by Oluwapelumi Adejumo · 3 min read
iHeartMedia Eyes Metaverse Operations with New Initiative
Photo: Depositphotos

iHeartMedia is also working on its NFT, following the successful iHeartRadio Music Festival.

Everybody wants to create a metaverse project now as the interest surrounding the space continues to soar with each passing day. The latest institution to show an interest is iHeartMedia, a media platform headquartered in San Antonio, Texas, in an earlier announcement revealed its plans to extend its presence into the metaverse and Web3.

The metaverse, as defined by Time magazine is “a centralized virtual world, a ‘place’ parallel to the physical world.” Interest in this virtual world has spiraled in recent times as more traditional firms and institutions look to build a future on this platform.

iHeartMedia, with its over 250 million users is unarguably one of the leading audio companies in the world. The company plans to create iHeart events on Roblox which would bring better experiences for music listeners.

At the same time, it’s also looking to drive the awareness and adoption of the Metaverse alongside web 3 platforms to the general public. It believes it would be able to achieve this by leveraging on its consumer reach of over 90% of Americans every month.

CEO Bob Pittman believes his media powerhouse will be using the opportunity to push metaverse and web3 to the public by educating its millions of users on the potentials in the space. In his words:

“Although there are several 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 and others to succeed.”

iHeart Also Planning a Tokenized Community

iHeartMedia is also focused on launching its first tokenized community soon. It plans to introduce a token that will be acceptable to the iHeart creator community and give access to its users on all iHeartMedia platforms.

iHeartMedia is also working on its NFT, following the successful iHeartRadio Music Festival. Conal Bryne, iHeart’s Digital Audio Group President, also stressed the platform’s commitment towards metaverse and web3 later in the announcement.

Growing Interest in the Metaverse

Like we stated earlier, interest in the metaverse has grown to new highs since Facebook revealed it was renaming to Meta and focusing its operations on building the metaverse. According to the firm’s CEO Mark Zuckerberg, he expects around 1 billion people in space within the next decade.

Different reports from leading financial institutions have also hinted that the metaverse industry could be worth as much as $1 trillion in the future.

This level of interest contributed to the increased popularity of NFT-related tokens who saw a return of over 37,000% last year.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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