As the metaverse takes over Asia, idols across the continent are jumping onto the trend. But what can fans gain from their heroes entering the online terrain?
Asia’s idol economy has long been a market fueled by toxicity and hysteria, yet its explosive purchasing power remains unparalleled. With the metaverse rapidly settling into its title as a billion-dollar industry, the two have, unsurprisingly, become a match made in revenue-generating heaven. Now, the continent’s most prominent entertainment stars want in on the growing landscape.
Despite its turbulent reputation, celebrities across the landmass are beginning to recognize how Web3 could become a driving force behind the bolstering of their digital presence and leverage idol-to-fan dynamics. It’s a burgeoning affair, but one that delivers a lot of potential to expand to new heights — only recently did girl group Blackpink take the win for Best Metaverse Performance at the MTV Music awards after their “The Virtual” concert via PUBG Mobile, with BTS’ Minecraft production coming up a close second.
With numerous big names investing heavily in their own virtual futures, many are turning to marketing campaigns such as digital collectibles and cross-dimensional experiences to tap into the growing Web3 market, as well as elevating their online communities by inviting fans along with them in the process.
According to a report published by iResearch Consulting Group in 2020, the market value related to the fan economy in China was estimated to be more than $619.2 billion (4 trillion RMB) in 2019, and was projected to surpass $861.7 billion (6 trillion RMB) in 2023. Meanwhile, South Korea’s K-pop industry has seen fans spending more on concerts, merchandise, and products related to their musical icons. Continue to read the full article here