IHeartMedia (NASDAQ:IHRT) has brought a new neighborhood to the metaverse at Roblox (NYSE:RBLX), with a virtual space that includes a venue for concerts.
Digital concerts in "iHeartLand" could mirror iHeart's approach with a similar venue in Fortnite (OTCPK:TCEHY). The company held its first Fortnite concert last week with Charlie Puth, and it's inaugurating its Roblox concert space with a Friday show from singer Lauv. Puth will also hold an album release party in the Roblox space Oct. 7
In all, iHeartMedia's Roblox venue will host 10 concerts and 10 podcasts in the first year.
"IHeartLand" sets up a virtual neighborhood where in-game rewards ("sound energy") can be exchanged for "iHeartBucks" in what amounts to a "tycoon"-style game. Players can run their own radio stations as storefronts in the neighborhood, and unlock upgrades, experiences, songs and playlists.
Roblox (RBLX), meanwhile, will trade virtual goods like merchandise tied to performing artists in exchange for the in-game currency.
The space is sponsored by State Farm Insurance (leaning on its popular ad character "Jake from State Farm") and Intel.
Cowen recently initiated coverage on Roblox (RBLX) at Underperform, expecting the realization of the metaverse to arrive further in the future.