On Wednesday, iHeartMedia (IHRT), the leading audio company in the U.S., announced its expansion into the Metaverse and Web3. The company has begun plans to create iHeart Events and experiences for listeners and music fans on Roblox.
Roblox (RBLX) is the global platform that brings millions of people together via shared experiences and is committed to launching a tokenized community. iHeart will also use these services of industry-leading consumer reach of around 90% of Americans every month and engage with them to create awareness to bring the new Metaverse and web3 platforms into the mass market.
Web3 and Metaverse will now be the newest consumer platforms for iHeartMedia, as the company will also build a tokenized community. The community will have access to the iHeart events, influencers, and NFTs.
“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 and others to succeed. 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,”
said Bob Pittman, Chairman and CEO of iHeartMedia, Inc.
As a part of the overall strategy of its expansion into Metaverse and web3, in 2022, iHeartMedia plans to bring some great musical moments to its daily active users on the Roblox platform. The number of these daily active users on Roblox for the company is around 47 million. Afterward, the company will launch its first tokenized community- by building a new token which will be an incentive and reward for the iHeart creator community. iHeart fans will also have unique access to offerings across multiple platforms and many non-fungible tokens (NFTs).
The iHeartMedia (IHRT) stock did not do too well after the news broke and traded at $20.56, down 0.055 points (-0.27%) on January 12, at 11:04 am GMT-5.