4. Video game concerts are a hit
With concerts and music festivals canceled across the country, artists are flocking to virtual gaming platforms like Minecraft and Fortnite to give fans the next best thing to a live music experience, Axios' Sara Fischer reports.
Why it matters: Expect more virtual concerts to pop up as artists figure out how to get paid performing online and aim to connect with its bigger audiences.
Driving the news: Minecraft, a popular video game in which players can create and join 3D worlds, will host a dance music festival with some of the biggest electronic artists next month, including Diplo, A-Trak and Above & Beyond.
Be smart: Virtual concerts started out as a natural fit for electronic music artists, given how tech-heavy their work is, but they're quickly catching on with other music genres.
- More than 12 million users watched rapper Travis Scott's concert on Fortnite last month. Many more watched the concert outside of the game, too, on live-streaming platforms like Twitch and YouTube.
My thought bubble: Video game concerts are just one aspect of what L'Atelier, the foresight arm for BNP Paribas, calls the "Virtual Economy" — "an agglomeration of sophisticated platforms, fledgling and often dubious marketplaces, skilled nixers, volatile assets, and ambitious pioneers that exist or operate uniquely in virtual environments."
- L'Atelier estimates some 2.5 billion people participate in some form of the Virtual Economy, from video gamers to coders for hire. Expect that number to grow during the pandemic.
Go deeper: Video game sales surge in lockdown