The music industry is waiting for the virtual reality ecosystem to catch up.
Despite the lag, technology start-ups like VRTIFY continue to produce virtual reality content, waiting for the public to catch up.
VRTIFY is experimenting with subscription and pay-per-view models. …similar to the music-streaming business, which has become a significant part of the music industry.
The company has worked with Florence and the Machine, Mumford and Sons and Sting, producing virtual reality content from their live performances for its platform. VRTIFY introduced a beta version of its platform in January, and plans to release the platform in October.
Instead of finding a partner in the music industry, VRTIFY sought to work with artists and music publishers to obtain the rights to songs on its platform.
Although its competitors, like NextVR, give away content, VRTIFY is experimenting with subscription and pay-per-view models. Facundo Diaz, its co-founder and chief executive, said 70 percent of the revenue went to the owner of the content, and the company received 30 percent, an arrangement similar to the music-streaming business, which has become a significant part of the music industry.
“This kind of revenue-sharing model gives us access to music labels and artists,” Mr. Diaz said. “It has opened a lot of doors for us.”