The arrival of the Metaverse is set to revolutionize our understanding of the media and entertainment landscape. With its emphasis on immersive and life-like experiences, it promises to take the industry to new and exciting heights.
Recently, many companies in the media and entertainment industry have been focusing their efforts on developing platforms that facilitate connection and bring people together.
Companies like Netflix, HBO, Hulu, and others have introduced features like “Netflix party, HBO Max party, and Hulu watch party” with the idea of introducing social elements.
Additionally, there are several third-party apps and websites that allow users to watch content with friends and family, such as:
The idea of these features is to offer a fun and social way to enjoy your favorite shows and movies with friends and family, even if you’re not in the same room or location.
However, the possibilities with current technologies are limited to “passive experiences” only. In these types of experiences, the audience does not actively engage with the content. Instead, they simply sit back and take in the experience without any interaction or participation.
The future of Media & Entertainment: The rise of the Metaverse
The Metaverse is all about “Immersive Storytelling”, or as we like to call it “Story Living”?
Envision a world where a Metaverse platform allows viewers to interact with the story or characters in a meaningful way, taking the experience from passive to “interactive experience,” employing virtual reality in entertainment.
“From the typical passive experience of streaming allowing viewers to engage in a deeper way!”
The Media & Entertainment industry is one of the sectors that stands to benefit the most from the Metaverse.
The global metaverse in entertainment market size was valued at $13.8 billion in 2021 and is projected to reach $221.7 billion by 2031, growing at a CAGR of 32.3% from 2022 to 2031.
Source- Yahoo news, Dec 2022
As mentioned above, the Metaverse provides a new platform for storytelling. In a virtual world, content creators will have the ability to build immersive, interactive environments that allow users to experience stories in ways previously impossible. Imagine being able to step inside a virtual reality metaverse and experience a story like never before, with the ability to explore and interact with characters, settings, and metaverse virtual events. This opens up a whole new realm of possibilities for filmmakers, game designers, and other storytellers to create experiences that are truly captivating and memorable.
Many big brands within the M&E space have started exploring tech that fuels the Metaverse.
Blurring the lines between reality and imagination – Metaverse meets cinema
Disney+ releases its first AR film amidst immersive push
Disney+ has ventured into the realm of augmented reality in entertainment with their first AR short film called “Remembering.” It’s a heartwarming story that explores the power of memory and the importance of cherishing the moments we spend with loved ones. The film utilizes augmented reality technology to bring the story to life in a unique and immersive way, allowing viewers to interact with the characters and the film’s universe in a way that is impossible with traditional animation.
This has made headlines everywhere and created a lot of noise both in the movie and tech industries.
The rise of the Metaverse in gaming
The gaming industry has been widely regarded as a pioneer in the entertainment industry’s foray into the metaverse. Consequently, gaming in the metaverse occupies a key role in defining the fundamental characteristics of the metaverse.
The Sandbox, a popular Metaverse platform, partnered with Snoop Dogg to bring the legendary rapper into the Metaverse. The Doggfather recreated his mansion in the virtual gaming world and hosted a land sale.
The rise of the virtual concert hall
Travis Scott’s Fortnite metaverse performance was record-breaking in the sense that it showcased the power of metaverse virtual events. The nine-minute virtual concert reportedly grossed $20 million, exceeding all expectations.
Despite the many examples that exist, it is evident that the Metaverse in the media and entertainment sphere is poised to transform the manner in which audiences consume content.
Beyond traditional advertising: How the Metaverse is redefining advertising
Advertising in the Metaverse can create massive brand value, especially for the next generation of shoppers.
Source: NIKELAND on Roblox.
An example of this can be seen with the launch of Nike Land and Walmart Museum, both of which caused a stir in the Metaverse space.
Nike’s virtual world, “Nike Land,” part of the online gaming platform Roblox, has created significant brand value for the company. Through Nike Land, users can engage with branded virtual experiences, such as playing basketball in a virtual court or exploring a virtual city filled with Nike products. This has helped Nike increase brand awareness and engagement among younger audiences, who are among the primary users of Roblox.
Walmart too, teamed up with Roblox to launch a virtual store within the Roblox platform. This store, called the “Walmart Museum,” offers a range of virtual products that users can interact with, such as virtual toys and accessories.
“From virtual experiences to real value”
Advertising in the Metaverse can enhance brand awareness and engagement by creating immersive and interactive ad experiences that capture users’ attention in a memorable way. Branded virtual experiences, such as virtual showrooms or pop-up shops, can also be leveraged to showcase products and services dynamically.
The Metaverse offers a diverse range of advertising formats, such as integrated virtual environments, pop-ups, billboards, or interactive objects that users can interact with. Moreover, advertisers can create personalized ads that target specific groups or individuals, leveraging data on their browsing history or preferences.
One of the advantages of advertising in the Metaverse is the ability to track user engagement in real-time. Advertisers can gather data on how users interact with their ads, including how long they look at them and whether they click through to purchase a product or service. This data can be used to refine future campaigns and create more effective and relevant ads.
The Metaverse offers different revenue streams for businesses in the Media & Entertainment space.
In the virtual reality metaverse, users will be able to purchase virtual items, attend metaverse virtual events, and engage in virtual experiences that generate revenue. For example, a music festival could take place in the Metaverse, with attendees paying to attend and experience the event in a virtual environment. This creates new opportunities for media companies to monetize their content and reach new audiences.
In conclusion, the Metaverse has the potential to revolutionize the Media & Entertainment industry. By providing a new platform for storytelling, generating new revenue streams, and engaging with audiences in new and exciting ways, the Metaverse has the potential to change the way we consume and experience Media & Entertainment. We can expect to see this virtual world become an increasingly important part of our lives and a major player in the M&E industry.
To know more about what the Metaverse is:
https://www.valuelabs.com/resources/articles/the-virtual-world-simulator-metaverse/
References:
- https://au.news.yahoo.com/metaverse-entertainment-market-reach-221-132300342.html
- https://www.alliedmarketresearch.com/metaverse-in-entertainment-market-A31652
- https://www.thedigitalspeaker.com/how-the-metaverse-will-change-the-media-entertainment-industry/
- NIKELAND on Roblox. Nike IN