The metaverse provides immersive ways to engage consumers - and a huge commercial opportunity to creators agile enough to adapt to its possibilities.
The hype around the metaverse reminds me of the earlier days of social media. Many were unsure whether it was a flash-in-the-pan or if it had real substance. Safe to say we all know how that panned out.
For me, the metaverse represents a ‘reboot’ of the internet, something far more immersive and interoperable. There’s huge potential for content owners and creators – music and video in particular. In video gaming we are already seeing uploads of DIY games and concerts being hosted in video game environments.
Although a game-changer, I don’t think the metaverse will replace other channels (e.g. the screen, attending performances in real-life). It will be complementary, driving innovation and incremental revenue streams. Gartner believe that by 2026, 25% of people will spend at least one hour a day in the metaverse1 - significant but hardly the full span of our entertainment consumption time. Successfully harnessing the metaverse’s potential will rely not just on strong IP, but an understanding of how different technologies can support creators. So let’s explore.
AI will play a significant role. It will be used more in the creation process; helping to curate an evermore bewildering level of consumer choice. It will also help define the worlds into which people immerse themselves. Other technologies will need to advance to make the metaverse a reality, from hardware like headsets or AR glasses to faster bandwidths via 5G and beyond.