Everyone is saying it, but does anyone really know what it means?
That's the question many media executives are probably asking right now about the "metaverse," which has been hailed by some futurists as a game-changer in the way businesses interact with customers online.
However, to others who have heard the term throughout 2021, metaverse may be little more than a clever-sounding buzzword that will become obsolete in the coming years.
The stark differences in these stances stem from a variety of factors, including misunderstandings of what the metaverse actually entails and the overuse of the term.
In a nutshell, Variety Intelligence Platform defines the metaverse as a shared virtual space in which everyone can interact through digital avatars navigating a three-dimensional environment. But, more broadly, it doesn't seem wrong to think of the metaverse as a catch-all term for the digital experiences we'll all have when technology (including augmented and virtual reality) allows us to interact in ways that are currently impossible (like playing a game on a platform with no cap for concurrent users).
With such a broad view of the metaverse, it's no surprise that Bloomberg Intelligence estimates the metaverse market to be worth $800 billion by 2024. But how will any of these billions end up in the hands of entertainment industry players like television networks, film studios, and video streaming services? Isn't the metaverse already comprised of platforms such as Roblox and Fortnite? And hasn't the term "metaverse" been around since before 2021? VIP+ conducted eight interviews with executives from various industries, including entertainment, research, venture capital, and gaming, to help answer these questions. Topics covered included perceived revenue potential, best practices, and challenges for media brands in the metaverse.
How Tech's Hottest Trend Will Impact the Entertainment Industry," the results of these interviews are combined with original VIP+ analysis to provide concise takeaways on whether or not the metaverse is something that matters to media decision makers — and if executives should actually do anything about it.
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