Everyone is saying it, but does anyone really know what it means?
That’s the question many media execs probably have at the moment about the “metaverse,” which has been touted by some futurists as something that will fundamentally change the way businesses digitally interact with consumers.
But to others who have been hearing the term throughout 2021, metaverse at this point may represent little more than a clever-sounding buzzword that will lose relevance in the next few 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 short, Variety Intelligence Platform defines the metaverse as something that will be a shared virtual space where all can interact via digital avatars navigating a three-dimensional environment.
But more broadly, it doesn’t seem wrong to describe the metaverse as less of a particular virtual place and more of an umbrella term denoting the digital experiences we will all eventually have when technology (including augmented and virtual reality) allows for us to interact in ways that are currently impossible (like playing a game on a platform with no cap for concurrent users).
Adopting such a broad view of the metaverse makes it no wonder Bloomberg Intelligence predicts that the market opportunity for the metaverse could hit $800 billion by 2024.
But how will any of these billions find their way into the pockets of entertainment industry stakeholders such as TV networks, film studios and video streaming services? Don’t we already have platforms like Roblox and Fortnite — isn’t that part of the metaverse? And haven’t people been saying “metaverse” way prior to 2021?
To help answer these questions, VIP+ conducted eight interviews with executives across industries spanning entertainment, research, venture capital and gaming on topics including perceived revenue potential, best practices and challenges for media brands in the metaverse.
The results of these interviews are paired with original VIP+ analysis in the special report “Metaverse and Media: How Tech’s Hottest Trend Will Impact the Entertainment Industry” to provide concise takeaways on whether or not the metaverse is something that matters to media decision makers — and if executives actually should do anything about it.