The metaverse a challenge for media business models
With a growing focus on the metaverse, media and entertainment companies may need to collaborate more to create a future where they remain at the centre, says consultancy Deloitte in its 2022 report on digital media trends with data collected from the US, UK, Germany, Brazil, and Japan.
The report stresses that the metaverse is not really only a futuristic dream. To some extent, it is already here.
”The web and all it may entail is no longer just a destination or a place we sometimes opt into. It’s become a routine part of our lives—enough to feel just as real for many people.”
”Our smartphones have become more of an extension of ourselves than an independent tool we use. The metaverse may be riding a hype cycle because we already spend much of our lives there.”
The report says that for now, streaming video, social media, and gaming are all very successful without full immersion, tokenized economies, and universal interoperability.
”But the twin engines of capital and human behaviour may be moving irrevocably toward that kind of unlimited reality.”
”Given the rapid global adoption of social media and the steady drive toward more complex and social gaming experiences, it’s understandable that the metaverse has become such a big priority for leading companies.”
Many businesses and economies exist in both real life and online. People have been building their digital lives for a few decades now. Statistics show a growing interest in site where you can get help to create an attractive avatar to be you in the digital world.
”And now, two years into a pandemic that has urged us to maintain physical distance, more aspects of our lives have become digitalized and virtualized”, the report notes.
It stresses that there are lots of deeper questions for the metaverse about ownership, rights, interoperability, monetization pathways, and partnerships would have to be answered.
“It’s further complicated by the ongoing empowerment of users, influencers, and content creators who can aggregate their own loyal audiences, attract advertisers, and wrestle more of the customer relationship away from businesses. What will this look like if we move further into virtual worlds architected to engage, empower, and monetize?”
”A major shift is underway, one that could radically recompose internets and economies. In the integrated marketplace of the future, streamers, social media, and gaming companies could see their business models further disrupted—not just by younger generations, but also by the emerging infrastructure of Web 3.0.”
”Social game worlds built on blockchains and NFTs are attracting users—and celebrities—and monetizing the new digital scarcity.
The report notes that trends toward decentralization and user empowerment would seem to run counter to the goals of some platform companies racing to own the first billion metaverse users.
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