If you want a specific definition of what you can do in the metaverse, you may have to wait a while.
It is the immersive embodiment of the Internet. And it’s a shared, personalized experience. But it’s also an animated, interactive playroom, giving you the chance to experience your existence in ways you can’t experience in the physical world.
For broadcasters, game makers, and content creators, the Metaverse has the ability to transform industry production.
With affordable virtual reality technology, media companies have the potential to view, manage, and interact with productions in progress, wherever they happen. Or captivate your linear TV audience with an immersive companion experience.
What is clear is that the Metaverse is poised for something big.
Chris Brown, NAB Executive Vice President and Managing Director of Global Connections and Events, said:
Deloitte Insights found in its Tech Trends 2023 report that the metaverse is expected to be an $80 billion market by 2024. This is because companies are beginning to use technology to create rich alternatives to the flat, two-dimensional world he currently accesses via video feeds. email and text.
“In other words, the Metaverse is best thought of as a more immersive incarnation of the Internet itself,” wrote the authors of the Deloitte report. “[It is an] It’s not a “real minus”, it’s an “internet plus”.
Growth is expected to accelerate as virtual interfaces move from technology toys to technology tools, and new business models will soon follow.
During a recent panel discussion on the Metaverse, Deloitte Consulting Principal Jessica Kosmowski said the industry is now exploring unique early use cases for the Metaverse.
“We’re basically looking at the next evolution of the Internet,” Kosmowski said. “All aspects of the technology, media and telecom ecosystem are set to undergo major changes in the coming years. Media companies will need to develop new business models. [and] Engage consumers with new content and experiences. Products and services will be reimagined at every layer of the technology stack. ”
The NAB Show addresses this issue with a series of sessions, roundtables and exhibitor displays. Microsoft and Dentsu leaders will take a deep dive into the Metaverse to see how companies are beginning to create destinations and experiences in Tuesday’s session, “Secrets of Building a Brand in the Metaverse.”
Another Tuesday session, “East vs. West: How Will the Metaverse Evolve and Converge Globally,” explores the commonalities and obstacles that exist between the Western entrepreneurial model and the Eastern centralized model, and how to build within this. Find out what companies can expect from you. A new interconnected universe.
What are all these possibilities? Consider scented packs that can connect to virtual reality headsets to mirror the lush, scent-filled environments users see on-screen. Augmented reality shopping experience. Or using sensitive, interactive haptic gloves that give the user a sense of touch.
There is already a demand in the media industry for the blending of the physical and virtual worlds.
Sinclair Broadcast Group and Deloitte recently announced plans to launch a new metaverse sports fan community driven by 3D creation tools. Fans don’t just watch live games, they can participate in pre-season and before each game. Sinclair said the partnership is an important step to drive new revenue streams and deepen audience engagement by redefining the sports viewing experience.
For the most part, experts say that those interested in what the Metaverse has to offer, whether the main goal is to open up new revenue streams or improve production operations through extended work experience. , says we need to start with strategy.
On the show floor, exhibitors will spotlight their work in the Metaverse and related experiences such as Web3, AI and data-driven personalization.
NAB’s Brown said:
The hurdles and challenges that lie ahead in synchronizing all aspects of the ecosystem, from content development, content creation and distribution processes, to creating the consumer-facing technologies necessary to deliver the ultimate user experience. That’s true, but the industry looks like this: Brown said he is ready to move in the direction of providing deeply immersive entertainment.