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    The metaverse is here to stay: How marketers can avoid being left behind

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    Since the beginning of 2016, I have dedicated my professional life to creating virtual and augmented reality experiences and establishing the foundational components of the Metaverse. It comes against the backdrop of various technology hype cycles, from Google Glasses to the meta-ization of Facebook to the current wave of AI and chat GPT.

    During this time, technology announcements and the accompanying excitement for their commercial applications were repeated, with questions about their real-world value and impact on society. This is why we, along with several industry colleagues, have established and launched the Australian Metaverse Advisory Board, which will be officially launched tomorrow at the Metaverse Meetup at Sydney SXSW.

    In June 2022, Deloitte’s “Metaverse in Asia” reportestimates that by 2035, the impact of the Metaverse on Asia-Pacific GDP will be between USD 0.8 trillion and USD 1.4 trillion annually. In addition to this, PWC research found that 64% of Australian businesses plan to invest in the Metaverse within the next six to 12 months. Conversely, in September 2023, Mumbrella reported that only one in five marketers will increase their Metaverse advertising budget in 2024.

    The contradictions between the growth trajectories outlined in these statements reflect the complexity of the metaverse’s current position. I strongly believe that if marketers choose to ignore the metaverse, they will be left completely behind. Companies that have already implemented Metaverse technology have seen significant increases in actual customer and employee engagement.

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    At Start Beyond, we have worked with a variety of industries to influence the way training is delivered to upskill, increase proficiency and build confidence in staff. As an example of using VR (virtual reality) as a primary training tool, St John Ambulance Victoria halved its nationally accredited CPR and first aid training from 8 hours to 4 hours, while increasing the number of accredited graduates. Internally recorded over 100,000 people and the program’s NPS rating increased from 68 points to 82 points.

    In the AR arena, which uses real-world settings rather than virtual, PHORIA’s Meta and AR work at the United Nations General Assembly organically spread across social channels, with celebrity endorsements from UN ambassadors such as Ashley Judd, Michael Douglas, and Natalie. has received tens of millions of views. Portman.

    In the face of a metaverse that is inevitable yet obscured by conflicting statements and speculation, the newly formed Australian Metaverse Advisory Committee (AMAC) aims to The goal is to provide clear information to people. We advocate, educate and advise Australian businesses, government departments and the general public on the benefits and challenges of the metaverse.

    In its early form, AMAC was a small group of diverse disciplines of Australia’s leading practitioners, each with unique areas of expertise within their field, who collaborated to shape the dialogue and contribute to Australia’s metaverse. We work together to drive industry growth. AMAC’s founding members include his CEOs of some of Australia’s most successful Metaverse studios, locally and internationally recognized thought leaders, and his XR experts working within multinational organizations. I am.

    Our personal opinions are limited by the scope of our respective organizations, but when filtered through AMAC’s collective knowledge, these insights provide an industry-wide perspective on best practice, and are We help businesses build for the future and achieve success. Metaverse-centric strategy.

    As Metaverse’s regional and international impact expands and evolves, AMAC will continue to respond to the industry’s Australia-specific needs. We also invite organizations to get in touch and contribute to the discussion. The more business, academic and government sectors are involved in the dialogue, the more we can ensure that AMAC addresses Australia’s questions about the Metaverse.

    While the Metaverse offers extraordinary opportunities and Australia is well-positioned to drive growth and capitalize on its benefits at a commercial and societal level, it also brings with it a range of complexities and challenges. Through the creation of the Australian Metaverse Advisory Council, industry-leading experts will advocate, educate and advise, thereby helping to shape the future direction of Australia’s Metaverse industry.

    Angus Stevens is Chair of the Australian Metaverse Advisory Council and CEO and Co-Founder of Start Beyond, a 2023 AFR Top 10 Most Innovative Technology Company. He will co-host the Metaverse Meetup tomorrow at SXSW Sydney.

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