The metaverse, a challenge for media business models

With an increasing focus on the metaverse, media and entertainment companies may need to collaborate more to create a future where they remain at the center, consultancy Deloitte says in its 2022 report on digital media trends with data collected in the United States, United Kingdom, Germany, Brazil and Japan.

The report points out that the Metaverse is not really just a futuristic dream. To some extent it is already there.

“The web and all it can entail is no longer just a destination or a place we sometimes opt for. It has become a regular part of our lives, enough to make many people feel just as real.

“Our smartphones have become more of an extension of ourselves than an independent tool that we use. The metaverse may be riding a hype cycle because we already spend so much of our lives there.

The report says that for now, streaming video, social media, and gaming are all very successful without full immersion, token economies, and universal interoperability.

“But the twin engines of capital and human behavior can drive irrevocably toward this kind of limitless reality.”

“Given the rapid global adoption of social media and the continued trend toward more complex and social gaming experiences, it’s understandable that the metaverse has become such a high priority for major corporations.”

Many businesses and economies exist both in real life and online. People have been building their digital lives for a few decades now. Statistics show a growing interest in sites where you can get help creating an attractive avatar to be you in the digital world.

“And now, two years into a pandemic that forced us to maintain physical distancing, more and more aspects of our lives have become digitized and virtualized,” the report notes.

He points out that there are many deeper questions for the metaverse about ownership, rights, interoperability, monetization pathways, and partnerships that would need to be answered.

“The situation is further complicated by the continued empowerment of users, influencers, and content creators who can aggregate their own loyal audiences, attract advertisers, and drive the customer relationship further away from businesses. What will it look like if we go deeper into virtual worlds designed to engage, empower and monetize? »

“A major shift is underway that could radically reshape the internets and economies. In the integrated marketplace of the future, streamers, social media and gaming companies could see their business models further disrupted, not only by younger generations, but also by the emerging Web 3.0 infrastructure.

“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 appear to run counter to the goals of some platform companies racing to own the metaverse’s first billion users.

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