Metaverse & the future of TV Industry

What is metaverse?

The term “metaverse” was first coined in Neal Stephenson’s 1992 sci-fi novel, Snow Crash, as a concept that blends digital and physical existence.
It typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe.

Some key characteristics

What does it mean for TV?

The metaverse is expected to create huge opportunities for TV brands and properties, and in turn extending their online presence to reach more diverse and engaged audiences.
Example: Fox’s new talent show Alter Ego where singers become the stars, they’ve always wanted to be through their dream avatar.

Brands are catching on

Brands such as Gucci and NYX Cosmetics are already incorporating metaverse experiences in their products and events.
For example, Gucci created a pair of virtual sneakers that can be worn on Instagram using AR filters, as well as in Decentraland and Roblox.

Challenges and future outlook

There is still a long way to go before mass adoption, and some of the challenges along the way will include technological capabilities, closed walled systems, IP issues and law frameworks issues.
However, corporations are starting to recognize the potential of the metaverse and are making efforts to be ready for it.
An example is Facebook, which recently announced changing its name to “Meta” as part of a rebrand meant to highlight the company’s new focus on the metaverse.