Metaverse – Revolutionizing Entertainment

The metaverse is slowly changing the world, creating a virtual reality, which is set to become a parallel universe soon. It is an interconnected world with virtual communities, where digital avatars of individuals can connect, work, or play using smart devices such as virtual reality headsets, smartphone apps, and augmented reality glasses, to name a few. This concept has immense possibilities in the entertainment industry and will be able to offer a completely immersive experience and greater entertainment value to viewers. This article discusses under-research and potential use cases of the metaverse in the entertainment industry.

The last major disruptive technology in the entertainment industry was the over-the-top (OTT) platform. It revolutionized the entertainment industry, enabling viewers to watch what they wanted on any device at their convenience. The metaverse has the potential to enhance this experience further. It allows users freedom to create exclusive content and conduct live shows in a virtual world while providing them with a new revenue channel. The metaverse is expected to transform the entertainment industry through the following:

1. Virtual concerts – Metaverse will give an opportunity to young and budding singers to present immersive concerts, which would be more interactive than current ones. It would be an enriching experience where the musician would be able to observe the audience’s response and engage with them. Furthermore, non-fungible tokens (NFTs) will allow musicians to sell their songs online, make copies of their new albums, and explore other ways to monetize their skills.
2. Enhanced sports game – Metaverse will not only allow viewers to watch a sports game live from another location using VR headsets but also participate in it by moving around the field. This immersive experience would allow the viewer to watch the game from the middle of the field, or even from the players’ point of view in real time.
3. Immersive storytelling – Metaverse would allow audience to interact with performers in real time. Fans would be able to communicate with the entertainers while they perform by sending messages, making comments, and receiving responses. The next stage could very well include the audience interacting with performers on stage. Wearable technologies embedded with sensors could enhance this experience by allowing fans to shake hands with performers or get an autograph.
4. MILEs – Through metaverse, collaborative content can become a reality. For instance, Massively Interactive Live Events (MILEs), designed by the US company Genvid, offer a mix between a movie and a multiplayer video game. MILEs allow people across the globe to play together without affecting the basic theme of characters. Recently, the company launched the Pac-Man community, which gathered two million viewers and participants within two months. Massive multiplayer applications will require the features of edge computing and high-speed processing.

Will TV Disappear?

As online entertainment transforms with the metaverse, television, in its current form, may disappear. To stay relevant, broadcasters will have to bring in characters and brands onto the metaverse platform. Moreover, their offerings will have to become interactive and social to catch the younger generation’s attention. The metaverse is likely to hit broadcasters’ main revenue stream – advertisement. The metaverse will provide brands with various options to connect with customers and sell their products, affecting broadcasters and entertainment channels.

Movie Experience

Soon, the metaverse will transform movie watching in theatres. Enterprise host collaboration platform Spatial recently conducted the first-ever screening of the documentary GameStop – Rise of the Players in the metaverse.

South Korea’s CJ CGV created history by opening the first cinema hall, Zepeto CGV World, in the metaverse. It is a multiplex and includes a concession stand, photo zone, lobby with a box office, and theatre auditorium. As per the instructional video, virtual patrons can pick the movie they wish to watch in the lobby, print out a virtual movie ticket, and buy popcorn and drinks from a kiosk.

Hence, the metaverse is slowly transforming how people watch content, play games, and attend concerts. The experience would enable the audience to become a part of a new world, which will soon become a parallel universe. This would impact the kind of content being created and the entire development process. The main advantage for spectators and performers will be becoming a part of a specialist community. Developers of platforms to enable the above use cases could find new business opportunities through the metaverse.