Pete Sayburn Studiospace CEO
How do you define the metaverse? The metaverse is a 3D evolution of the internet which comes with a whole new set of tools and tech. It creates an intertwined connection between the virtual and real worlds, overcoming barriers like geography and time zones. The metaverse may still be in its infancy – but I feel the potential is huge. It has the capacity to address some major issues. What is your top example of a metaverse landscape or use case? The most exciting developments are probably still mostly to be found in the gaming world, which is always an innovative space. But they are bound to leak into other areas, too. I love the idea of putting power into the hands of creators, something Gala Games is doing by combining music and film with blockchain and non-fungible tokens (NFTs). It seems entirely likely to me that
some of the hottest new acts and artists are going to be launched in the metaverse. What effect can we see the metaverse having on business and media at present? Many businesses, understandably, are playing wait and see – but some are diving into it. For instance, Nike created Nikeland early in 2022 inside the computer game Roblox. By September that year, the virtual world had attracted over 21 million visitors – that says to me that a lot is happening here. What impact will the metaverse have on future generations? The potential is enormous. We’re talking about the elimination of the traditional barriers, limitations and inequalities of the physical world – the ability to share skills and knowledge globally, instantly
and infinitely. It will enable people to juggle hundreds or thousands of concurrent tasks by multiplying their virtual presence in the metaverse. To quote the science-fiction writer William Gibson, the future is here, it’s just unequally distributed. There will be some big winners and losers. How can M&E businesses use the metaverse to boost success? A lot of the old media and music companies have had a rough time due to the influence of the internet. Their revenues have been hit as users have bypassed them to get the content they want. There have been a lot of plusses to digital, but one big downside is that a lot of creatives have been squeezed. If we can create a metaverse where creatives are properly incentivised and rewarded for their creativity, then it could be massively disruptive and really positive.
Sean King Veritone SVP & GM, commercial enterprise
How do you define the metaverse? The metaverse is a digitally immersive environment where you can engage with people, products, services, content and experiences. What is your top example of a metaverse landscape or use case? Nikeland! This was a virtual environment where users could interact with promo opportunities, see new shoes or clothing and engage with brand experiences. What effect can we see the metaverse having on business and media at present? It’s another avenue and opportunity for companies to meet and interact with customers where they’re engaging with content. These immersive environments
are something new media channel businesses will have to test, just like they did with television and social media. What impact will the metaverse have on future generations? This will be driven by the convergence of traditional and digitally immersive environments. Right now, we largely think of the metaverse as putting on a headset and going into a gaming environment, but as that world and the real world we live in day to day blend together, everything could change. The way we socialise, shop, consume content – even go to school – all those could be affected. To what degree? Time will tell. How can M&E businesses use the metaverse to boost success? They can leverage the metaverse by treating it as a new content distribution and engagement channel – a way to meet potential viewers and customers where they’re experiencing commerce, media and entertainment. While some people will still opt to watch a programme on an OTT app, others may enter these immersive environments to meet with people and consume content. This is another way for media companies to engage with audiences.
TREAT IT LIKE A NEW CONTENT DISTRIBUTION CHANNEL
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