By Richard Flynn
Is the metaverse DEAD? The metaverse exploded onto the scene like the hottest new Hollywood A-lister, bringing with it the promise of revolutionising the way we live, communicate, and consume content online. But today, “metaverse” has become a dirty word to many, reflecting the shattered hopes and dreams of what might have been. So, what happened? Is the metaverse really a thing of the past, or is its story just beginning?
Reading the headlines, you would be forgiven to think that this is the end of metaverse dreaming, with the layoffs at Meta, to the dissolution of the metaverse divisions at Disney and Microsoft, those pioneering companies appear to be taking a step backwards.
These changes rather reflect the current economic climate and the fact that the metaverse and its associated technologies such as AI, blockchain, AR/VR, are still in their infancy. Companies are still working out how to use, integrate and monetise these powerful new tools. AI has certainly taken over the spotlight in recent months, with technological advancements so revolutionary and fast, fear has inevitably followed. As seen in the recent strikes in Hollywood, the entertainment industry is playing catch-up to ensure that the IP rights of both content creators and artists are protected, and rightly so.
But through change comes opportunity, and the entertainment industry is no stranger to change. From the transition from silent films to talkies, to the rise of broadcast television, to the current streaming era, history proves that progress is made through embracing new technologies.
The impact of the metaverse and its associated technologies on the entertainment industry will be profound, creating new opportunities across all areas of the industry, spanning IP creation, financing, production, distribution, marketing, and exhibition. Change does not happen overnight, as quoted by Bill Gates: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”
Audience habits are changing, Gen Z is already living online. The younger generations are quickly adapting to a digital-forward lifestyle, where their digital identities are becoming just as important as in the real world. At the heart of the entertainment industry is community, and the collective experience, and the metaverse offers the ability to create such shared experiences.
It can be used for immersive marketing campaigns for new film releases, to new revenue streams for existing IP through the development of digital collectables and virtual worlds for audiences to immerse themselves in. From live events such as metaverse film festivals, licensing marketplaces, metaverse cinemas and screening rooms, the possibilities are extensive.
Active metaverse platforms such as The MILC Platform are flourishing, with growing numbers of new users hungry for new experiences. Far from being finished products, metaverse platforms are constantly evolving as technologies improve, and the companies who start to utilize the metaverse are likely to build lasting competitive advantages.
So the metaverse is far from being dead; things are just getting started!
–Richard Flynn is The MILC Platform‘s Senior Licensing Manager,
The Film Verdict’s Cannes Metaverse Screening Rooms, created by the MILC Platform, will be opening their doors on May 5 and will remain open until July 30. Filmmakers involved in this year’s festival will have a unique opportunity to create dedicated theme rooms to host promotional materials such as trailers, posters, interviews, reviews, and TFV podcasts, in new and immersive spaces where filmmakers can connect with industry executives around the world. See you in the Metaverse!
