What the Metaverse Means for Advertisers
When it comes to the ever-evolving world of technology, how are advertisers expected to keep up? There could be many untapped markets just waiting to be accessed, but where does one even begin? Just a confusing world, the metaverse.
What is the Metaverse?
Amongst the confusing world surrounding the metaverse, there is one major consistency – a shift. We’ve seen countless examples through the years of major shifts in technology, and the metaverse is no exception. Think of the metaverse as a type of cyberspace – it isn’t just one singular piece of technology. Rather, a major shift in how we interact with said technology (Ravenscraft, 2021).
As far as the technologies that will be used in the metaverse go, nothing is very definitive. There’s a repeated mention of virtual reality (VR) or augmented reality (AR) in relation to the metaverse, but also the use of a simple PC. The most fascinating part of the metaverse as a whole lies in the opportunities it presents for advertisers.
What Does the Metaverse Offer Advertisers?
There have already been a few appearances of integrated events in the virtual landscape. Such as Travis Scott’s “Astronomical” event in Fortnite. This event alone brought in up to 12.3 million concurrent players in a singular place to view Scott’s performance (Titone, 2021). This was a major presentation of the kind of volume the metaverse can handle.
With the vast amount of online users, there lies a possibility with not just how many eyes an advertisement can get, but how many times that same advertisement can be seen. Simulmedia, an advertising platform, conducted research on users that revealed that “players are willing to watch up to 10 ads per day to unlock in-game content (Titone, 2021). Using the viewers of Travis Scott’s event as an example, that’s an average of 123 million ads viewed in one day.
The advertising possibilities don’t just stop with mid-roll ads during a game. There’s the opportunity of digital out-of-home billboard ads scattered throughout the digital landscape as a user’s avatar travels from one experience to another (Roy, 2021). There could be sponsored content in a social space – like branded meeting spaces for colleagues or even virtual “town hall” meetings for a community. Much like the possibility of billboards, there’s the possibility of product placement. Which, in turn, can actually make a virtual world more realistic when you think about it. If your avatar goes to reach for a drink, it’s more realistic that the drink you reach for is a soda you can find in any grocery store; thus, making the experience that much more authentic.
The real bread and butter for advertisers is the possibility of a digital influencer. Advertisers could have the opportunity to create a virtual influencer that can house and demonstrate their products while gaining a following of real people. All this without having to outsource from their own office.
No one really knows what the future holds for the metaverse. There could be new technologies in a few years, or even a few months, that offer even more advertising opportunities. One thing we do know is, it will mark a new beginning in advertising.
Ravenscraft, E. (2021, November 25). What is the metaverse, exactly? Wired. Retrieved February 2, 2022, from https://www.wired.com/story/what-is-the-metaverse/
Roy, A. (2021, December 16). Advertising in the metaverse explained: It’s a jungle out there. XR Today. Retrieved February 2, 2022, from https://www.xrtoday.com/virtual-reality/advertising-in-the-metaverse-explained-its-a-jungle-out-there/#:~:text=Early%20advertising%20in%20the%20metaverse,depicting%20your%20favourite%20snack%20brand
Titone, T. (2021, October 13). Advertising in the metaverse. Ad Tech Explained. Retrieved February 2, 2022, from https://adtechexplained.com/advertising-in-the-metaverse/