The metaverse and Virtual Reality have had the weight of a number of large big technology companies behind it in the last year, spearheaded by the likes of Apple, Facebook, and Microsoft.
Not only did the industry see its proliferation increase substantially over the pandemic, but the hype has yet to deter, particularly with speculation around products such as Apple’s RealityOS and its AR/VR Headset.
That said, the technology itself, particularly within enterprise systems, has been relatively slow in its adoption.
This is because immersive content is more resource-intensive and therefore more expensive to develop, which in-turn creates quite the barrier amongst smaller companies.
Amongst all of the upward trajectory surrounding the metaverse, it is easy for early-stage companies to get swept up in the overwhelm and believe that they need to incorporate this into their strategies.
City A.M. understands that many in the industry believe what is needed is a return to implementable video marketing models, and a refined strategy incorporating the value of video and immersive technology, before companies even begin to utter the word “metaverse” as a potential revenue stream.
The madness of metaverse
The metaverse is by no-means a new concept.
In fact, it has existed since the first iterations of the 3D internet in the latter part of the 20th Century and early 2000s.
However, it has developed substantially in recent years, as charged by the entertainment industry in a bid to make gaming and consumer experiences more immersive.
“Sitting at the intersection between technological developments and consumer experiences however, lies the issue of hype,” explained Guy Parry-Williams, founder of Imedia8.
“Over-hyping has been a long-standing issue in the tech industry.”Guy Parry-Williams
Major players and media outlets have a combined tendency to take something and transform it into a buzzword, Parry-Williams added, “which is louder and more overbearing than the real innovation at the crux of immersive technology.”
This has happened to VR to an extent.
The global AR and VR market is expected to grow to $209.2 billion this year, but the risk here is that it will be consigned to the drawer marked “gimmick” if teams do not focus on providing the end-user with a truly new experience that is of value to them.
“VR for the sake of VR does the industry no favours, but when the real benefits can be identified, it will prove to be ground-breaking,” Parry-Williams noted.
VR is a profitable
In the case of corporations and enterprise, the metaverse and VR is significantly more challenging to implement, because you’re working less on the basis of entertainment and more in the bustle of protocols and efficiency.
“Being able to operate and monetise VR is also incredibly tricky at a lower level because the software solutions which allow VR content to play are fairly limited compared to standard video,” Parry-Williams said.
“Additionally, the option to play 360 VR content outside of using YouTube is restricted, so it’s near-impossible for startups or SMEs to supercharge an in-house VR or metaverse strategy,” he noted.
That said, it’s not impossible to create an impactful, well-rounded video and VR strategy that gives startups and enterprises the competitive advantage.
“The metaverse and VR can work within business’ processes, but not without understanding how to get there first.”Guy Parry-Williams
“If companies opt to join the metaverse minefield before focussing on a holistic approach when it comes to the possibilities of video, they may be at a disadvantage when it comes to unlocking the future of VR’s potential,” he said.
The value of video
Video marketing was experiencing an upward trajectory before the pandemic, but its inception was certainly a catalyst in many businesses recognising its value.
For instance, many companies had to pivot during this time, from somewhat traditional marketing methods to ones which adopted a video-focussed, digital-first approach.
Parry-Williams pointed out that “for some, this also included adopting a variety of innovative video strategies that incorporated VR and broadcasting so that their services could still be rolled out during a time where audiences all moved online.”
“The result was ultimately their survival – and, beyond this, they’ve been able to move past this to now grow, adapt and ultimately keep ahead of the competition,” he added.
However, whilst video marketing is becoming increasingly prolific, this poses more challenges: with many businesses adopting such a strategy, cutting through the noise becomes difficult.
“So, being able to exhibit a video marketing procedure, but doing so in such a way that aligns with a business’ core values and highlights its USPs, is fundamental,” Parry-Williams stressed.
“Ultimately, video content is a complex beast: but when it’s done right, it not only supercharges corporate marketing strategies, but it’s also impactful in terms of revenue, too,” he said.
“Then, once this has been mastered and profitable, companies can look at what the metaverse means to them,” Parry-Williams concluded.