Metaverse Entertainment in 2023: Remodelling the industry
The media and Metaverse Entertainment, complete with 3D avatars, is no longer a distant prospect. Today’s companies now build immersive tech and Metaverse Entertainment platform development solutions at scale to facilitate the future of XR socialising.
In the wake of the COVID-19 pandemic, companies are set to reshape and rebuild their industry with high-tech creativity and ingenuity. These experiences will no longer function like webinars or VR apps, but will converge Metaverse Entertainment virtual spaces with interoperable, engaging content. Concerts, tech shows, events, meetings and showrooms will invariably change with the Metaverse.
A Closer Look at Metaverse Entertainment
In the future, users will access the Metaverse, a unified virtual space integrating multiple digital worlds on an interoperable platform. People can connect to the future spatial communications Metaverse Entertainment platform development with a single framework and protocol similar to Web 2.0. Regarding technologies, the Metaverse in Entertainment will incorporate artificial intelligence (AI), virtual, augmented, and mixed reality (VR/AR/MR), the internet of things (IoT), and hand and eye tracking tools.
Metaverse Entertainment in 2023 has and continues to connect audiences in shared virtual spaces via VR headsets and their respective or third-party virtual spaces. Meta Platforms, Lenovo, Spatial, STYLY, Pico, Varjo, and other firms are already building platforms to facilitate this. No longer bound to physical locations, users in Metaverse Entertainment can access volumetric video and real-time 3D content to interact. Now, Creative visionaries are using the canvas of spatial computing for their experiences.
How Does the technology Impact the Entertainment Industry?
1.Enhances the Movie-Watching Experience
Metaverse Entertainment platform development allows users to choose their own seats in a cinema rather than hoping for the right one. This has been shown to significantly improve the movie-watching experience.
2.Allows for New Forms of Entertainment
Alongside improving existing forms of entertainment, the Metaverse Entertainment in 2023 can also give the drive for new ones. For instance, Metaverse Entertainment-based games give users an opportunity to compete against each other in the virtual world.
3.Creates New Opportunities for Marketing and Advertising
Metaverse helps users to interact with their products in new engaging ways. That is because marketers and advertising brands are getting highly creative with their user experience in the metaverse, allowing them to attract more users and get higher revenue through new ways.
4.Develop a Tough Competition for Content Creators
As could be expected, the Metaverse in Entertainment also changes the landscape for content creators. This means they now need to always develop unique and attractive content for the audience’s engagement, constantly fighting immense competition. This serves as a key for content creators is to bring fresh and innovative content to get users.
Key trends impacting the Metaverse in Entertainment Market Statistics
1.Metaverse events and concerts
While the concept of virtual concerts is nothing new, in the last year, Imagine Dragons, BTS, Muse, Post Malone, and several other contemporary Top artists have held VR concerts. The Metaverse Entertainment platform development enables virtual venues where multiple artists can perform, just like in real life.
Recently live music concerts have been organized on popular gaming platforms like Sandbox, Decentraland, Roblox, Fortnite, etc. In April 2022, Rapper Snoop Dogg released an exclusive metaverse music video of his song “House I Built” from album B.O.D.R. on the Sandbox. Around 10.7 million users have participated in Fortnite concerts online with Metaverse in Entertainment, 33 million people saw Lil Nax’s show on Roblox, and 45.8 million saw Travis Scott’s Astronomical show.
Even the fashion industry has embraced metaverse events with The Metaverse Fashion Week (MVFW) show. Held in March 2022 and hosted on Decentraland, MVFW was the first fashion week ever held in the metaverse, and it included several influential brands, including Bulova, Tommy Hilfiger, and Dolce & Gabbana. Adding to the charm of the event was a performance by Grimes. Everything about the event was with Metaverse Entertainment platform development. Grimes’ hologram was a lady with two white ponytails, and all other attendees of the Metaverse Entertainment were in their specific avatars.
Metaverse fashion week 2022 held in the metaverse proves that metaverse concerts or shows are the future and will drive greater visibility and flexibility for the user while ensuring predictable audiences for artists.
2.Gaming in the metaverse
The first kind of entertainment to emerge in the metaverse was gaming. Even though Neal Stephenson’s dystopian novel Snow Crash introduced the term “metaverse” in 1992, it was a game called The Sims that, in 2000, provided a glimpse into this virtual environment.
Popular games like Roblox and Fortnite are the leaders in providing their customers with the best Metaverse Entertainment gaming experience. Furthermore, these Metaverse Entertainment platform development offers more than just missions, battles, or side-quests. Blockchain technology enables players to trade digital or virtual assets like non-fungible tokens (NFTs) in the world of their creation. More recent games, like Rec Room and Ember Sword, have been praised for their expansive metaverse experience.
A role-playing NFT-based game Illuvium is set for release on the Ethereum blockchain as an example of booming Metaverse Entertainment in 2023.
It is estimated that by 2024, the Metaverse in Entertainment Market Statistics for video game developers might be worth USD 412.9 billion, and 70% of gamers expect in-game social interactions to make them play more. Roblox players alone spend 652 million USD on the site’s virtual currency, Robux.
Regarding Metaverse Entertainment user profiles, 59% of the metaverse gamers are males, and 38% are aged between 10 to 20 years. Per a survey of 5,521 metaverse gamers, the largest users of the top 3 games (Minecraft, Fortnite, Roblox) is under 20. This means that the future is exciting and promising for those who enjoy playing metaverse games!
The global amusement park market according to latest Metaverse in Entertainment Market Statistics is forecasted to reach USD 89.17 billion in 2025 at a CAGR of 9%. Most of the growth will come from implementing emerging technologies like AR, VR, XR, MR, blockchain, etc. It will be cost-effective and safe to build a theme park in virtual reality rather than in the real world.
Theme parks have suffered earlier because they are location and public specific, and they cannot garner users from across the globe easily. The Metaverse Entertainment platform development could enable complex parks that would not be location-specific, and visitors from around the world could visit.
AstroWorld, the theme park in Texas that was destroyed in 2005, is said to reopen soon in the virtual world as a metaverse theme park. As per the Metaverse in Entertainment Market Statistics, the virtual AstroWorld will be the first amusement park built entirely on blockchain. Also, Walt Disney recently patented a technology taking up Metaverse in Entertainment that will help visitors to its theme park engage with Disney characters virtually while being physically present.
4.Metaverse in cinema & video streaming
Cinemas have recently entered the Metaverse Entertainment world with CJ CCV, Korea’s top cinema chain, opening the world’s first metaverse cinema this year. Also recently, Netflix has partnered with the Decentraland by launching a replica of a maze found in its recent film, The Gray Man, starring Ryan Gosling. The user is expected to complete the maze in the shortest time possible with their knowledge of the film to win digital wearables featured in the movie. In June 2022, the popular streaming platform launched an NFT-based game on the day of the launch of the fourth season of Stranger Things.
The OTT industry is projected to grow 13.34 billion USD in 2023. That is about a 49% jump from the 2020 numbers. By 2025, the global box office revenue according to Metaverse in Entertainment Market Statistics is expected to be USD 43.3 billion. The Metaverse Entertainment in 2023 will have an impact on how the content is consumed.
The animated series, Lustration, whose trailer was released by Meta Quest in May 2022, gives us an idea of how Metaverse in Entertainment for filming will be in the future. The film lets viewers see the story from multiple angles and beyond the central plot. This means that viewers become a part of the film’s setting, like being present in the scene and watching the characters interact like we do in our real world. Surely, some exciting times are ahead of us with the Metaverse Entertainment coming into the picture!
Metaverse will have supersmart implications for all industries in the coming future. It will form a close integration among all the industry verticals, so the domain specialists like shamla tech explores the new possibilities entailed within the metaverse world. Also, media and entertainment organizations adopt the Metaverse Entertainment in 2023 trend quickly and strengthen their core competencies, which include live events, 360-degree video content, immersive infotainment experiences, advertisement in the virtual world, and traditional 2D content streamed to metaverse places like VR movie theatre. Top Metaverse Entertainment platform development company Shamla tech will ensure that you remain ahead in the metaverse shift we are experiencing.