Gary Knight, CEO of WOLF (The World’s Online Festival), explores what the future of entertainment looks like in the new virtual world that everyone is talking about.
As the next frontier of the internet, the metaverse refers to the rise of online 3D or virtually integrated digital environments and provides Internet users with access to virtual reality and augmented reality experiences. Ultimately, the metaverse has the potential to transfigure the fundamental nature of digital media consumption and social interactions for anyone with an internet connection.
According to market analysis by Bloomberg, the global metaverse revenue opportunity could approach $800 billion by 2024 and the opportunities in live entertainment could account for $200 billion of that.
Despite being relatively new, the metaverse has already shown the potential to transform real life entertainment as we know it. Let’s take the Travis Scott 3D animated virtual concert performance on Fortnite. In 2020, when we knew very little about the metaverse, it was watched by 45.8 million people and generated over $20 million, according to Forbes.
Entertainment in a virtual world – what is the potential?
For entertainers, entering the metaverse allows them to showcase their talents to a limitless audience, in a limitless way, in a virtual world. For the audience, it opens a wealth of opportunities to interact with as well as consume live entertainment in increasingly novel ways.
Imagine watching a 3D animated gig of, say, Justin Bieber perform in a completely different country, from the comfort of your own home, and be able to interact with the show. Or hearing the comedian you’ve never been able to watch live. Well, the metaverse makes that a reality. It unlocks the world of entertainment like never before.
How will the metaverse unleash creativity?
Metaverse avatars have been a key component of WOLF’s business model and a contributing factor to our success in the past few years. In our app I see users who want to spend money to decorate their virtual avatar with “Charms”. In the future, “interoperability” of the metaverse will likely bring new ways to be creative. Users will have access to a metaverse “digital wallet” by which they’ll buy subscriptions or tickets on metaverse entertainment platforms. In doing so, when users attend a show in the virtual world, others will be able to tell a lot about them from the way they’ve accessorised their avatar and by the status of their online persona.
The metaverse experience and opportunity for storytelling
The next stage of the metaverse could see audience members jump on stage via a VR headset or mobile phone. Imagine having physical interaction with your favourite singer. As we see wearable technology enter the metaverse, this will become possible. How? Let’s imagine introducing sensor-fitted bodysuits that could enable performers to shake your hand that you experience and feel in the real world.
The metaverse invites you to places you’ve never been before
The metaverse has the ability to build brand new worlds and environments that users can explore in a live streamed concert. They can be as spectacular as creators’ wish, but they come without the cost of a ticket or travel to faraway places in real-world locations for those who want to watch the performance. The freedom this offers is like nothing we’ve ever seen before in real-life experiences. Entertainers have the chance to make their show anything they want, wherever they want it to be.
To conclude, the metaverse removes real-world limitations which makes it the ideal platform for the entertainment industry. When envisioning the future of entertainment, the evolution of the metaverse will offer infinite possibilities, which is incredibly exciting.
ABOUT GARY KNIGHT
Gary Knight is CEO of WOLF (The World’s Online Festival), a global entertainment and community social network. He is an executive leader within the entertainment and technology sector, with specific experience in games and the gamification of social network communities.
Earlier in his career, Gary helped grow SEGA Europe for five years, before he was promoted to CMO for SEGA West, where he was responsible for all brands experiences across Europe and North America.