The Death of the Metaverse: A Premature Eulogy? The Metaverse's death has been greatly exaggerated, as recent buzz would have us
believe. Despite Meta's recent layoffs and a decline in search traffic for the term, the Metaverse is alive and well, with investment transactions surpassing $24 billion and analysts predicting significant growth in the coming years.
Ladies and gentlemen, we gather here today to mourn the supposed death of the Metaverse. Or do we? Recent buzz would have us believe that the Metaverse has met its untimely demise, but hold onto your virtual hats, dear
readers, for the rumors of its death have been greatly exaggerated, as Neil Patel so eloquently noted. Once hailed as the successor to the mobile internet, the next chapter of the internet, and a job-supporting juggernaut, the Metaverse has seemingly lost its luster. With Meta's recent layoffs and an 80% decline in
search traffic for the term over the past year, whispers of its demise have spread like wildfire. However, like a phoenix rising from the ashes, the Metaverse is far from dead. As Gartner predicts, by 2026, one in four people will spend an hour a day in a shared virtual environment, and the industrial metaverse could
be a $100 billion market by 2030. But don't just take our word for it, allow us to present you with a cornucopia of delicious quotes and insights that suggest the Metaverse is alive and well. Wagner James Au, a Metaverse analyst and journalist, astutely observed, "Metaverse platforms are growing slowly but steadily,
and hiring commensurately." Au explains that the lack of explosive growth is a result of unrealistic expectations, as Silicon Valley assumed there would be a 100x growth, prompting frenzied hiring. However, Au posits that screen-based platforms, like Roblox, Fortnite, and VRchat, are the mainstream future of the Metaverse. As Roy Amara, a computer scientist and former head of the
Institute for the Future, sagely stated, "We tend to overestimate the impact of a new technology in the short run, but we underestimate it in the long run." Indeed, similar to self-driving vehicles and VR/AR, the Metaverse may have faced its share of overhyped criticism, but the market is gradually realizing its potential.
Future, sagely stated, "We tend to overestimate the impact of a
new technology in the short run, but we underestimate it in the long run." Indeed, similar to self-driving vehicles and VR/AR, the Metaverse may have faced its share of overhyped criticism, but the market is gradually realizing its potential.
The truth is, the Metaverse is not just a new technology, but a paradigm shift in how we perceive the internet. A brave new world where we can
teleport as holograms to the office, attend concerts with friends, and visit our parents' living room, all without leaving our homes. This once futuristic dream is now a reality, albeit one that's taking its sweet time to unfold.
Let's not ignore the veritable treasure trove of investments pouring into the Metaverse. S&P Global Market Intelligence reveals that 120 companies are hard
at work on metaverse technologies, with investment transactions surpassing $24 billion. Big players like Meta Platforms, Epic Games, Infinite Reality, and Roblox Corp. are all dipping their virtual toes into this intriguing realm.
Fashion brands such as Alo Yoga and Vans have found success within Roblox, drawing in users with enticing content and experiences. Even non-fashion entities
like Claire's plan to turn their virtual ventures directly into sales.
Ian Hughes, an analyst with 451 Research, envisions a future where the Metaverse is as popular as social media is today. As new technologies emerge, like light field displays, big businesses like Microsoft, Siemens, and Nvidia are working on Metaverse platforms for commercial and industrial
applications. On the consumer side, the Metaverse appeals to a surprisingly diverse age range, with teens, 20s, 40s, 50s, and seniors all exploring and experimenting with virtual identities. Seniors, in particular, have taken a shine to Second Life , despite its high-tech requirements and steep learning curve.
Yet, despite this smorgasbord of
evidence supporting the Metaverse's potential, backlash and skepticism persist. Exaggerated expectations have led to disillusionment, prompting even Meta's CEO, Mark Zuckerberg, to downplay the Metaverse's importance, focusing instead on efficiency and trimming down the Reality Labs business unit.
Nevertheless, the Metaverse marches on, with over 520 million monthly active users across
149 platforms, as reported by analyst firm Metaversed. The staggering $24 billion in investment transactions only serves to underscore the Metaverse's enduring vitality.
So, dear readers, as we stand on the precipice of this brave new virtual world, let us not be swayed by the naysayers and the skeptics. The Metaverse's growth may be slow and incremental, but it is far from dead. As new
technologies emerge and businesses continue to invest, the Metaverse will evolve and eventually take its rightful place as the mainstream experience we all secretly yearn for.
Thus, with a wink and a nod, we invite you to raise a virtual glass to the Metaverse's future. Long live the Metaverse! For it is not dead, but merely biding its time, poised to reshape our world in ways we
have yet to fully comprehend. And when it finally arrives in all its glory, we'll be ready and waiting, eager to embrace the myriad possibilities it presents |
All the news you need today, in a format that isn't TL:DR, summarized for the busy executive.
TikTok's CEO, Shou Zi Chew, testified before the US Congress to distance the company from Chinese ties and reassure lawmakers of its data security practices. Despite Chew's assurances, many members of Congress called for a nationwide ban on the platform and grilled him on issues such as privacy, addiction, and
child safety. Advertisers, however, seem less concerned, with 75% planning to double down on ad spend this year. As TikTok faces scrutiny, it may be wise for marketers to explore alternative short-form video platforms such as YouTube Shorts and Reels. Google has announced three new features for Discovery ads, including the ability for all
advertisers to combine lifestyle images with short text in the Merchant Center catalog, product-level reporting to track the impact of specific items in product feeds, and the ability to experiment with Conversion Lift based on geography to measure the impact of Discovery ads and Video action campaigns. These features are designed to help advertisers deliver more relevant ads and optimize for conversions. The new features could make Discovery ads even more effective, particularly for
promoting and tracking specific products. Netflix With Ads has gained 1 million ad-supported viewers and fulfilled its forecasted deliveries to advertisers, according to Bloomberg. The service, which does not cannibalize Netflix Without Ads, has a secret weapon about to be launched: the crackdown on password sharing. Netflix is offering
adult children of current members the opportunity to stay on the same account for a fee, while also targeting people who still use the passwords of those they barely know. As Disney, HBO Max, Paramount, Peacock, and Hulu all grow their ad-supported businesses, at some point in the next few years, there will be a critical mass of streaming ad inventory. This will completely disrupt the way everyone looks at TV advertising, causing massive ripples throughout the industry. If you are Netflix, it is advisable to avoid running pharma ads, especially during original programming, to avoid convincing people to upgrade to the ad-free tier faster than a pharma ad with its 60 seconds of death, diarrhea, and old people doing tai chi. Otherwise, keep on keeping on, with a stellar staff and advertisers who actually want to work with you.
If you are another SVOD service, avoid pharma ads and be patient if it takes a few years for big spending brands to shift big chunks of their ad budgets. For the FASTs, buckle up, as those billions shift over to streaming, you will be the prime beneficiary. A recent case study by VIZIO found that TV home screens are valuable real estate for TV
advertising. Brands can establish success by placing their advertisements front and center on the VIZIO Home Screen, which is the first thing viewers see when they turn on their device. The study measured the impact of three separate activations across the VIZIO Home Screen for a pizza restaurant, an auto brand, and an insurance company. Each brand had varying targets and performance indicators, but all established success after implementing high-impact placements with VIZIO. The pizza
restaurant’s Home Screen activation drove lifts across brand preference, consideration, and purchase intent. The auto brand generated a +34% lift in incremental sales with its Home Screen placement, and the insurance brand saw higher conversion rates with its Home Screen sponsorship. Netflix may be looking to change its ad strategy after a
difficult start, including an overhaul of its relationship with Microsoft, which powers Netflix's ad tech. Industry insiders have suggested that Netflix's recent moves, including opening up to third-party measurement, demonstrate its seriousness about ads. However, Netflix's initial campaigns didn't live up to expectations, and the limitations around ad targeting and measurement, as well as high CPMs, also contributed to a disappointing start. Additionally, the campaign delivery was
manual, and third-party measurement wasn't available, making it hard for advertisers to work with Netflix. Dr. Augustine Fou, a cybersecurity and ad fraud expert, has warned advertisers and media agencies that legacy fraud verification vendors are no longer fit for purpose and it's time to upgrade to better verification tools. In a
recent blog post, Fou claimed that the legacy fraud verification vendors have failed to detect basic forms of invalid traffic, were non-transparent and could be guilty of fraud, malpractice, and malfeasance. He highlighted examples of incorrect data being marked as fraud-free, unmeasured ads being marked as fraud-free, and obvious invalid traffic not being marked as such. Fou has been a vocal critic of the Association of National Advertisers for years and claims misleading press releases on ad
fraud. Tom Brady, the retired seven-time Super Bowl champion, has acquired a minority stake in the Las Vegas Aces, the defending WNBA champions. The purchase will require the approval of the WNBA. Mark Davis, the owner of the Aces and Las Vegas Raiders, said in a statement that "Tom Brady is a win not only for the Aces and the WNBA, but
for women's professional sports as a whole." Brady's interest in WNBA ownership began after attending an Aces game last May, but he credits his love for women's sports to his older sisters who were "by far the best athletes in our house." Apple is ready to spend $1 billion annually on producing movies for theatrical releases, taking the opposite
approach of Netflix, which mainly focuses on streaming. Apple's move is expected to help promote Apple TV+ while boosting its reputation in Hollywood. This move comes at a time when streaming giants are refocusing on profits over subscriber growth, with theatrical distribution back in vogue. Apple promises to release its movies in thousands of theaters for at least a month, according to Bloomberg. The pandemic has forced the entertainment industry to change its business models, with
streaming becoming the primary mode of film distribution. Robert Frati, Chief Sales and Success Officer of Salesforce's Slack unit, is leaving at the end of April after spending over 17 years at both companies. Frati joined Slack in 2016 as its first-ever Vice President of Sales and helped bring a more formal sales culture to the
company. His role also includes working with customers after they purchase Slack's software to ensure they're happy with it. His departure comes as both Slack and Salesforce are seeing slowing revenue growth amid a broad pullback in technology spending. Utah has become the first US state to regulate the use of social media apps by minors.
The state has introduced bills that restrict minors’ access to popular social media apps like TikTok and Instagram, limiting their social media use between 10:30 pm and 6:30 am and the information social apps can collect from young users. Minors would also need age verification and parental permission to open social media accounts. Utah’s move comes as Washington increases scrutiny of social media platforms and lawmakers call for better protection for minors. Walmart is laying off hundreds of employees at five of its e-commerce facilities across the United States, as the retailer prepares for a potentially difficult year. Walmart, the largest private employer in the US, is trimming its workforce as many retailers are anticipating flat or declining sales. Walmart is forecasting slower sales growth for its upcoming
fiscal year, including in its e-commerce business. The retailer is controlling labour costs to maintain profits in the face of uncertainty around inflation and the shift back to services after a COVID-19 pandemic-related spending boom. The marketing industry is undergoing rapid evolution driven by emerging technologies, cultural shifts, and the
deluge of data. This convergence is expected to lead to marketing's Fifth Paradigm. The article highlights the impact of emerging technologies such as the Internet of Things (IoT), smart speakers, wearables, and autonomous cars on the marketing industry. For instance, IoT devices are expected to provide opportunities for marketers to deliver hyper-personalized experiences to consumers. However, the increased data will require marketers to reorganize their data infrastructure and
capabilities to handle the volume and complexity. Similarly, smart speakers and wearables are expected to provide new levels of insight into the consumer journey and opportunities for marketers to interact with consumers more effectively. Finally, autonomous cars will provide opportunities for creative marketers to capture consumer attention while they are in the car. As the data deluge continues to impact the marketing industry, companies must adapt their strategies to leverage new technologies
and opportunities. |
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Meet Mary Gilbert, a trailblazer in the B2B marketing
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