The metaverse is expected to gradually transform advertising and will bring in an astounding $1.53 billion in income in 2023 alone.
It took the news industry ‘only’ 30 years to adapt to the upheaval brought about by the creation of the first completely electronic television system. The instruments that were available at the time have a big impact on news production, and when those tools change, the industry takes a while to adjust.
Consumers of news nowadays want interactivity, and the industry may take advantage of new opportunities thanks to the expanding accessibility of metaverse technologies like augmented reality (AR), virtual reality (VR), and mixed reality (MR). In fact, a Deloitte study found that the implementation of the metaverse may increase the MENA region’s GDP contribution by up to $83 billion annually by 2035.
Outlook for News Production with AR, VR, and MR
The Middle East has enormous potential for the metaverse to revolutionize important industries. With large metaverse projects in Saudi Arabia and the United Arab Emirates, the region is already taking advantage of this possibility. Notably, Dubai unveiled its Metaverse Strategy in July 2022. The program prioritizes innovation in tourism, real estate, education, retail, and public services with the goal of establishing Dubai as one of the top metaverse economies in the world.
The spectrum of options includes the development of online newsrooms where viewers can actively participate, investigate many angles of stories, and even help with news production. According to a Statista report, digital news consumption has significantly increased in the EMEA region, with social media surpassing online newspapers, websites, and apps as the primary news source for more than 50% of consumers in each nation examined.
Possibilities and Obstacles
For the media sector, the incorporation of the metaverse into news transmission offers both potential and difficulties. On the one hand, it presents fresh opportunities for reshaping viewer participation and involvement in news production. On the other hand, it is impossible to ignore the legitimate worries about data privacy, protection, and security. As the process of digital transformation moves forward, guaranteeing security becomes a shared obligation. Recent PwC Global Digital Trust Insights Survey results show that 4% of top executives have noticed an increase in cyberattacks before 2020. It is heartening to learn that 40% of forward-thinking businesses claim that their privacy and cybersecurity programs have successfully reduced the dangers of data breaches.
Media companies might take advantage of virtual advertising spaces within immersive newsrooms to take advantage of this potential. This leads to more opportunities for sponsorships, collaborations, co-branded virtual events, and interactive sponsored content in addition to greater revenue. Additionally, the metaverse’s virtual worlds provide enormous potential for training and collaboration across news organizations. These virtual settings can faithfully reproduce real-world situations, allowing journalists to obtain useful practical experience in a risk-free atmosphere.
A Shift in the Status Quo for News Production and the Media Sector
The MENA area has seen a tremendous rise in digital adoption, with a high rate of internet penetration, according to recent statistics from McKinsey Digital. The percentage of totally digital and remotely aided processes that have been adopted is between 75 and 80%. This demonstrates a favorable setting for the adoption of cutting-edge technologies like the metaverse.
The metaverse’s advancements present intriguing opportunities for cutting-edge interactive solutions to communicate with media and news consumers. The true question for many businesses is not whether they should participate in interactive experiences, but rather whether they can afford to pass up the chance.
Co-founder and Shaffra’s Chief Metaverse Officer is Alfred Manasseh.
