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Media and entertainment companies in Asia are entering the Web3 space to leverage the tremendous opportunities the virtual world has to offer. One of the most revolutionary and lucrative spaces of this decade, Metaverse is ready to upend a wide range of industries wherein the entertainment industry stands out to the most promising sector with immense potential. The nexus between entertainment and metaverse to flourish as it creates a unique immersive way of virtual interaction between artists and global audiences.
TechInsight360 expects a lot more innovations and investments to pour into the development and enhancement of metaverse in the media and entertainment industry in Asia as an effective tool for marketing, socializing and increasing business profitability over the years ahead.
One Digital Entertainment, for example, in addition to consolidating its brands and business under a new holding company New Media Holding, also announced the launch of its new venture called Neoma Ventures. The venture aims to exclusively focus on development of advanced technologies in the Web3 space including NFT marketplace, Layer 1 blockchain, and Hyperreal Metaverse.
T&B Media Global, the Thailand based entertainment firm, is betting big on its metaverse venture Translucia Metaverse (Translucia). The company, planning to invest over 10 billion baht into the venture, expects Translucia to be the growth driver for the company over the next three years and generate an economic value of 1 trillion Baht by 2030.
The project, a tie up between T&B Media Global and MQDC, indeed sounds to be a promising one with its latest announcement of the novel “Multiverse Convergence” solution. The solution built on the company’s proprietary LightLink Protocol (LightLink), an enterprise Layer-2 (L2) Blockchain, was created to hasten the transition of conventional organizations to Web 3 in a cheap and convenient way. Some of the key features of the solutions include:
Viacom18, one of the largest entertainment network companies in India, has recently announced its latest venture in the metaverse space. The company that holds the digital rights for the Indian Premier League (IPL) along with Disney Star, plans to provide a 360-degree immersive experience for the viewership. The matches will be viewable on the JioCinema app which is also planning to launch a 360-degree immersive button, a VR device called Jio Dive and another device as a premium offering for viewers, JioGlass for IPL 2023. Moreover, Disney Star is also enhancing the viewing experience for its users with the launch of the metaverse platform for Star Sports known as “Starverse”.
Another development in the metaverse space in the Indian media and entertainment market was the regional OTT platform, AHA, marking its foray into the metaverse world with the launch of Ahaverse. The platform being developed by IPVerse, a Hyderabad based technology company in India, will have a structure of multiple sets for different shows. The metaverse version of the platform will provide companies with the chance to take ownership of the show sets and build product and experience hubs, giving them greater opportunities to engage with customers. The platform plans to let users visit the sets of shows such as Unstoppable using Avatars for a group viewing experience. Moreover, on Ahaverse, viewers will also have the chance to engage with the contestants during their shows. The entry to Ahaverse will be free except premium features that the company plans to ticket.
There will be potential for advertising on the platform as well, such as the possibility of brands who wish to participate in Ahaverse owning one of the sets there. Also, marketers will have the opportunity to build any of their pertinent products or display and demonstrate their products through an experience center within the verse.
There has also been a rise in the virtual events being held on metaverse platforms. Recently, Dialog Axiata in collaboration with XL Axiata hosted Sri Lanka’s first metaverse entertainment event METASTAGE. The event was presented in the Dialog Axiata’s Futureverse, the fully immersive metaverse platform launched by the company in January, 2023 with the aim to provide users an interactive, experiential and immersive experience to socialize, play games, shop for Dialog products and services, and attend events in the virtual world. Virtual audiences in Indonesia and Sri Lanka could view the broadcast of the event by logging into the Futureverse website.
TechInsight360’s reports combine detailed view on market opportunity, best practices, emerging business models, and market innovation to help clients identify unique opportunities.
