VIDEO: Media Buying in the Metaverse

The Metaverse is one of the fastest growing area of global commerce. A market set to be about £800bn by 2024 according to Bloomberg¹ while advertising group, McCann WorldWide², predicting that 2bn people globally will be spending at least an hour a day on the Metaverse by 2026.

 

In this lively session we set out the steps for success in the Metaverse and the play off between thephysical and online environments and how 'in world' media buying and advertising in gaming can be useful entry points for brands.  We provide examples of the main routes being used by destination brands and examples of brands doing well.  There's a lively Q&A at the end with brands and media owners asking questions. 

 

 

Key points covered:

What is the Metaverse: a quick overview of where the term originated, and how it’s currently defined, what it covers and the different worlds within the Metaverse.

Five steps for success: The Metaverse is a blend of a market place, community and movement. The different worlds, games and other elements of the Metaverse have their own ‘rules’, community leaders and objectives.  This means that while the normal marketing rules apply, brands also need to think about how they are going to contribute, authentically, to the worlds they inhabit.  The five fundamentals brands should consider for maximising their Metaverse presence: 

1. Know Why:  Understand why the Metaverse is important for your success and develop a plan for how you can realise your potential and how it fits into your wider business.  
2. Experiment:  Consider the entry points you can use. Virtual billboards and other advertising formats can provide simple and cost effective entry points into the Metaverse. These and other routes give you the chance to experiment without going ‘all in’.  
3. Actively contribute:   Authentic engagement, participation and collaboration will be essential for in-world success.  Don’t make the mistake of assuming the Metaverse is about ‘selling’.  Brands need to be seen to be contributing to the worlds and the users in them in a manner thats authentic for the brand, the world and the users.  We look at Liverpool Football Club, Unilever and the Brits. 
4. ‘Always on’: The Metaverse doesn’t sleep.  Consider how you can optimise and then cope with a global audience, and potentially, 24/7 interest.
5. Keep evolving: More or less anything is possible in the Metaverse. New ground is being broken all the time.  This gives you the opportunity to evolve your brand’s offer - but stay true to what made you successful in the first place. 

Four of the main ways brands can promote themselves:   An overview of the four main activations routes currently used by brands with examples of each:  

1. Interactive experiences and events:   Examples include London’s Serpentine Gallery on Fornite Creative and the New Fiction exhibition from street artist KAWS.   
2. Building venues and creative spaces:  How Seoul is one of the first major cities of the world to start embracing the Metaverse to the fullest extent with its local government having a long term plan for Metaverse presence.  
3. Stores and exhibitions: A look at how Nikeland is breaking new ground.  
4. Virtual ownership: How brands such as fashion house Balenciaga are giving Metaverse users the chance to wear their products in games (Fornite for Balenciaga) or other worlds.  

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References:

1. Bloomberg report. 

2. McCann Worldwide 

Image credit: Unit 2 Games Limited