It seems like the world is going crazy for the Metaverse and its associated opportunities. However, there are still many people who have never heard of it or are wondering what it will mean for their advertising attempts. Keep reading for a definition and to find out how the Metaverse will affect outdoor and OOH advertising.
What is the Metaverse?
Metaverse is an internet-based 3D virtual world that can be accessed by anyone who uses Metaverse gear. This virtual space is a combination of high end and real time technology that opens up users to a digital world. Basically, it’s a digital world similar or more advanced than ours that can be accessed over the internet.
The Metaverse won’t be owned by a single company. Instead, multiple companies will work to develop their Metaverse that will at some point overlap each other adding to one big virtual space that we will all be able to benefit from.
How will advertising work in the Metaverse?
It’s not been all that long since digital advertising took over and people were no longer confined to print mediums for news and marketing. Now, with the evolution of new technologies, the virtual space will consist of innovative marketing opportunities.
Advertising will work in similar ways as the real world. The only major difference is that all real-world strategies will be replicated into the virtual Metaverse world by using tools and platforms. As the Metaverse won’t be different to the real world but just an extension into the virtual space, it will require similar advertising measures.
How will outdoor and OOH advertising be affected?
Brands will have to develop marketing strategies that make them visible in the metaverse and it’s likely that VR/AR content creation will be at the core of these strategies. Marketers will have to focus more on enhancing the user experience rather than interrupting it.
Although we can’t say for sure how the Metaverse will change business models and advertising strategies, one thing is certain – the Metaverse will allow marketers a much wider yet targeted reach through social media performance and paid advertising. This will inevitably come at a cost in regards to OOH advertising.
The Metaverse signals a move beyond traditional OOH advertising methods like supermarket advertising toward creating brand experiences that are more engaging and less invasive than the digital advertising experiences currently available.
Conventional online and offline advertising methods are becoming a thing of the past. Like it or not, every age group, from the old to the young, is becoming engaged by new innovations.
For those brands looking to build a relationship with the new generation of consumers, the phrase ‘in real life’ has just taken on a whole new meaning. Outdoor and OOH advertising, even digital alone, is no longer sufficient – it now needs to be immersive, meaningful and interesting.
With the Metaverse consistently growing, it is clear that OOH advertising could take a knock – unless it can go digital, of course. If you’re an advertiser confused by the possibilities a technology like this might offer, start with investigating what’s out there, have a look at your own brand’s DNA and find out what suits you best.