How evolving technologies will impact the media sector

  • UPES Editorial Team
  • Published 06/06/2022
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How evolving technologies will impact the media sector

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Metaverse platforms are being increasingly used to enhance social interactions, provide more immersive experiences, and drive media content consumption and visibility. Media companies are quickly adopting Metaverse to establish a presence, gather audience and engagement, and develop well-structured monetisation strategies. As a result, the industry is hiring talent who can help them realise their metaverse ambitions

Metaverse is ushering in a new internet era, bringing new opportunities as well as obstacles for investors, marketers, and media professionals. But what exactly is Metaverse? Simply defined, it is the internet as we know it, but entirely immersive and experiential, incorporating virtual and augmented reality. This implies that internet users will be able to consume content in two as well as three dimensions via a VR (virtual reality) headset.

Users may, for example, wander around a virtual shopping mall from the comfort of their own homes and buy clothing from e-retailers that have already established a presence in the Metaverse. They might even attend virtual events like concerts and fashion exhibitions. Users may also create a house and rent it or open a shop to purchase and sell e-commerce items. All transactions in the virtual world use both fungible and non-fungible tokens (NFTs), and all transactions are recorded on the blockchain.

How does Metaverse influence the media sector?

The development of Metaverse heralds a paradigm change in the media and entertainment industry. Through the platform, a user may connect with other users by creating an avatar and using a basic username. Additionally, the infrastructure supports messaging, alerts, rating systems, and reputation management. Other elements of the platform can assist in speeding transactions by allowing content producers to retain rights to their work and receive payment from each sale or exchange of the NFTs.

Metaverse is ideal for the media sector as it offers a completely immersive platform for generating and managing digital content. The open-source system is compatible with numerous NFTs, allowing it to remain relevant in the media and entertainment industry. In the media and entertainment business, the role of Metaverse and NFTs in facilitating virtual asset ownership is becoming increasingly important.

There is also more potential when there is more traffic. Exploding user activity along with massive capital injections into the Metaverse is spawning new sectors and professions ranging from digital real estate agents to digital brokers. It also opens new avenues for media professionals.

Companies are beginning to explore new and innovative ways to promote to their consumers in the Metaverse, from digital billboards positioned in popular sections of virtual cities to branded installations on virtual streets.

Metaverse platforms are being increasingly used to enhance social interactions, provide more immersive experiences, and drive media content consumption and visibility. Media companies are quickly adopting Metaverse to establish a presence, gather audience and engagement, and develop well-structured monetisation strategies. As a result, the industry is hiring talent who can help them realise their Metaverse ambitions.

How UPES School of Modern Media is equipping students for the future

As technologies continue to evolve, UPES, too, continues to provide courses and infrastructure that keeps its students ahead of the game.

At the UPES School of Modern Media, students are taught about new-age media and rapidly-evolving technology. Through state-of-the-art studios, faculty comprising renowned media experts, an industry-aligned curriculum, interactions with prominent journalists and notable media experts, the school equips students to put theory into practice. The UPES School of Modern Media is India’s only digital-first media school.

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UPES Editorial Team

Written by the UPES Editorial Team

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  • Metaverse

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