Don’t let go of your TV remotes just yet! The television industry is in crisis as broadcasters try to compete with the ever-changing landscape of online video games and virtual worlds like Roblox, Fortnite, and Minecraft. The field of battle? attracting young people, who spend a disproportionately large share of advertising revenue.
A New Entertainment Paradigm Is on the Horizon with the Metaverse
The “metaverse” is a vast network of virtual communities, social networks, and games that are changing the way we experience entertainment online and competing with more traditional forms of media. While your grandma may still tune in to her favourite soap every day, Statista reports that the show’s audience of people under the age of 35 has dropped by half in the past decade.
Traditional broadcasters should be aware of the dangers, says Frederic Cavazza, co-founder of Sysk, a digital transformation firm. “Young people have evolved from being receptive TV viewers to engaged internet participants. He said, “They’re leaving TV networks in the dust with their dependence on smartphones.
Media Companies Must Decide Between the Metaverse and Classic TV
As online gaming platforms are seen as portals to the metaverse, they provide a challenging question for media outlets. The question is whether companies should continue producing traditional TV shows for a diminishing audience, or whether they should instead dive headfirst into the world of metaverse platforms, bringing their characters and brands into a new reality. Matthew Warneford, co-founder of Dubit, put it this way: “The reality is that TV companies must redefine their approach to create immersive experiences like stepping into Disneyland and interacting with Mickey Mouse.”
Television Networks Must Enter the Metaverse
TV networks still have a window of opportunity, but they must overcome the formidable obstacle of appealing to a wide range of viewers, including those who insist on watching only classic shows, those who are making the slow transition to streaming, and the younger generation, which is increasingly demanding interactive, social media content.
French TV’s chief of innovation, Kati Bremme, said as much: “We need to position ourselves across all these channels to stay relevant.” The national broadcaster is looking into creating VR and AR cultural and sporting events at the moment.
Is There Going to Be a Financial Crisis?
However, the issue of money continues to be the biggest one. Unlike their print media rivals, television companies have been able to coast along on relatively stable advertising revenue so far. However, Warneford expresses concern, saying, “This could change faster than people realise.”
The wide-open nature of the metaverse makes it an attractive venue for businesses to advertise and sell to end users. Virtual apparel and accessories are already a lucrative business for fashion and luxury brands thanks to the prevalence of online games like Roblox and Fortnite.
In light of this, businesses must decide whether to continue targeting youth via traditional media like television or to instead target them where they spend their time, which is increasingly in online gaming and the metaverse. Consequently, fasten your seatbelts. A frantic dash to the finish line awaits as the race begins. Who will emerge from the digital upheaval to claim their place in the metaverse?
About the Author:
Edmore Nkosi is a riveting South African journalist, specializing in entertainment and current affairs. With his unique ability to blend pop culture with real-world events, Edmore has carved a niche in providing captivating narratives that resonate with a diverse readership.
