VIRTUAL CONCERTS, THEME PARKS, & MOVIES of Spectacular World

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Overview

Metaverses is reorganizing the entertainment segment from the ground up. From games and Virtual concerts to movies and theme parks, metaversion makes every form of entertainment immersive and memorable. Let’s look at and understand how the Metaverse is set to rewrite the future of the media and entertainment world.

Step into the Virtual Concerts: Exploring the New Era of Entertainment

Elements of metaverse
Elements of metaverse

The Metaverse creates a virtual environment similar to the real world but with limitless possibilities for exploration. Users can create their avatars, representing themselves or a completely different persona, and interact with other users in real-time. These interactions can range from playing games, attending virtual concerts, shopping, attending classes, or simply hanging out with friends.

Video games were the first to embrace the concept of the Metaverse. Today, many games incorporate cutting-edge technologies—blockchain, NFT, AI, etc.—and have successfully entered the hyperactive world of metaversion. However, many musicians are jumping on the bandwagon for gigs in meta versions.

In addition to games and virtual concerts, theme parks and movies are adopting meta versions. A robust metaversion can breathe new virtual life into fashion events, theme parks, etc. For example, theme park and film visitors could purchase tickets via embedded metaversion currency, tokens, or NFTs. Similarly, movies in the Metaverse help the audience interact with the characters and influence the plot.

Unveiling the Enormous Global Market Size of Metaverse

The potential for the Metaverse is vast, with many experts predicting that it could revolutionize the entertainment industry. The Metaverse has the potential to transform the way we watch movies, play games, attend virtual concerts, and socialize with each other. It could also have significant educational implications, as virtual classrooms allow for more immersive and interactive learning experiences.

The size of the global metaverse market is expected to grow by more than 50% this year. It will be worth approximately USD 1,607.12 billion by 2030. Some of the significant factors that will contribute to the increase in revenue include growth in the media and entertainment, and gaming industries, opportunities from adjacent markets such as Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR), digitization of art, cryptocurrencies enabling users to interact digitally, NFTs, retail and fashion industries.

Key trends impacting the media & entertainment sector

Beyond Reality: Experience the Ultimate Metaverse Events and virtual Concerts

While virtual concerts are nothing new, Imagine Dragons, B.T.S., Muse, Post Malone, and several other contemporary artists have held VR concerts in the past year and a half. Metaverse enables virtual venues where multiple artists can perform, just like in real life.

Recently, live music concerts have been held on popular games or gaming platforms such as Sandbox, Decentraland, Roblox, Fortnite, etc. In April 2022, Rapper Snoop Dogg released an exclusive meta-version music video for his song “House I Built” (BODR album) on the sandbox.

About 10.7 million users attended Fortnite virtual concerts, 33 million watched Lil Nax’s Roblox show, and 45.8 million watched Travis Scott’s, Astronomy Show.

Even the fashion industry has embraced the Metaverse of the event. Held in March 2022 and held on Decentraland, Metaverse Fashion Week (MVFW) was the first fashion week ever held in the Metaverse. This included several influential brands, including Bulova, Tommy Hilfiger, and Dolce & Gabbana. The performance, Grimes contributed to the magic of the event. 

Gaming in the Metaverse

The first form of entertainment to appear in the Metaverse was gaming. Although Neal Stephenson’s dystopian novel Snow Crash introduced the term “metaverse” in 1992, the game The Sims gave a glimpse into this virtual environment in 2000.

 

Popular games like Roblox and Fortnite are leaders in providing the best metaverse gaming experiences. Furthermore, these platforms offer more than just missions, battles, or side quests. Blockchain technology allows players to trade digital assets, such as non-fungible tokens (NFTs), in a world, they have created. Recent games like Rec Room and Ember Sword have been praised for their expansive metaverses.

However, By 2024, the metaverse market for video game developers could be worth $412.9 billion, and 70% of gamers expect to play more through in-game social interactions. Roblox players spend $652 million on the site’s virtual currency Robux. Regarding user profiles, 59% of metaverse players are male, and 38% are between 10 and 20. According to a survey of 5,521 metaverse players, the largest user group of the top 3 games (Minecraft, Fortnite, Roblox) is under 20.

Theme parks

The global theme park market is projected to reach USD 89.17 billion in 2025 at a CAGR of 9%. Most of the growth will come from implementing new technologies like AR, VR, MR, blockchain, etc. Building a theme park in VR rather than in the real world will be cost-effective and safe. AstroWorld, the Texas theme park destroyed in 2005, is said to be reopening in the Metaverse as a virtual theme park soon. According to reports, the virtual AstroWorld will be the first theme park built entirely on blockchain.

Metaverse in cinema & video streaming

Cinemas recently entered the world of metaversion with CJ CCV, a high-end Korean cinema chain, opening the world’s first metaversion cinema this year. Netflix also recently partnered with a meta version of Decentraland by launching a replica of the maze found in its recent film The Gray Man starring Ryan Gosling. This isn’t Netflix’s first initiative. In June 2022, the popular streaming platform launched an NFT-based game to coincide with the start of the fourth season of Stranger Things.

The OTT industry is expected to grow by $13.34 billion in 2023. That’s a jump from 2020 figures. By 2025, global box office revenue is expected to be $43.3 billion. Metaversion will affect content.

The animated series Lustrace, whose trailer was released by Meta Quest in May 2022, gives us an idea of ​​how the shooting metaverse will be. Indeed, exciting times are ahead with metaversion entering the picture!

Socializing Inside the Metaverse

Metaverse is already home to many social hubs where users can meet and interact. Some people are already researching metaverse dating. One day, a lively nightlife scene could be in the virtual world.

There are also many reasons why we should hold virtual events. Metaversion is a way for families and friends to connect when they are far apart. Hosting a virtual talent show can be great for family fun. And hosting a wedding reception inside the Metaverse could open the door for distant friends and family to attend special events.

Metaverse Tourism

In 2022, BeyondGames reported on VR City, a tourist destination in the Metaverse. VR City is a collection of the world’s most famous landmarks, including the Eiffel Tower, the Statue of Liberty, and the Great Wall of China. And just like natural tourist attractions, we must pay a fee. But unlike an international vacation, a trip to VR City will cost just $2.44.

Live Sports

Metaversion could be the next step in sports entertainment. Any die-hard fan will confirm that sport is not just a game but an experience. Attending a live sporting event within the Metaverse can capture more of the stadium experience than just watching a game on TV.

Metaverse is not a substitute for all actual sporting events. Fans will still travel worldwide to watch their team compete at events like the FIFA World Cup. But for those who can’t make the trip, a meta version could bring us closer to the live experience.

Wrapping Up

Metaverse is set to revolutionize all industries by creating tighter integration between different verticals. Experts across domains must collaborate to explore new possibilities in this digital universe, which includes delivering immersive experiences such as live events, 360° video content, and virtual world advertising. They can also continue to offer the traditional 2D range by streaming it to metaverse venues like VR cinemas. By embracing the metaverse shift, all industries can benefit from the numerous opportunities this futuristic technology offers.

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