There are immense untapped creative possibilities and opportunities.
Each technological breakthrough, whether film, the internet or most recently smartphones, have dramatically evolved how we consume, interact and pay for entertainment and services. Each new technology brought new rules of engagement, changed the language of storytelling and upended exploitation models. Often consigning tried and trusted formulas to the scrap heap.
Entertainment and consumer interaction is being dramatically redefined. Embracing all channels of delivery with a synergy never previously possible. Major entertainment companies are redirecting their businesses to be foundational in an XR future. Big name tech companies such as Apple and Microsoft understand that persistent content holds primacy in all our lives (whether for entertainment or utility) and are shifting accordingly. There is a gold rush going on to build the framework and technology to enable this XR world and no matter the winner or winners, we are all able to play in it. Like all such seismic shifts, many businesses, the majority, will wait until the shift has taken place and then attempt to play catch up, while the visionaries will have an unassailable lead and dominance in their particular field. This will be true of both big and small companies and we’re already seeing this play out as those visionaries start to build for the future.
Change is going to happen. It’s started and it will rapidly accelerate. This will touch every aspect of our lives but none more so than entertainment, retail and consumer engagement. The vast scope of opportunity for huge multinationals all the way to lone creators should not be underestimated. Minnows will become the new whales and vice versa.
It’s time to create the IP and storyworlds that live and thrive in the changing landscape, coupled with a strategy to employ it in the most meaningful and profitable way. IP that can seize opportunities across multiple entertainment sectors and enable growth through fast opening new channels.
I’ve spent the past few years thinking constantly about this fundamental shift, experimenting, building and demonstrating next generation entertainment experiences to thousands of people. I’ve come away with my mind massively expanded regarding how audiences consume and interact with content. And I know we’re only scratching the surface.
Now is the time to light up brand new creative and commercial opportunities. Now is the time to develop the content experiences that not only work in the present but will also grow, live and thrive in the future landscape. Immersive trans-media story worlds with compelling and engaging characters and content that enables and encourages constant and persistent engagement.
What needs to be done to grasp this opportunity?
Lean into new thinking. Create IP, entertainment and experiences to live in the new world, coupled with a plan to employ them in the most meaningful and profitable way. Companies with a consumer and entertainment focus need to build strategies and create content for a multi platform future. Maximise IP franchises and business opportunities across multiple entertainment sectors and plant the seeds now to enable growth within current platforms with an eye to the future. Navigate and embrace the new rules and possibilities of content creation and find ways to deliver to an always on global audience. XR and increased social distancing will redefine how we work, play, consume and interact with our content. Embrace the opportunity this presents and explore and define specific opportunities in key sectors. Identify a niche, win it and future proof your valuable IP.
The Growing XR and Metaverse Market.
As XR and wearable technology becomes the norm, people will expect immersive digital experiences that are persistent from home to a location and back again. That location could be a theme park, a museum, the movie theater, the local store or park. The possibilities are vast. We will expect frictionless experiences that move with us from location to location and become part of the fabric of our lives. With persistent consumer engagement comes the ability to plus revenue with advertising, licensing merchandising and more. Using both physical and digital content that will be part of the fabric of the consumers persistent digital world. There are almost endless synergistic revenue opportunities.
The predicted market growth is huge and exponential.
- Consumer AR to grow to $7 billion in 2020.
- Mobile AR is acclimating consumers to spatial experiences.
- AR (mobile AR, smart-glasses) to top two and a half billion install base and $70 billion to $75 billion revenue by 2023.
- Global location-based virtual reality sector market value in 2019 was $3.6 billion with a growth rate of 44% worldwide. An expected compound annual growth of 32.2% to 2023.
- Global theme park and entertainment centres market value in 2019 was $52 billion (taking a hit right now but it will come back stronger).
- Global licensed merchandise retail sales in 2018 was $263 billion.
- Global licensed merchandise retail sales (entertainment and character) in 2018 was $118 billion.
How Can I Help?
Navigate the changing landscape:
- Why XR and an increasingly interconnected content world will change our lives.
- The difference between VR, AR, MR and Spatial.
- The coming of 5G and edge computing. Why it’s a game changer.
- The timeline for emerging platforms and technologies.
- Where are we right now? The current playing field.
- Why they all matter.
Explore the commercial opportunities:
- The future of entertainment. What will or won’t cut it in a multi layered, multi faceted world.
- Tap into the biggest technological disruptor in our lifetime and light up opportunities as consumer uptake begins to take hold.
- Enabling engagement with the consumer now and growing with XR as it expands.
- Use of the new technologies and creative possibilities for B2B and B2C, Including entertainment, location based and retail.
- Building trans-media story worlds to enable and encourage constant and persistent engagement.
- The scope and options for different platforms (location based, publishing Mobile, Spatial VR, AR, traditional print, tv, film).
- Building synergy between platforms to maximise the potential for success.
- Exploring lucrative ancillary revenue streams such as merchandising and licensing of both digital and physical assets.
- The potential scale of the audience now and in the future.
- The potential scope of revenue now and in the future.
- Conceptualising bespoke experiences and content roadmaps (short, mid and long term).
- Deep diving into the development of specific consumer entertainment and retail opportunities.
- Developing and fine tuning your current IP to boldly go into the future.
- Creating from the ground up new and unique experiences to engage and retain an audience or customer and ensure persistent ongoing engagement.
- How to build a production pipeline to deliver multi channel content.
- Building a team to create multi channel content.
- The cost of content creation.
- Developing RFPs for the engagement of 3rd party content teams.
- Ongoing consultancy throughout a project lifecycle.
We live in exciting times!