<h3>Digital billboards? VR experiences? What does advertising in the metaverse look like?</h3>
Alex Kantrowitz, founder of the Big Technology podcast, summed up the ambiguity, asking, “Is it brands building their own experiences, or is it brands dropping digital billboards into this place where avatars without legs talk to each other?”.
The latter approach might sound like a step backwards but, given Meta’s efforts to test out what are essentially banner ads on its Oculus headset, this is a distinct reality, Alex pointed out.
“I really hope it’s not billboards and banner ads, because that would be a mess. It would just be taking what we already know and not elevating it in any way,” said Amy Peck, founder and CEO at Endeavor VR.
“My hope is we’re elevating the consumer experience; we’re telling stories. Instead of just advertising things, what are the ways we can engage consumers and excite them?” Amy asked.
<blockquote>“Everyone’s talking about what their metaverse strategy is. Meanwhile, who’s actually spending time in VR?” – Alex Kantrowitz, Big Technology podcast </blockquote>
What Amy is referring to here are builds and interactive experiences within spaces such as Roblox or Decentraland. High-profile brands including Hyundai, Gucci and Warner Bros are already doing this.
But is it too late to bother trying to innovate advertising in the metaverse? Referencing the recent crypto crash, Alex wondered if this could also happen to virtual spaces.
“Everyone was saying a few months ago there were two big things in this world,” Alex said. “The first was crypto, the second was the metaverse. We’re experiencing the crypto crash. Are we going to experience a bit of a metaverse hype-deflation cycle after this?”
“Don’t you think it’s a little overhyped?” Alex asked. “Everyone’s talking about what their metaverse strategy is. Meanwhile, who’s actually spending time in VR?”
Amy believes that this question hit the mark. People simply aren’t spending their time in VR, and advertisers will need to reach audiences in mixed reality spaces.
“We’re not going to be spending much time in the metaverse. People don’t have headsets because they’re cumbersome; they don’t like to be completely occluded from the world around them,” Amy explained.
However, Interbrand Group global president Gonzalo Brujó is not so quick to dismiss the advertising opportunities across the various virtual worlds and experiences that have sprung up over the last few years.
“10 years ago, companies used to spend millions and millions on the physical retail experience,” said Gonzalo, before explaining that this spend is now going in the direction of digital – including virtual experiences.
“Yes, it’s true the quality is not fantastic. Yes, it’s true that it’s for specific segments,” Gonzalo conceded. “But I think you need to find wherever your clients are going to be shopping in the long run.”
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<a href="https://flic.kr/p/2ntWkWp" rel="noopener" target="_blank">Main image</a> of Amy Peck, founder and CEO, EndeavorXR, on Centre Stage during day three of Collision 2022: <a href="https://www.flickr.com/photos/collisionconf/" rel="noopener" target="_blank">Stephen McCarthy</a>/<a href="https://www.websummit.com" rel="noopener" target="_blank">Web Summit</a> (<a href="https://creativecommons.org/licenses/by/2.0/legalcode" rel="noopener" target="_blank">CC BY 2.0</a>)</a>

my Peck, CEO, Endeavor VR, seated and talking on stage at Collision 2022

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