Metaverse itself is an entertainment place in the virtual world in recent times. The entertaining part of Metaverse is that, users can experience a totally different world away from reality in an unfamiliar ecosystem. There will be multiple large spaces for theme parks as well as amusement parks to attract users from across the world without any additional cost. It is both cost-efficient and time-efficient because tourists or visitors need not have to travel a very long distance to visit those places and have fun. Entertainment also includes sports or the online gaming industry. This digital ecosystem has led to the rise and popularity of sports betting as a profitable application. Virtual reality often enables to observe the game better for making smart decisions efficiently. It is set to offer its own crypto wallet for more competitive entertainment.
The emergence of the COVID-19 pandemic has already introduced the world to virtual meetings, conferences, and music concerts at a large level. Popular artists such as BTS, Imagine Dragons, and many more have already started virtual reality concerts for their loyal supporters. Thus, Metaverse is also set to provide lucrative and large venues to hold concerts and perform for a long time, similar to multiple real-life music concerts.
Media psychology plays a key role in this Metaverse because human beings tend to accept the digital world as the real world despite knowing the big differences between the two worlds. This can create a deep cumulative impact on the target audience to have a deeper understanding of consumer behavior. Thus, there is a huge impact of Metaverse on the media and entertainment domain for loyal supporters and customers. There can be plenty of options to select from different entertainment venues and services, according to the preference and tastes. Metaverse will provide myriad implications for the media and entertainment industry with key capabilities of the digital ecosystem. There will be a virtual reality movie theatre, 360-degree videos, immersive infotainment experiences, and many more.
Three media and entertainment companies working on Metaverse:
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