Dubai: When will UAE brands move to META?
Mark Zuckerberg’s version of an alternate/virtual world aims to reconnect Millennials and Generation Z with a Facebook-related platform other than Instagram. This virtual world – populated by avatars of what is in reality – is still a work in progress, but brands are already keeping an eye on nearby tabs. And if they find their consumers are already there, it’s only a matter of time for brands to take up positions there.
Stripping the “metaverses” of all the hype that Zuckerberg usually adds to any of his initiatives, it’s still a cool concept. Consumers and marketers like to spend a great deal of time in this parallel world and do their things. (Think of the ‘Matrix’ and its vision of a universe inhabited by versions of the individual, and you’ll get an idea of what the Meta might offer.)
“Today, the metaverse includes a shared virtual space where users are represented by virtual avatars,” said Amit Raj, co-founder and COO of Binary, a digital agency. “It is not just a simple virtual amusement park where the design is centrally planned. It is also not just a simple game for the children’s enjoyment only.
“It’s also not a simple app that you can download from the App Store and ‘play’ at your convenience. Metaverses are virtual universes that merge reality with the virtual world.
“Metaverse exists in real time. Players can do separate activities at the same time. It also allows different platforms to work together. You can serve virtual ads in the metaverse. For example, Bidstack, a video game advertising technology company, has switched from working in outdoor advertising. in the real world to placing advertisements on virtual billboards.”
It can be expensive
Exposure to advertising and marketing in the meta world can be costly, and this will be something advertisers are likely to discover this year. “It will eventually get expensive as more comes in, because it’s like real estate,” Raj said. “Relatively speaking, it will be simpler because it will give an immersive brand experience and, therefore, more value to advertisers.”
So, is Zuckerberg considering another winner? No matter what young people might say about their Facebook appearance, the platform still counts money from anyone else who wants to be on it. Despite occasional disagreements over data privacy, Facebook has advertisers lining up.
Instagram maintains its clout with all the right demographics, yet easily withstands stiff competition from competitors like Snap and TikTok. Will the Metaverse deliver another blow to the founder of Facebook?
Last year, total advertising spend in the UAE was estimated at around $765 million, based on advertising industry comments. Total spending in the Middle East and North Africa region was approximately $5.1 billion. Among digital and social spending, Facebook and Instagram will have a share of 30 percent, YouTube 25 percent, TikTok 15 percent, and Snapchat 20 percent.
Use the Metaverse in the mix and offline advertising can be in for another round of turmoil. “Traditional online and online advertising methods will become a thing of the past,” Raj said. “For example, Fortnite, a player-versus-player game played by hundreds of millions in the Gen Z group, has teamed up with Nike to promote its new sneakers in Jordan and has teamed up with rapper Travis Scott for a virtual party for an audience of over 10 million. Metaverses are jam-packed with innovative marketing possibilities.” .
Total size of the advertising market in the UAE in 2021, based on industry estimates
Content and context
Kantar, the global research and marketing consultancy, has considered in its 2022 forecast that “metaverses gaining prominence” will be a dominant topic.
According to Kirat Dillon, Associate Director of Insights at Kantar, he said: “The media landscape has always been dynamic, with the pandemic fueling all change. Advertisers still need to think strategically about how to direct and operate in this changing landscape.
“Content and context are now king, so the key is to reduce intrusion while maximizing relevance to consumers. Customizing your designs to each context and amplifying campaign coverage is key to maximizing impact in the Middle East.”
If Zuckerberg is going well, his vision of the metaverse will provide content and context. Brands certainly hope he gets it right.
Mark Z’s Meta will rock the metaverse. It will be on another level with Facebook, Instagram and seamless integration into the real world in the parallel universe
– Amit Raj from a couple