Marketers know the rise of the metaverse has flooded the advertising market. A long list of brands are leveraging their audience and reaching virtual consumers.
Virtual reality and metaverse set off toward a new world when Facebook CEO Mark Zuckerberg rebranded the Supergiant social media platform. That mission leveraged the broader audience by giving the digital advertising system a new prospect.
Brands are digitally making their way into the metaverse with their sights set on the gaming industry. It’s no secret that esports has an unparalleled loyal fanbase of a typically harder-to-reach demographic for brands. Besides this, the explosion of the esports and gaming industry combined with a massive evaluation, have brands and marketers running to get involved. The global video game advertising market is estimated to be worth 4 billion US dollars and is predicted to reach 4.8 billion by 2024.
To triumph over the digital world, brands are looking to collaborate with Gaming platforms. Here are a few reasons why esports and brands are joining their hands.
In the early days, brands used pop-up ads or top-page banners in games to sell. However, the last decade proved to be a pitfall for advertising agencies. Nowadays, every online platform is saturated due to the different advertising methods, and studies reveal it’s not working anymore.
But Generation Z offers an exception to today’s advertisers as they make up the largest demographics of video game players. The increased interest in esports encourages many brands to try their luck in esports.
By leveraging campaigns in esports, the brands will get their fair chance of marketing during their interaction with virtual consumers. Reward to consumers is an excellent concept to increase customer retention.
Around 2 billion people are in the virtual world. Brands should focus on the gaming platforms to enjoy the perks of video game advertising. Brands can offer real-world experience to the potential virtual economy by providing the things to the players.
Popular games like Animal crossing and Fortnite offer virtual space to their players. Video game players love to create their digital avatars or collect different items like real life. Pandemic has accelerated this trend, and thanks to metaverse for all these perks.
The gaming industry has 2.5 billion active users worldwide, with the pandemic also increasing daily time spent on games. ESports fans devote a lot of time to their passion—roughly four hours per week on related activities or entertainment. Today’s fans are more connected, particularly millennials—a fact that may have nurtured eSports engagement.
Gaming platforms provide engagement, immersion, and social interaction. The gaming industry offers opportunities for product-centric activity. It proves to be an ideal space for brands to experiment with the metaverse in a forum that has proven its success in the space. If brands want to pave their way smoothly, they should consider the esports industry as the avenue to enter the metaverse. With esports, brands are likely to not only gain long-term benefits but a long-term and loyal audience.
Alpha Metaverse is partnering with the Space Metaverse to build leading virtual retail and ecommerce experiences. Alpha's studio, Shape Immersive, will develop leading metaverse solutions on top of Space Metaverse.