'Metaverse is not over, brands ignore it at their peril'

The march to the metaverse might have slowed down as the stampede of generative AI systems like ChatGPT has gathered pace but, much like the invention of the TV, brands risk all by dismissing it so soon.

So says a new report by Omnicom Media Group UK Futures, which is a tough love how-to guide on making the best of what is arguably the biggest change to the media landscape in decades.

In response to claims that Meta boss Mark Zuckerberg – who has spent upwards of $36bn (£30bn) on his metaverse project – has now pulled the plug, OMG head of futures Phil Rowley said: “There’s been much talk about the fact that the metaverse is over. But let’s be clear: the metaverse is not over. Only a metaverse narrowly defined and misunderstood is over.”

The report, “Avoiding the Regretaverse: How Not to Mess Up in the Metaverse”, details how the metaverse is still an opportunity that is “inconceivably vast” and will continue to be so. However, Rowley argues that in all the clamour to get involved, many brands’ efforts will end up banished to the dark parallel world of “The Regretaverse”, a zone built on short-term planning, faddish overreactions and wasted valuable marketing budget.

Rowley, who is the report’s author, added: “Why? Because they are unaware of three guiding principles that can help harness the power of an opportunity; an opportunity that is often mis-framed, inaccurately hyped, and frequently misunderstood.

“OMG Futures has identified three principles which will show brands how they can make the best of the biggest change to the media landscape in decades.”

The three principles are:

· Be Definitive: Brands need to define the metaverse properly and embrace the widest definition of the metaverse if they are to exploit the vast spectrum of opportunities that it holds.

Gaming should be seen as the affordable metaverse entry point because of its mass media presence and scale across mobile, tablet, PC and console. Brands shouldn’t be tempted to scrap their existing advertising, rather they should extend it. The metaverse is not a media revolution but a media evolution, so brands should look at how existing media and advertising can be adapted.

· Be Discerning: Brands can often do it wrong. But you can put it right. Brands should employ a spectrum of strategies to master the metaverse and must understand the trade-off between media sophistication and reach.
It is essential to be ruthlessly honest about why you want to show up and what you hope to gain and brands that are new to the metaverse should start at beginner mode, plotting a progression towards greater complexity.

· Be Durable: Brands should be in this for the long game. For brands to make the most of the metaverse, they must be willing to be in it for the long game. Taking a macro approach, brands need to commit to a long-term strategy surfing the metaverse’s lifecycle. Only by testing and learning and improving will brands gain full mastery.

And one size doesn’t fit all. Brands need expertise across four planes of existence – physical, “phygital”, digital and virtual – and must adopt a multidisciplinary approach to prepare for future evolution.

Rowley added: “The term Regretaverse is not meant to discourage brands from getting involved. It is a warning that if a task is worth doing, it is worth doing well. The metaverse as a phenomenon isn’t going away and brands should no more ignore it than they would the invention of television.

“By creating an adaptable, multifaceted and enduring plan we can help brands master the metaverse and make the most of this amazing opportunity.”