The metaverse has been a hot topic since its inception in the 1990s. Fast-forward to the 2000s, especially in the past decade, the rapid rate of advancements in technology paved the way for its evolution. However, the hype seemed to have quelled over the past couple of years as it was overshadowed by other disruptive innovations. Metaverse once held lots of promises in the entertainment scene, but interest looks to have mellowed as of late. An expert analyst in the field shares key insights on what’s in store for this niche in Hollywood.
Is Hollywood’s Interest in Metaverse Waning?
The metaverse as a network of shared, immersive, virtual experiences was a promising prospect in the fields of business, education, healthcare, entertainment, and more. The true application of the tech, however, can be attributed to the virtual reality (VR) platform Second Life in 2003. Since then, it saw a massive rollout in other popular games like World of Warcraft, Minecraft, and Fortnite, among others. More of its potentials were unveiled by tech giants like Microsoft and Facebook Company (now known as Meta) later on.
The next few years would build anticipation of what’s more to come in this sector. Hollywood in particular, envisioned movies to offer a more personal interaction and storytelling to viewers through the metaverse. But then again, did it get the cold shoulder as of late?
John Harrison, EY Americas Media & Entertainment Leader, recently shared his rather disheartening thoughts on the present and future prospects of the metaverse in the glitz and glamour of Hollywood.
“It’s been very quiet,” Harrison told The Hollywood Reporter when asked about the matter. “If anything, the announcements out of companies have been going the other way where the metaverse teams that were established two years ago or three years ago, have been either redeployed elsewhere in organizations or they’ve just been eliminated altogether.”
“So I think that the excitement has faded,” said the EY analyst.
“I think there are still groups within the strategy teams within the media companies that are keeping an eye on developments, especially with VR and AR (augmented reality) and whether there’s some sort of creative element, whether it’s in gaming or sports broadcasting, that could come into play down the road,” Harrison added. “So companies are keeping a finger on the pulse but not necessarily putting a whole lot of time energy and, most importantly, capital behind the metaverse right now.”
What Held Back the Developments of the Metaverse in Hollywood?
Harrison thinks the “tremendous amount of excitement around AI (artificial intelligence)” eclipsed the metaverse. He believes generative AI will continue to shape narratives in Hollywood in 2024.
“Media companies in all sub-sectors are actively experimenting with tools and solutions infused with artificial intelligence,” the industry expert and his team noted in their forecast. “Looking ahead to 2024, company leaders will game out all strategic paths forward.”
Harrison pointed out that the strides in generative AI have vastly contributed to making the creative process easier. But then again, he clears out that the challenge may lie in keeping the users engaged with the works crafted using the tech.