Metaverse to be key enabler of Indian M&E sector

Deloitte's new report, Metaverse: The Hype, Possibilities, and Beyond’ said that one of the key drivers of economic possibilities within the metaverse will be Web3.0’s ability to spur digital transformation. “The metaverse will serve as a key enabler for the Indian media and entertainment sector opening newer avenues for India's vast talent pool in engineering, graphics, video, and animation,” said Jehil Thakkar, Partner and Media and Entertainment sector leader, Deloitte India.

A new set of emerging technologies will drive digital transformation and define customer experience going forward. “Businesses will continue to adopt these technologies if it enables their vision to provide the best customer experience at a reasonable cost,” said Ashvin Vellody, Partner, Consulting, Deloitte India.

1. Web 3.0 accelerating creator’s economy, talent and digital transformation


Given India’s younger generation's inclination towards technology consumption, Deloitte India anticipates an increase in demand for digital products, and immersive and elevated experiences.

2. Adoption of technologies will mean traversing challenges and risks to sustain business in a dynamic marketplace

Growth in Metaverse adoption in India and elsewhere depends on the economic and technological barriers to the underlying technologies.

The scale of adoption also will be driven by the cost of compatible devices (Virtual Reality, headsets, smart wearables) and the ability to develop technical skills and readiness

3. Metaverse opens up a world of new possibilities

The success of Metaverse penetration will depend on the time organisations take to understand its relevance to their business and the pace of this ecosystem’s development. The ability to ramp up the technical skills and readiness, and deal with rising cyber threats will be critical to its adoption.

Based on the growing awareness of its application possibilities, organizations are likely to reorganize their business to take advantage of this evolving technology to address the needs of an evolving digital native generation.