Publishing in the Metaverse: Back to the Future or 2008 All Over Again? 

Are publishers ready to solve the unseen and unsolved challenges within the virtual world?

October 31, 2022

Before jumping in for fear of missing out, it’s important to pause and take a look back, says Joe Hyrkin, CEO of Issuu. There are lessons to be re-learned from the industry’s first virtual reality (VR) attempt in the early 2000s. The question is: are we ready to listen this time?

Interest in revenue opportunities in the metaverse is increasing; it’s expectedOpens a new window to be worth $800 billion by 2024. It’s tough to avoid its seduction – many publishers now face added pressure to get involved.

Let’s start by talking about where it all began. Newsflash… the metaverse is not new. It was originally coined in 1982Opens a new window in Neil Stevenson’s novel, Snow Crash. Twenty years later, Second LifeOpens a new window , which is often credited as being the first popularized, was launched in 2003. While there are key technological distinctions between the metaverses back then and today’s version, the concepts really aren’t all that different. In fact, then, there were agencies, like Electronic Sheep and Millions of Us, that just served brands in virtual worlds.  

The idea of VR has always been enthralling, and increased computing power and cryptocurrency certainly add new promise, but the lack of success at previous attempts to establish virtual worlds was not limited to computing power or a universal currency. Those metaverses faced the same challenges that today’s do: scale, sustainable user growth, and interest. 

Platforms like Second Life were also victims of security issues, vandalism, and bullying. When publishers consider the problematic social media behaviors exhibited by many of the younger generations today, will those challenges be a worry of the past? Or will this new and current metaverse only serve to exacerbate those issues? Further, are publishers truly ready to solve all the unseen and unsolved challenges in the virtual world?

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The Pressure of Joining the Metaverse

There is a huge industry pressure to take advantage of new metaverse experiences and be the first to do something original. However, in the race to “not miss out,” many publishers may do just that — falling victim to efforts that prove expensive, distracting, and overall not particularly productive for the business. With virtual real estateOpens a new window priced at up to one million dollars, the investment is a costly one to consider.

Additionally, the idea of Meta controlling and managing the metaverse should give every publisher reason to pause. In the past, Meta has consistently created access to its platform for publishers with the promise of gaining access to Meta’s users, but each time has decreased revenue share opportunities and algorithmic distribution. Meta has repeatedly lured publishers onto their platform and consistently underdelivered on the promises made. Remember Mic.com? 

And say brands do reach a large audience quickly. Is that number sustainable? Content can get very expensive for a small, niche group – just look at the rapid decline of ClubhouseOpens a new window after it sparked mass appeal. Setting realistic goals and expectations is the first step. Virality is not yet a business model, so expecting huge growth and raising funds at huge evaluations will prove unsuccessful in the long run. 

Expanding in the Metaverse

The best business model is one that leverages the metaverse and various platforms instead of relying on them. Brand publishers should create a three-to-five-year long-term plan that includes content creation, user growth, and monetization that goes beyond Met from the beginning. Use the information learned from making content for Meta, but don’t rely on it as the sole business model.

The metaverse provides opportunities for brands and publishers to reach new audiences and tap into different niches – as is the case with Hyundai’s Mobility AdventureOpens a new window , designed to reach a younger, tech-savvy audience in a space like Roblox that has demonstrated scale– but brands should not put all of their efforts into platforms that are not representative of their overall audience. Brands need to ensure long-term sustainability and, ultimately, the opportunity to drive revenue with the platform into which they invest.

Ultimately, publishers will soon learn that they need to figure out their lane and understand that it’s probably different from the lane they’d choose in the physical world.

Publishers may also want to consider taking a backseat to decide which new opportunities and verticals best fit their scope before making any bold moves. To start, some verticals will likely fare better than others, like real estate, healthcare, and security. For instance, the metaverse provides cool and enticing experiential opportunities for home designing. In fact, retailers such as Houzz are already utilizing VR to allow consumers to virtually design their rooms in an effort to increase sales. 

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Look Before You Leap

Overall, this explosive venture is one that comes with many opportunities, but it’s best to proceed with caution. Now is the time for publishers to: consider what they want out of this experience, who it is they’re looking to reach, and how they can do so effectively, without getting caught up in the hoopla. While the virtual future is vast and unknown, we can learn a lot from the experiments and failures of the last 25 years in this space.

What do you want out of the metaverse experience? Tell us on FacebookOpens a new window , TwitterOpens a new window , and LinkedInOpens a new window .

Image Source: Shutterstock

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Joe Hyrkin
Joe joined Issuu in early 2013 after more than 20 years of leading startup/growth companies in executive, business development and product roles. He served as CEO of Reverb during two rounds of financing; in addition, as head of SingleFeed, Joe oversaw that firm’s acquisition by Alibaba. Before that, Joe held sales and leadership positions at Gaia Interactive, Yahoo, Flickr and Virage. He directed the Economist Group's business in China and has extensive board and tech-advisor experience. Joe was educated at the State University of New York at Albany and as a foreign student at Beijing Normal University in China.
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