It’s very exciting to get caught up in the narrative about the metaverse, Livewire co-founder Indy Khabra told this week’s Mumbrellacast, but the reality is that 17 million Australians already play regularly, and his company and co-founder Brad Manuel’s are working with brands on “practical results”.
“I think metaverse, and the word metaverse is used way too much right now,” he said. “When we talk to brands, it’s very much about the practical results and what we can actually achieve by connecting them with the gaming community and the gaming ecosystem.”
“When you think about the set of solutions that we provide to brands and to our customers, it really starts right at the point of researching and understanding what the consumer crossover is for that brand, and then really leaning into an objective view of what the KPI and the results for a brand is.
“Predominantly that starts to look at things like customer lifetime value and brand affinity, brand loyalty, but it could also be in more tactical areas and gaming as a gateway to that new set of audience that you can really achieve, whether it’s building a long-term strategy to gain user acquisition or market share or being on the defensive. You can actually create that within this new space.”
Despite the hype surrounding the metaverse over the past 12 months, Ipsos research in May found that only 44% of Australians are familiar with it, and Khabra said that while it’s easy to get caught up in the allure, it still is. it is “in the early days of what is the final vision.”
“I think keeping it practical in results will be a better use case for campaigns and more importantly campaign results that brands are trying to activate against.”
He said it’s a two-way narrative, “not just for brands and marketers, but also for consumers because user experiences have to be there as well.”
“You don’t necessarily want to build something where only ten people will show up, and then all of a sudden it gets stuck and there’s a lot of investment that’s gone into it. So there’s definitely a balance that has to be struck.”
While remaining modest about the myriad of opportunities in the gaming space, which has seen Livewire team up with gaming giant Activision Blizzard and, more recently, Uber Eats, it has also opened offices in London, Singapore. and Mumbai, which already has a short existence.
Manuel discussed what to expect in the next five to ten years for Livewire and gaming marketing in general, which already has a consumer base of 3 billion globally.
“I think we’ll see more and more authentically intertwined brands in games, but not just from an advertising standpoint. We’ve already seen some bad examples, probably some way of not doing it, but their idea and concept is correct.”
“A game like Apex Legends or Cyberpunk or any game that is based in a world where advertising currently exists or previously existed, the creators of the game actually make fake ads, fake worlds, fake shops, fake shops and fake products, because a The modern day world doesn’t really feel accurate without products.
“So I think we’re going to see more global and regional partnerships on how this is going to be integrated into games, and also how publishers are going to update their technology to be able to slice and dice regional deals in the same way that they would sports LED screens where you overlay it with different graphics and pieces.
See the full conversation with Manuel and Khabra on this week’s Mumbrellacast.