Key Takeaways
Zee Media Corporation, India’s one of leading media companies is also entering the Metaverse
The aim is to leverage Web 3.0 technology to connect with the audience while also giving them a chance to interact with their favorite stars
This project is under development in the new Zee Technology and Innovation Center, Bengaluru
that caters to an ever-evolving audience. This is the time when leading tech companies are entering the Web 3.0 space to make themselves more relevant to their audience.
Amidst this mass adoption of blockchain technologies, Indian companies are actively working towards embracing web 3.0 into their solutions.
Zee Media Corporation, India’s one of the leading media companies is also entering the Metaverse to take its audience interaction to a whole new level. With this decision, the company will introduce Non-Fungible Tokens of movies, web shows, short films, and TV shows to their audience.
“We aim to provide intuitive experiences across all aspects of an individual’s consumption, creation, and transactional journey, and the first-ever metaverse induction program at ZEE, will not only help enhance our employee experience by boosting innovation and productivity but also our consumer experience by several notches.” – Amit Goenka, President – Digital Businesses and Platforms
The aim is to leverage Web 3.0 technology to engage with the audience and provide them with an opportunity to interact with their favorite stars. This project named ‘Zeeverse’ is currently at its initial stages at the Zee Technology and Innovation Center in Bengaluru, India. Amit Goenka, President – Digital Businesses and Platforms, and Nitin Mittal, President – Technology & Data at ZEE are collaboratively supervising the development of Zee Medias’s metaverse project.
By utilizing this cutting-edge technology, users will be able to experience a more immersive and interactive connection with their favorite celebrities. Zee Media’s vision is clear about creating “path-breaking content for more than 1.3 billion viewers” across the world.
The digital collectibles will also enable Zee Media to promote its premium subscriptions and create a monetizable ecosystem in the near future. Zee Media is not the first Indian company to venture into the Metaverse, as many other traditional tech companies from India are also exploring the technology. Indian IT giants such as TCS, Tech Mahindra, Flipkart, and T-Series in collaboration with Hungama, Jio, and Airtel are already developing Metaverses for their respective audiences.
According to reports, Indian telecom companies and Over the Top (OTT) applications are expected to reap the greatest rewards as the Metaverse phenomenon becomes more widespread. Anurag Thakur, Minister of Information and Broadcasting has predicted that the market size for the OTT is projected to grow by 21% annually, reaching a staggering mark of 2 billion dollars. This lucrative return on investment has enticed traditional OTT platforms to innovate in the space and gain the first-mover advantage.
The use of Metaverse technology is going to assist the platform not only in retaining its current customer base but also to lure new users into its ecosystem. Zee Media is planning to provide an immersive experience to its users to set itself apart from its close competitors. Metaverse aligns perfectly with Augmented Reality (AR) and Virtual Reality (VR) technologies that have a massive potential into revolutionizing the traditional modes of Cinema as we see it today. Zee Media is the first legacy media house from India that is planning to venture into the Metaverse, AR, and VR technologies, paving the way for a new era of entertainment.
India is already a driving force in the Metaverse space, with the niche market projected to grow at a compound annual growth rate of 37%. Zee Media boasts a massive viewer base across its 45 TV channels and Zee 5 Digital Entertainment platform. The Zeeverse is set to revolutionize the experience of its digital viewers and could potentially be integrated into other content channels of the media house.
It is without a doubt that Zee's entry into the metaverse will become the focal point of conversation in the entertainment industry. This will draw the attention of the most influential stakeholders in the industry, while simultaneously driving investment into blockchain innovation. If Zeeverse gains the necessary traction and engagement from its audience, it could open the door for Bollywood to explore the potential of the metaverse.
Leading tech companies of the world, including Meta, are working tirelessly to make the Metaverse a reality. This indicates the immense potential of the technology and could become the new normal in the near future. Bollywood produces thousands of movies every year and could easily take advantage of Zeeverse's ecosystem.
This announcement of Zee's Metaverse has injected new life into the industry and could potentially lead to new innovations. The Metaverse is set to expand exponentially, but the scale of its growth will be determined by industry leaders such as Zed Media Corporation.
To read more interesting news about Metaverse, cryptocurrencies, and related tech, keep following CoinGabbar.
Also, read - The Founder of My Big Coin Cryptocurrency Firm was Sentenced to Eight Years in Prison for Fraud
