Think about it… A breakneck shift in focus to AI for big tech companies. A prolonged writers’ strike impacting an already challenged streaming/TV industry. A decline in traditional TV viewership by younger consumers, who are instead opting to spend more time viewing short-form videos and playing video games. The recent introduction of the Apple Vision Pro. An increasingly distracted consumer often on more than one device while consuming media.
These are just some of the major changes the media and advertising landscape has been faced with in recent months and are expected to continue navigating in the year ahead. As many brands struggle to find their footing in the climb towards growth, AR and VR applications are a pivotal steppingstone to deliver an engaging and immersive experience between a brand and a consumer.
While new VR devices like the new Apple headset seek to drive renewed interest in VR experiences, the real potential resides with AR due to the fact that consumers already carry an AR device with them everywhere in the form of their mobile phone. Pokemon Go was one of the early success stories with AR technology, generating $1.21 billion in revenue in 2021. However, other success stories have been difficult to come by as other games struggled to gain popularity or advertisers were hesitant to buy in.
Despite these marketer concerns around scale and lack of clear understanding of mixed reality (MR) advertising applications, growing investment in software and technology coupled with ubiquitous ownership of devices, like mobile phones, means that the opportunity is ripe for advertisers to identify unique ways to engage with consumers.
To ensure that advertisers take advantage of this opportunity, media partners must meet advertisers more than half-way and demonstrate its benefits. For instance, they can utilize successful case studies or training from an AR/VR consultant to advance advertiser understanding of MR applications.
The media and advertising landscape has always embraced change as it often leads to more innovation. Why should the utilization of VR and AR advertising be any different?
John Bishop is VP Business Intelligence at Advertiser Perceptions
