Expanding metaverse market: New opportunities and challenges for the content industry

Chang Ok Yun, Tae Soo Yun

Article ID: 2920
Vol 5, Issue 2, 2024
DOI: https://doi.org/10.54517/m2920
Received: 2 September, 2024; Accepted: 28 October, 2024; Available online: 25 November, 2024;
Issue release: 31 November, 2024

VIEWS - 4574 (Abstract)

Download PDF

Abstract

The metaverse is expanding from a simple technology or service into a platform-centric industrial ecosystem. Initially discussed in the context of infrastructure networks, such as computer communication networks, it has since broadened to include content and services related to virtual reality, such as games and films. Recently, the scope of this expanded ecosystem has further widened, linking various types of content through content-based platforms. In this metaverse market, the content market plays a crucial role. This paper aims to examine the current state of the content market within the metaverse market and explore its future development directions. We will analyze various aspects of the content sector utilizing the metaverse both domestically and internationally, investigating how the use of the metaverse is evolving from mere entertainment to a productive market with applicable business models.


Keywords

metaverse; content-based platforms; platform-centric industrial ecosystem; games and films; business models


References

1. Agarwal A. Metaverse revolution and the digital transformation: intersectional analysis of industry 5.0. Transforming Government People Process and Policy. 2023; 17(4), 688-707. doi: 10.1108/tg-03-2023-0036

2. Ng D. (2022). What is the metaverse? definitions, technologies and the community of inquiry. Australasian Journal of Educational Technology. 2022; 38(4), 190-205. doi: 10.14742/ajet.7945

3. Cha D, Lee S, Song J, & Lee Y. Metaverse and Content. Korea Creative Content Agency, Kocca Focus; 2022.

4. Rachmadtullah R, Setiawan B, & Wicaksono J. Elementary school teachers’ perceptions of the potential of metaverse technology as a transformation of interactive learning media in indonesia. International Journal of Innovative Research and Scientific Studies. 2022; 6(1), 128-136. doi: 10.53894/ijirss.v6i1.1119

5. Contreras G, González A, Fernández M, et al. The importance of the application of the metaverse in education. Modern Applied Science. 2022; 16(3), 34. doi: 10.5539/mas.v16n3p34

6. Lee H. Exploring the Metaverse World through Big Data. Korea Creative Content Agency, Kocca Focus; 2022.

7. Park S. and Kim S. Identifying world types to deliver gameful experiences for sustainable learning in the metaverse. Sustainability. 2022; 14(3), 1361. doi: 10.3390/su14031361

8. Alotaibi O. Role of artificial intelligence in enhancing metaverse gaming experience and human interaction. Int. J. Metaverse. 2024; 2(1), 11-19. doi: 10.54536/ijm.v2i1.2933

9. Ning H, Lin Y, Wang W, et al. Cyberology: cyber–physical–social-thinking spaces-based discipline and interdiscipline hierarchy for metaverse (general cyberspace). Ieee Internet of Things Journal. 2023; 10(5), 4420-4430. doi: 10.1109/jiot.2022.3217821

10. Elsadig M. Roles of blockchain in the metaverse: concepts, taxonomy, recent advances, enabling technologies, and open research issues. Ieee Access. 2024; 12, 38410-38435. doi: 10.1109/access.2024.3367014

11. Seo J. Space authentication in the metaverse: a blockchain-based user-centric approach. Ieee Access. 2024; 12, 18703-18713. doi: 10.1109/access.2024.3357938

12. Mitchell A. Metaverse adoption for the teaching and learning of project management: an exploratory study of student use. International Journal of Information Systems and Project Management. 2024; 12(1), 76-92. doi: 10.12821/ijispm120104

13. Toraman Y. User acceptance of metaverse: insights from technology acceptance model (tam) and planned behavior theory (pbt). Emaj Emerging Markets Journal. 2022; 12(1), 67-75. doi: 10.5195/emaj.2022.258

14. Korea Creative Content Agency. Research on the Activation of the Metaverse Ecosystem in the Content Field. Korea Creative Content Agency; 2022.

15. Song C, Shin S, & Shin K. Exploring the key characteristics and theoretical framework for research on the metaverse. Applied Sciences. 2023; 13(13), 7628. doi: 10.3390/app13137628

16. Aloqaily M, Bouachir O, Karray F, et al. Integrating digital twin and advanced intelligent technologies to realize the metaverse. Ieee Consumer Electronics Magazine. 2023; 12(6), 47-55. doi: 10.1109/mce.2022.3212570

17. Oliveira A, Cruz M. Virtually connected in a multiverse of madness?—perceptions of gaming, animation, and metaverse. Applied Sciences. 2023; 13(15), 8573. doi: 10.3390/app13158573

18. Ryu J, Son S, Lee J, et al. Design of secure mutual authentication scheme for metaverse environments using blockchain. Ieee Access. 2022; 10, 98944-98958. doi: 10.1109/access.2022.3206457

19. Cruz M, Oliveira A, & Pinheiro A. Flowing through virtual animated worlds – perceptions of the metaverse. Ieee Access. 2022; doi: 10.1109/fcsit57414.2022.00057

20. Suanpang P, Niamsorn C, Pothipassa P, et al. Extensible metaverse implication for a smart tourism city. Sustainability. 2022; 14(21), 14027. doi: 10.3390/su142114027

21. Wang Y, Su Z, Zhang N, et al. A survey on metaverse: fundamentals, security, and privacy. Ieee Communications Surveys & Tutorials. 2023; 25(1), 319-352. doi: 10.1109/comst.2022.3202047

22. Radoff J. Building the Metaverse. Wiley; 2022.

23. Günay A. User acceptance of virtual commerce on metaverse insights from innovation diffusion theory (idt) and technology acceptance model. Akademik Hassasiyetler. 2024; 11(24), 23-42. doi: 10.58884/akademik-hassasiyetler.1345212

24. Akyildiz I, Guo H. Wireless communication research challenges for extended reality (xr). Itu Journal on Future and Evolving Technologies. 2022; 3(2), 273-287. doi: 10.52953/qgkv1321

25. Yu W. Virtual reality in metaverse over wireless networks with user-centered deep reinforcement learning. Ieee. 2023; doi: 10.1109/icc45041.2023.10278715

26. Koohang A, Nord J, Ooi K, et al. Shaping the metaverse into reality: a holistic multidisciplinary understanding of opportunities, challenges, and avenues for future investigation. Journal of Computer Information Systems. 2023; 63(3), 735-765. doi: 10.1080/08874417.2023.2165197

27. Zhang S, Lim W, Ng W, et al. Towards green metaverse networking technologies, advancements and future directions. Ieee. 2022; doi: 10.48550/arxiv.2211.03057

28. Panuntun S, Sipayung Y. Transforming education in indonesian higher education through the use of metaverse to improve learning quality. International Journal of Multidisciplinary Research and Analysis. 2023; 06(07). doi: 10.47191/ijmra/v6-i7-20

29. Precedence Research. Metaverse Market. Precedence Research; 2023.

30. Özkan A, & Özkan H. (2024). “Meta: XR-AR-MR and Mirror World Technologies Business Impact of Metaverse.” Journal of Metaverse. 2024; 4(1), 21-32. doi: 10.57019/jmv.1344489

31. Khan, A. Metaverse in multimedia gaming: quality of experience (qoe) challenges and standards requirements for immersive media consumption. Ieee. 2023; doi: 10.21203/rs.3.rs-3310980/v1

32. Oliveira A, Cruz M. Virtually connected in a multiverse of madness?—perceptions of gaming, animation, and metaverse. Applied Sciences. 2023; 13(15), 8573. doi: 10.3390/app13158573

33. Bar-Zeev A. The Metaverse Hype Cycle: Past, Present, Future. Self-published; 2022.

34. Korea Creative Content Agency. 2022 Korean Game White Paper. Korea Creative Content Agency; 2023.

35. Ministry of Culture, Sports and Tourism & Korea Creative Content Agency. 2021 Content Industry White Paper Annual Report. Korea Creative Content Agency; 2022.

36. All Knowledge of the World. Summary of 7 Metaverse Platforms in 2023. Self-published; 2023.

37. Ali M, Naeem F, Kaddoum G, & Hossain E. Metaverse Communications, Networking, Security, and Applications: Research Issues, State-of-the-Art, and Future Directions. IEEE Communications Surveys and Tutorials. 2024; 1-38. doi: 10.1109/comst.2023.3347172

38. Turchet L. “Musical Metaverse: Vision, Opportunities, and Challenges.” Personal and Ubiquitous Computing. 2023; 27(1), 1-17. doi: 10.1007/s00779-023-01708-1.

39. Dong H. & Lee JSA. “The Metaverse From a Multimedia Communications Perspective.” IEEE MultiMedia. 2022; 29(4), 123-127. doi: 10.1109/MMUL.2022.3217627.

40. Adair C. What is Roblox? Independent; 2021.

41. Maeil Economic Daily. “[The Metaverse ‘New World for Business’] The ‘Veins’ of the Metaverse Ecosystem: NFT Preventing Virtual Asset Counterfeiting but Also Copyright Controversies”. Maeil Economic Daily; 2021.

42. Project Web Bus. What is the Content Creation Play Metaverse Platform: Nexon MapleStory World? Project Web Bus; 2022.

43. Naver Post. Metaverse Meets Job Description Meetings. Naver; 2022.

44. Kim DC, & Kim H. “From ‘Play’ to ‘Labor’: The Possibility of Blockchain-based P2E Games.” Journal of Korea Game Society. 2023; 23(1), 15-30. doi: 10.7583/jkgs.2023.23.1.15.

45. Netmarble. Netmarble Launches Metaverse-based Real Estate/Board Game “Everyone’s Marble 2: Meta World”. Netmarble; 2023.

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Chang Ok Yun, Tae Soo Yun

License URL: https://creativecommons.org/licenses/by/4.0/


This site is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).