In 1965, Gorden Moore observed that the number of transistors in a dense IC doubles every two years. In popular culture, this held for few decades and famously came to be known as Moore’s law.
If you look closely at Digital Marketing industry, you will find something similar, which you can call More’s law. This law dictates that every year, regulations binding the digital marketing industry will double. And new one will be invented. And lax one will be tightened. And medium one will be…. You get the gist, right?
The More’s law operates on the bedrock that this is one of the most fascinating, fast evolving, highly intricate, extremely lucrative, and can’t-be-left-unattended industry. If you look at how the industry has matured over the years, it started with private walled gardens of data closely guarded by big players worldwide. Slowly, the players democratized it, with content creators having a ball, marketers making merry, and users being targeted. But, if you look closely, the gardens are still well guarded, data being farmed with big tools like AI, ML etc. and the fruit of the labor being fed to brands through Social, Search, Programmatic, Affiliate and what not.
It wouldn’t be an exaggeration to say that we are dealing with a parallel virtual universe which is equally, if not more, fascinating than the real world. And as real world needs rules, regulations, social contract and trust to survive, virtual world would need the same too to operate efficiently and remain a well-oiled machine. Meta has already started creating a parallel universe and even on verge of launching it. And brands have already started anticipating and preparing for the same.
Brands are competing aggressively- globally as well as locally. As a result, every brand is hiring innovative Digital Marketing technologies, especially post Covid-19, when the whole world shifted to online from offline. Metaverse is one of the innovative and advanced Digital Marketing technologies that is enabling brands to create a virtual universe to draw familiar and immersive experiences for the target audience. Luxurious brands like Gucci in the foreign land have already experimented with Metaverse by creating a ‘Gucci Garden’ and have recorded a good response of creating a virtual community. Metaverse encourages interactive marketing, an innovative strategy to target a niche audience. If your brand wants to outperform, and set new definitions and benchmarks, then Metaverse is the marketing strategy to bet on. If Metaverse plays its cards right, within this decade, it can be very well become a Digital Marketing technology, affordable by most of the brands.
Having said that, the biggies aren’t just waiting for the virtual universe to come in existence. Even in the real world, the algorithms are being tweaked on a quarterly basis, if not on monthly basis. If you notice pre or post COVID era, you can easily notice the algorithm being tweaked in favor to video content. However-much this has made the content consumption easier matching to your taste, it has also created boundaries of content thus hampering discovery of newer content.
The digital media industry is on way to top 50,000 crore by FY 25 and the creator economy is bound to see its fortune rise along with it. The GoI’s latest regulation of deducting TDS might look like a crackdown of sorts, but if you look closely, it will end off formalizing the creator economy and building more trust in the creators. The market is very efficient and adjusts itself to changing times. In the shorter run, the compliances might sound like an additional burden to the creators, in the long run, they will be able to measure it and thus justify the spendings.
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