Tech Innovation

McKinsey: The Metaverse could generate $5 trillion by 2030 — 'Simply too big to be ignored'.

Global management consulting firm McKinsey & Company published a report last week titled Value creation in the metaverse The Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse.

The site that hacked Cannes Lions now wants to win a Cannes Lion.

Creative duo Quynh Tran and Toan Mai tested the mettle of the organizers of Cannes Lions last year when they created an alternative website, which would host all the award-winning campaign work from the festival but allow access to the creative community for free. Now, in an Inception moment for the advertising community, they have entered the site into the very awards they hacked.

The humble QR code is everywhere. Here's how brands are making innovative use of the tech.

During the nail-biting finale of the 15th edition of IPL, millions of television viewers were left confused when their screens went hazy. What followed was a QR code on their screens. Quick commerce platform Dunzo flashed a QR code for 20 seconds with a copy that read, “Inconvenience is regretted. Convenience is not.” The cue was to scan the QR code to land on the brand’s app. As a result, Dunzo saw 10x traffic on the campaign’s landing page, which was hosted on their website.

Around the Industry

Hej Bengaluru! Ikea launched its maiden store in Bengaluru with a spectacular drone show at The Orion Mall.

IKEA invited Bengalureans with a very unique and mind-blowing welcome to their store launch in Nagasandra. The brand hosted a spectacular drone show at The Orion Mall on 19th June 2022. Over 500 drones were deployed to showcase IKEA’s love for Bengaluru, Karnataka.

Watch the drone show video here.

Cannes Lions 2022: India doubled its tally of 10 metals, with 10 more on day three.

India continued its impressive showing at this year's Cannes Lions International Festival of Creativity with a total of 10 wins on day three. Dentsu Creative India added its second Grand Prix this year, as it won the top accolade in the 'Brand Experience and Activation' category for its 'The Unfiltered History Tour' for Vice Media. The entry also won two Silver Lions - one in the 'Mobile' category and the other in the 'Brand Experience and Activation' category.

Meta launched an online avatar store to sell digital clothes.

Meta has recently launched an online Avatars Store which consists of clothes and other accessories for users’ digital avatars. Prada, Balenciaga, and Thom Browne will be the first digital clothing brands offered by Meta. In the beginning, the Meta Avatars Store will come out for users in the US, Canada, Thailand and Mexico.

Alibaba, Meta and Microsoft among tech giants to form metaverse standards body.

Companies including Adobe, Alibaba, Huawei, IKEA, Meta, Microsoft, Sony Interactive Entertainment, Qualcomm Technologies, and the World Wide Web Consortium have banded together to form The Metaverse Standards Forum.The forum will leverage industry-wide cooperation on interoperability standards needed to build the open metaverse and explore where the lack of interoperability is holding back metaverse deployment.

Eventellect

16 ideas, agencies can use to tap into the power of the Metaverse.

When an agency is among the first to embrace a new technology or platform, it can learn a lot about how to best leverage that innovation to meet its clients’ goals. Here, 16 members of Forbes Agency Council offer exciting and creative ideas an agency can use to ensure any brand activation crafted expressly for the metaverse provides a memorable customer touch point.

LinkedIn publishes new report on marketing challenges for tech brands.

Tech Challengers are the future of B2B technology, and they face unique opportunities, as well as potential issues, because of their size and the environment they operate in,” said Henry Clifford-Jones, Senior Director, Head of Marketing Solutions EMEA at LinkedIn. “Our new report shows how this vibrant and ambitious section of the market is using digital marketing to differentiate themselves, maximise their potential, and ultimately compete at the top level.

Upcoming Events

Gifts world expo 2022 : Jul 28 to Jul 30, 2022 - New Delhi.

According to a report by Qwikcilver India’s gifting industry stands at $65 million dollars and is expected to touch $84 billion dollars by 2024. Gifting industry has been setting new benchmarks by encapsulating various other arenas under its umbrella. From corporate rewarding to social causes gift exchange helps in strengthening the bond of care. The positive vibe that it brings encourages better performance in every sphere of life.

For tickets : Book here.

Indian Racing Festival: RPPL to debut three races in Nov-Dec 2022.

Racing Promotions Pvt Ltd (RPPL) announced the debut of the Indian Racing Festival. The festival, which will bring in multiple franchises into the format, will enthrall the audience on weekends in multiple cities including all kinds of exciting racing tracks and even a street circuit. The festival will begin from the weekend of November 11 and run every weekend until the weekend of December 10 across 5 weekends across multi-city locations including the former F1 track at BIC Greater Noida, the debut of the India’s first street track at Hyderabad, Coimbatore and MMRT Chennai.