“Digital ad spends will be twice the TV ad spends by 2025 and is projected to touch Rs 100,000 crore mark in 2025 from Rs 48,000 crore in 2022,” reminded Gowthaman Ragothaman, CEO, Aqilliz & Co-Founder, Web3 Marketing Association, opening the Digital conclave on the third day of Goafest 2022.
Alongside growth, some key challenges remain, he explained: “Many industries in the developed markets like the US or the UK are going through few challenges to address the concerns of rapid development of digitisation. There is a rise in demand and attention for how responsible we are towards managing consumers’ data. The challenge from the brand point of view is independent cross media measurement and it is the most important area of focus which will help to decide where to invest. From the platform point of view, relevant personalisation of content is the challenge.”
He touched on issues with the open web, where around 60 pc of consumers prefer privacy over personalisation. Around 70 pc of advertising is not attributable to business results, while 80 pc of publishers cannot authenticate their audiences, he pointed out.
On the double spend problem and use of blockchain in marketing, the speaker cited some key attributes of the distributed public ledgers, including:
- Decentralised clean rooms that store consumer data and attributes in a digital wallet
- Distributed ledger records the proof of transactions at both the sender and the receiver
- Tokenisation of the value exchange between fiat and internet value
“Web 1 was about ‘Read’; Web 2 was about ‘Read and Write’; Web 3 is about ‘Read, Write, and Own Digital Assets’,” he surmised.
Sandeep Bhushan, Director and Head of India GMS for Meta, spoke on ‘Road to the metaverse-interaction and immersion’ at the Digital Conclave.
“Digital connection can do a lot but how to make it more immersive is the question,” Bhushan said.
“Metaverse is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. We are consciously moving to a different plane of virtual emotion and the current set of tools such as VR, AR gives a glimpse of the future,” he added.
Bhushan said that Meta’s role is to help accelerate the tools needed to bring the metaverse to life, guided by responsible innovation principles.