The South African media giant, Primedia, announced that it had purchased virtual land in the African Metaverse’s Ubuntuland from Africarare. Among the well-known brands owned by the corporation are Primedia Outdoor (billboards), Primedia Broadcasting, and the well-liked, award-winning news organization Eyewitness news.
The news was announced during the inaugural PrimeX event in Johannesburg. According to a press release, Primedia will enter the African Metaverse with representation for all of its assets. This includes well-known local radio stations CapeTalk, Kfm 94.5, and the talk station 947.
The goal of Primedia’s approach is to create novel platforms for connecting with audiences and customers in the Metaverse, a brand-new market. Primedia wants to stay on top of these prospects since the Metaverse offers both audiences and advertisers new possibilities. They follow in the footsteps of recognizable companies like MTN and Nedbank, which have already made their debuts in the African Metaverse developed by Africarare.
Primedia did provide some information regarding the activities they will be engaging in in Ubuntuland. They notably mention virtual billboards, which they claim will be substantial in the Metaverse. Perhaps it has bigger goals and wants to establish itself as the African Metaverse’s sales force. The frequency of searches for the term “metaverse” increased by 7200% in 2021 and is rising as a concept as well.
Speaking on the land acquisition, Mic Mann, co-founder and CEO of Africarare, stated, “We are thrilled to welcome Primedia to Africarare. The remarkable prowess of this media giant has led their platforms to play an integral role in the lives of so many South Africans and we look forward to collaborating with them on solutions that will take that further and create new engagement opportunities for advertisers.”
The Metaverse is expected to become the most user-friendly tech when it finally goes past its current relatively nascent state. Up to $10 billion had already been invested on artificial intelligence a few years ago, right now, it stands at $93 billion. According to McKinsey Insights, there is an expected exponential increase in the Metaverse’s economic worth. Of course, it only makes sense that more and more companies like Primedia, MTN and Nedbank are willing to spend money on digital the assets as it appeals to the coming trend.