# Entertainment

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A number of trends and disruptions will continue to affect the media and entertainment sector in the coming years, including the impact of pandemic-triggered behavioural changes on the industry. 
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> **Events & Concerts** 
>
> Several leading artists have used VR and AR to stage live performances, including Imagine Dragons, Muse, and Justin Bieber. There are many advantages to virtual events, including exceptional engagement and interaction, as well as the potential for add-on sales. The entertainment industry is experiencing these trends, which allows you to fill the gap caused by the pandemic, deliver exciting experiences, sell virtual products and tickets, and thus benefit from virtual spaces. 

> **Sports**
>
> Thanks to its accessibility and interactivity, augmented reality has taken over the sports industry. It is common for sports leagues and agencies to utilize webAR technology in order to engage with fans via a mobile device, tablet, or computer. In the meantime, virtual portals can transport users to the stadium and allow them to take part in the game through the use of AR face effects and digital merchandise.

> **Gaming**
>
> In the gaming industry, AR and VR have been pioneered, and many new methods are being developed to engage customers through touch, smell, and taste. A recent update to Phasmophobia's tact suits will allow ghosts to not only locate players by listening to their voices, but also touch them. The introduction of haptics is expected to deepen immersion and give the user the impression that a ghost is actually touching them. A number of companies are beginning to bring their content into the virtual world as a result of the development of new gadgets that offer smell and touch experiences. 

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#### Key statistics regarding the entertainment industry:

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* 40% of events are projected to happen online in 2022.
* In the second half of 2020, the average price for a virtual event was $443. (Bizzabo)
* In 2020, the virtual event market amounted to $94.04 billion worldwide. (Grand View Research)
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* In 2020, almost 5 million (4.8m) people tuned in to watch the annual Virtual Grand National horse race. (Thrivemyway)
* Nearly 50% are watching sports on social media. (SVG Europe)
* 52% of sports fans are familiar with virtual reality
* 39% are familiar with augmented reality
* 38% are familiar with an open world environment
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* The global AR (Augmented Reality) and VR (Virtual Reality) market is set to reach $300 billion by 2024. ([Statista](https://www.statista.com/statistics/591181/global-augmented-virtual-reality-market-size/))
* AI could contribute $15.7 trillion to the global economy by 2030. ([PWC](https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html))
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### The VX Arena

> VerseX users will be able to enjoy live shows by various artists and sports teams in the Concert Arena. Upon entering the arena, we would have a lobby area, a variety of community areas, and even some simple mini-games to keep users entertained during intermissions, along with small stores where the event hosts could sell merchandise. Using virtual reality, you will be able to watch a game with a friend or a concert featuring one of your favourite artists.

#### Purpose of the Events Arena:

> * To support sports events such as football, hockey & cricket
> * Celebrity acts performing a show
> * Stream sold-out concerts across the globe for added revenue
> * Tokenise event ticketing
> * Attract a worldwide audience
> * Stream festivals and shows live
> * VIP Events
> * Provides an audience for smaller bands
> * Business Conventions

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$457.8 billion is the predicted value of the global e-learning market by 2026.
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#### How it will work:

1. VerseX users will be able to purchase tickets from individual sellers, artists and celebrity acts as non-fungible-tokens sent to their wallet as proof of purchase.
2. VerseX platform will recognise the NFT in the users wallet and allow them access to the arena.
3. Meet up with friends in the lobby and join video/voice chat.
4. Every seat is a front row seat when watching in Virtual Reality so sit back and enjoy the show.

#### Our current entertainment partners are:

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The future of Smart Event Ticketing.
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{% embed url="<https://www.sprhub.com/>" %}
The future of rap & hip-hop.
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