The Present and Future of Brand Opportunities in the Metaverse with Justin Hochberg – Step into the Metaverse podcast: EP23

Dec 5, 2022

👋 Hi, I am Mark. I am a strategic futurist and innovation keynote speaker. I advise governments and enterprises on emerging technologies such as AI or the metaverse. My subscribers receive a free daily newsletter on cutting-edge technology.

In this episode of the Step into the Metaverse Podcast, I interviewed Justin Hochberg, the Founder and CEO of the Virtual Brand Group (VBG), which strategizes, builds, and monetizes brands in fashion, entertainment, sports, retail and lifestyle across all of web3. Some of their most recognized successes include turning Forever 21 into one of the Metaverse’s “top 10 brands for 2022”, launching “The Voice” singing competition, which airs in 145 territories, into Decentraland and designing Barbie’s first-ever virtual fashion line, which was one this year’s most successful launches.

Justin is an innovation, revenue, and partnership-focused senior executive with a multi-national career spanning the USA, the E.U., and Eastern Europe in technology and entertainment. He has a proven track record from Microsoft to Hollywood, creating 70+ multi-million-dollar deals, 40+ TV series, and over $500MM in new revenue.

Join us as we discuss how the metaverse will completely change marketing, why brands need to take a different approach if they want to be successful in the immersive internet, some of the brands that are doing a good job already, and much more. See you on the inside!

Highlights

[01:28] - Running a metaverse creation company that puts brands in the metaverse.
[08:40] - Pushing the boundaries of what the metaverse should be.
[11:32] - Helping brands take the first steps to get into the metaverse.
[16:56] - How user-generated content will ignite the metaverse.
[20:06] - Ensuring a rich and vibrant metaverse economy while hedging it from potential ethical challenges.

Quotes

“Video games make more money than all sports rights and TV and film combined” - Justin Hochberg

“The creator economy is now meeting an open platform and that will transform the metaverse and be a driving factor” - Justin Hochberg

“Anonymity is powerful and if misused very challenging” - Justin Hochberg

“The solution to ensuring a rich and vibrant metaverse economy is in the decentralized nature of the way the metaverse has developed” - Justin Hochberg

Learn More About Justin Hochberg in the Links Below:

LinkedIn - https://www.linkedin.com/in/justin-hochberg/
Twitter - https://twitter.com/justjho
Website - https://www.virtualbrandgroup.com/

Frequently asked questions

What does the Virtual Brand Group do?

The Virtual Brand Group, founded and led by Justin Hochberg, strategizes, builds, and monetizes brands in fashion, entertainment, sports, retail and lifestyle across web3. It helps companies establish a presence in the metaverse, with notable successes including turning Forever 21 into one of the metaverse's top brands for 2022, bringing The Voice singing competition into Decentraland, and designing Barbie's first-ever virtual fashion line.

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Why will the creator economy transform the metaverse?

According to Justin Hochberg, the creator economy is now meeting an open platform, and this combination will transform the metaverse and act as a driving factor in its growth. User-generated content is expected to ignite the metaverse further, giving individuals a bigger role in shaping virtual worlds rather than leaving development solely to brands and platform owners.

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How significant is the video game industry compared to sports and film?

Justin Hochberg points out that video games make more money than all sports rights and TV and film combined, highlighting how large and influential the gaming industry already is. This scale underscores why brands should pay attention to gaming-adjacent spaces like the metaverse, since audiences and revenue there already rival or exceed traditional entertainment sectors.

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What is the biggest risk to a healthy metaverse economy?

Justin Hochberg identifies anonymity as a double-edged quality in the metaverse: it is powerful but can be very challenging if misused. He argues that ensuring a rich and vibrant metaverse economy while hedging against ethical challenges lies in the decentralized nature of how the metaverse has developed, suggesting decentralization itself offers a safeguard against misuse.

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