As Hollywood gears up for the Oscars, the biggest night of the year, it’s a perfect moment to take a closer look at the state of the U.S. film industry. The Oscars are a celebration of blockbuster films, breathtaking special effects, massive budgets, and star-studded performances, all shining with glamour and prestige.
The Academy Awards has long symbolized Hollywood’s dominance, a beacon of its creative and financial power. Yet its dominance faces growing uncertainty now. Could Metaverse platforms like Holiverse or Decentraland offer a solution to the American film industry? Let’s explore this question.
The Oscars Sparkle, But Hollywood Struggles Behind the Scenes
Don’t let the glitz and glamour of the Oscars fool you. Behind the dazzling red carpet and golden statuettes, Hollywood is facing an existential crisis. Rising production costs, shrinking budgets, and fierce global competition are forcing filmmakers to look elsewhere. More and more productions are moving abroad, lured by lower expenses and generous incentives.
The Paradox of Hollywood’s Resistance
Interestingly, one of the factors that worsened the current Hollywood’s condition was the 2023 strike when scriptwriters protested against the use of AI in film production. The irony is clear — while Hollywood resisted change, its rivals embraced it. Now, as production slows, competitors are seizing the opportunity and expanding their share of the market.
What has actually happened? After decades of world-class productions and iconic story-telling, Hollywood is groaning under the weight of economic realitites. Soaring production costs have made Hollywood’s business model less sustainable.
To lower expenses, filmmakers look abroad, where they can find excellent facilities at a fraction of the cost. Major studios and streaming giants shoot in Canada, Eastern Europe, Asia and other locations. It leads to the industry’s exodus from the United States.
What lesson does this teach us? You can’t stand in the way of progress and emerging trends, or you risk being thrown overboard. While Hollywood may not be sinking, it’s clear that urgent action is needed to restore its former dominance.
Metaverse as a Hollywood’s Lifeline. Can It Be Real?
Though relocating production to another country can save money for the film studio and film budget, there is an alternative way to reshape filmmaking. An emerging solution may come from an unexpected place — the metaverse, a potential secret weapon for Hollywood’s Renaissance.
How Metaverse Like Somnium or Holiverse Transforms Movie Budgets
Metaverse platforms like Decentraland, the Sandbox, Somnium Space, and Holiverse led by Lado Okhotnikov create instruments for this transformation. These tools will generate virtual spaces where filmmakers can build their fully immersive worlds at a fraction of the cost of traditional sets.
It’s possible to bypass the high cost of location shoots and expensive studio rentals using such cutting-edge technologies as AI, VR, and blockchain.
Thus, a 10-million film budget can potentially lose several zeros and significantly reduce production costs without compromising quality.
Benefits of Metaverse-based Filmmaking
If you think that Metaverse-based filmmaking is only about cutting costs, you are mistaken. Other advantages include:
- Creative freedom. Creative freedom is an even bigger advantage. Just imagine, incredible potential unveiled for scriptwriters and film directors. Studios will be able to generate massive, photorealistic landscapes without the logistical nightmare of on-location shoots. Filmmakers can experiment with environments that were previously out of reach and create medieval castles, bustling futuristic cities and a fantastical alien planet.
- Authenticity in virtual environments. The actors’ play will become more authentic as they could perform in fully virtual environments.
- Power of digital avatars. A digital avatar allows for limitless possibilities when characters for films are created. They are designed with any appearance, age, and gender and even have supernatural abilities. This technology will bring to life characters that transcend the limitations of reality.
Glimpse into the future
Some experts predict that it will take about a decade for the Academy to embrace a new wave of synthetic media and introduce a new category for AI-generated films.With the Academy’s average age over 65, it’s no surprise that change will take time.
The shift will require the growing acceptance of the industry insiders and the audience. Other futurists go even further and envision a world, where synthetic actors, directors, composers, and editors participate in the creative process with their human counterparts.
And if AI-driven films become the norm, why shouldn’t the Oscars follow? Not as an award, but as a venue — one that exists in the metaverse.
Holiverse Brings Oscars and Film Festivals to the Metaverse
Apart from its groundbreaking creative potential, the metaverse also opens up entirely new ways to generate revenue. Just imagine a virtual premiere, where a digital catwalk replaces the traditional red carpet. Fans from around the world could purchase tickets to attend a virtual venue and experience the excitement of the Oscars like never before.
Digital avatars of their favorite actors could accept their awards in a fully immersive, interactive reality. Holiverse, a metaverse platform, is working to offer a fresh and innovative way to experience the glamour and prestige of Hollywood.
