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Sumitomo Corporation has begun providing content in the metaverse, utilizing U.S. metaverse platform ROBLOX, which is drawing attention as a new venue for consumer communication. Sumitomo Corporation produces content in collaboration with Japanese creators and production companies, aiming to create consumption only possible in the metaverse, such as the purchase of digital items through the experience of the content, and will also produce metaverse content for Japanese companies (mainly in the retail sector) that wish to promote their products and brands to the world. This initiative was born from an outstanding new business idea generated by the matching platform for licensing business of our in-house entrepreneurship program, the 0-1 Challenge 2021.
Characterized by users experiencing the same three-dimensional virtual space at the same time from all over the world through their own avatars and thus transcending national borders, languages, and physical limitations, the metaverse is expected to become a platform where more consumers will stay for longer periods of time in the future. ROBLOX is one of the world’s largest metaverses, attracting consumers with entertainment experiences such as games. It has more than 70 million users a day worldwide, mainly among Generation Z. Users pay for game elements and spend money on items that their avatars wear in the metaverse. According to a ROBLOX survey, 56% of Generation Z respondents responded that “styling their avatar is more important to them than styling themselves in the physical world.” Also, companies have high expectations for metaverse use in promotion, marketing, and branding, as it will be possible for them to increase awareness of and engagement with their products and brands by using metaverse platforms such as ROBLOX to deliver unique, exciting experiences. Source: Sumitomo Corporation
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