Tag: CEO

  • Zee Media appoints Joy Chakraborthy as new chief business officer

    Zee Media appoints Joy Chakraborthy as new chief business officer

    Mumbai: He’s hoping to bring some joy to Zee News. Veteran broadcast executive Joy Chakraborthy has hopped on board Zee Media as its chief business officer. His task: oversee advertising, distribution, sales and marketing at the news network. Chakraborthy has over 27 years of experience in the media industry with a core competence of ad sales and revenue generation.

    His last employment was with the Manish Shah promoted Goldmines Telefilms as its CEO, a post he held for eight months.

    Prior to that  he was the CEO of Enterr10 Media and even before that with TV Today.

    It is a homecoming of sorts for Joy as in the past he held the position of executive director at Zee Group.  He has had experience with the print medium too as director of the Times of India group. He served as president-TV18 and executive vice president-Star TV in the early 2000s.

    He is an alumnus of the Harvard Business School and a graduate from National Defence Academy.

  • HUL’s notches up solid growth in quarter ended 30 June 2022

    HUL’s notches up solid growth in quarter ended 30 June 2022

    MUMBAI: The folks at Hindustan Unilever Ltd  (HUL) are in a celebratory mood. Reason: the FMCG multi-product major has announced shiny financial results for the quarter ended 30 June 2022, even though the economy is sailing through rough weather.  The company’s turnover grew 19 per cent with underlying volume growth of 6 per cent. HUL  continued to grow significantly ahead of the market, gaining value and volume market shares1. EBITDA margin at 23.2 per cent remained healthy despite unprecedented inflationary headwinds. Profit after tax before exceptional items (PAT bei) grew 17 per cent and profit after tax  (PAT) grew 11 per cent.

    Home care: Stellar performance continues

    Home care delivered 30 per cent growth driven by strong performance in Fabric Wash and Household Care. Both categories grew in high double-digits with all parts of the portfolio performing well. Liquids and fabric sensations continued to outperform driven by effective market development actions. Calibrated price increases were taken across fabric wash and household care portfolios as input cost continue to inflate at significantly high levels. During the quarter Comfort Delicates was launched which is specially made for delicate clothes.

    Beauty and  personal care: Strong growth ahead of the market

    Beauty & personal care growth of 17 per cent was broad based. Hair care grew in high double-digit led by strong performance in the premium portfolio. Soaps delivered price-led double-digit growth driven by strong performance in Lux, Dove and Pears. Skin care and color cosmetics delivered strong YoY growth on a soft base. Premium portfolio in skin care performed well and is significantly ahead of pre-Covid levels. Calibrated pricing actions were taken across the portfolio to offset the impact of record inflation in input costs. During the quarter, Tresemme’s hair care range ‘Pro Pure’, Baby Dove Derma Protect Baby Wash, Vaselines’s summer range of body moisturisers and Lakme’s Facial Foams were launched.

    Foods and refreshment: Steady performance on a high base comparator

    Foods and refreshment grew 9 per cent driven by solid performance in ice-cream, coffee and food solutions. Ice cream had a very strong quarter broad based across brands and formats taking it significantly ahead of pre-COVID levels. Tea delivered steady performance and cemented its market leadership. Coffee had a strong quarter growing in double-digit. Health food drinks continued to gain market share and penetration on the back of focused market development actions. Foods grew in double-digit led by jams. Unilever Food Solutions delivered a solid performance and continued to build its salience with professional chefs.

    Operating margins remain healthy

    EBITDA margin at 23.2 per cent remained healthy despite the unprecedented inflation in input costs. YoY EBITDA margin declined 110 bps. PAT (bei) was up 17 per cent YoY. PAT at Rs 2,289 Crore was up 11 per cent YoY. The difference between PAT (bei) and PAT growth is largely due to a one-off prior period tax credit we had in base period. The company says it continues to manage “its business dynamically driving savings harder across all lines of P&L and taking calibrated pricing actions using the principles of net revenue management. It continues to invest competitively behind our brands. “

    CEO & managing director Sanjiv Mehta said: : ‘In an environment which remains challenging, marked by unprecedented inflation and consequential impact on consumption, we have delivered yet another quarter of robust topline and bottom-line performance. We have grown competitively whilst protecting our business model by maintaining margins in a healthy range. While there are near term concerns around inflation, the recent softening of commodities, forecast of a normal monsoon, and monetary/ fiscal measures taken by the government augur well for the industry. We are confident of the medium to long term prospects of the Indian FMCG sector and remain focused on delivering a consistent, competitive, profitable and responsible growth. ‘ 

  • Dentsu Intl onboards broadcast vet Robert Gilby as APAC CEO

    Dentsu Intl onboards broadcast vet Robert Gilby as APAC CEO

    MUMBAI: His is a familiar face with the entire media and entertainment industry in India. More so in the broadcast sector, Singapore-based Rob Gilby – who is well-known for his fancy moves on the dance floor as he is for building organisations in Asia – will be joining Dentsu International as its APAC CEO come 5 September 2022. He will report to Dentsu International global CEO Wendy Clark.

    Rob has been mandated with overseeing the 11,600-strong Dentsu army of ad folks in 18 markets. He is stepping into the agency at a time when it has rolled out Dentsu Creative worldwide following accolades like it being awarded as the APAC regional network of the year and Dentsu Creative India being recognised as the global agency of the year at the recently concluded Cannes Lions. The agency has also been showing some fancy results with growths of 4.7 per cent in FY’21 and 5.2 per cent in Q1 2022.

    “Rob is an exceptionally well-rounded leader with a progressive approach that deeply understands the future of the industry and opportunities for growth, for our people, our clients and our business,” said Dentsu International CEO Wendy Clark. “Importantly, he demonstrated his long-term vision, values-based leadership style and passion for building high-performance, diverse teams that is fundamental to the way we do business at dentsu.”

    He has great credentials indeed with 30 years’ experience in the media and entertainment industry and has worked in Asia Pacific for over 25 years. He has a proven track-record of growing profitable businesses including WarnerMedia and The Walt Disney Co, with extensive experience in markets including Australia, China, India, Southeast Asia and Singapore.

    He joins dentsu from Nielsen where he is President, APAC responsible for building relationships with key media owners, brands and agencies to deliver audience insights across the media ecosystem. Prior to that he was CEO & founder, Blue Hat Ventures, an investment and advisory firm focussed on identifying and commercialising high-growth businesses in the digital media sector in Asia Pacific. He has held non-executive board and advisory roles at the ministry of communications & Information, the InfoComm Media Development Authority and the Singapore Media Festival.

    Robert said, “I was instantly drawn to dentsu’s compelling vision with its rich heritage as the only holding company born out of Asia. It is a privilege to be leading this region with the world looking to the Asia Pacific region as its GDP growth is forecasted to remain strong, the emerging middle-class booms and rapid digitization and investment in homegrown platforms leapfrog existing technologies. Dentsu’s ability to understand people better than anyone else and vision for horizontal creativity coupled with these market conditions creates an exciting opportunity for brands to thrive.”

  • Sudhir Chaudhary joins Aaj Tak as Consulting Editor

    Sudhir Chaudhary joins Aaj Tak as Consulting Editor

    Mumbai: Sudhir Chaudhary will be joining Aaj Tak as a Consulting Editor. He has recently resigned as the chief executive officer of Zee Media where he was associated for over 10 years with the news broadcaster.

    India Today Group’s vice-chairperson Kalli Purie in a letter welcomed him and said, “Sudhir and Aaj Tak are collaborating to bring to our 100 million viewers an exciting new show anchored by him. This show will be under the supervision of news director Supriya Prasad.”

    Sudhir was last seen on the award-winning, high-engagement, TRP record-setting show DNA. He has one of the largest followings on social media and a galaxy of awards from every reputable organization.

    Sudhir resigned from Zee Media to start his venture. Commenting on his new innings, Purie added, “I am glad he has taken a call that will not disappoint his fans who are paramount for him. It’s excellent that his first venture is in alliance with us, and I hope that we will be able to work together on other projects. I also wish him well for his non-news initiatives.”

    “I am confident that Sudhir and Aaj Tak will be a powerhouse combination that further strengthens our portfolio of superstar anchors making us the news brand in the country,” she further added in the letter.

  • Zee Media CEO Sudhir Chaudhary quits to pursue entrepreneurial venture

    Zee Media CEO Sudhir Chaudhary quits to pursue entrepreneurial venture

    Mumbai: News broadcaster Zee Media on Friday said its chief executive officer Sudhir Zee Media CEO Sudhir Chaudhary quits to pursue entrepreneurial venture.

    Chaudhary was associated with the news broadcaster for over 10 years. His resignation was announced during the closing of business hours on 1 July 2022 in a regulatory filing by Zee Media Corporation without specifying the reason.

    The filing puzzling stated that the company has initiated the process of nominating  Zee Media chief business officer Abhay Ojha as key managerial personnel in place of Chaudhary. However, as Indiantelevision.com reported on 19 June, Ojha had passed away due to a cardiac arrest. 

    Also read: TV broadcast veteran & Zee Media’s CRO Abhay Ojha passes away

    As per a report by Newslaundry, the editors of Zee News, Zee Business and Zee 24 Taas will report to president – group strategy and innovation and WION will report directly to the publisher.  

    Chaudhary’s decision to quit was a result of his own deliberations to start his own enterprise.

    He was associated with Zee Media for over a decade. Zee Media owns and operates 14 news channels in ten different languages and is one of the largest news networks in the country.

  • DNEG hires Academy Award winners Eric Brevig, Greg Butler as visual effects supervisors

    DNEG hires Academy Award winners Eric Brevig, Greg Butler as visual effects supervisors

    MUMBAI: Visual effects (VFX) and animation studio DNEG has announced on Friday the hiring of Eric Brevig and Greg Butler as visual effects supervisors. Brevig and Butler each join DNEG with decades of experience in the film industry.

    Brevig’s notable award-winning credits as VFX supervisor include ‘Total Recall’ (1990), for which he received the Academy Award for Best Visual Effects, “Hook” (1991), for which he was nominated for the Academy Award for Best Visual Effects, “Men In Black” (1997), which earned him a Bafta nomination for Best Visual Effects, and “Pearl Harbor” (2001), which earned him an Academy Award nomination for Best Visual Effects.

    Butler’s portfolio of credits as VFX supervisor includes Sam Mendes’ ‘single shot’ war drama ‘1917’ (2019), which earned him an Academy Award and a Bafta for Best Visual Effects, and ‘Harry Potter and the Deathly Hallows: Part 2’ (2011), which earned him his first Bafta. Earlier in his career, Butler received a Visual Effects Society Award for ‘Outstanding Character Animation’ for his work on Gollum in ‘The Lord of the Rings: Return of the King’ (2003).

    “I am proud to have both Eric and Greg, two highly accomplished industry veterans each with their own incredible legacy of breathtaking work, join DNEG’s creative ranks. Eric and Greg will certainly help us continue to push the creative boundaries of what is possible during this period of technological advancement in our industry and unprecedented demand for our services. Adding professionals with track records, talent, and expertise such as theirs further solidifies DNEG as the VFX and animation studio leader in the category” said DNEG chairman & CEO Namit Malhotra.

    Talking about his new role, Brevig said, “I have had the pleasure of working with DNEG and Namit on several projects in the past and I am delighted to become part of this world-class creative team. DNEG’s commitment to excellence and future growth plans make this a very exciting time for me to join the company.

    “My approach to the craft of VFX has always been to find the right techniques to create the most believable, engaging, and immersive experience for the audience. Using both virtual and physical tools, we can now realize anything the filmmaker can envision.”

    Butler joins DNEG from Method Studios, where he worked as a VFX Supervisor on various feature, episodic, and advertising projects, including most recently on a large scale, yet to be announced project for Amazon.

    “I have been following DNEG for many years – even before my London Soho days – as a competitor, a collaborator and as the home to many of my favorite people in visual effects. I am very excited to join DNEG’s Montréal office and I know we are going to make some great work together.

    “Visual effects is a magic trick. Its purpose, to keep the audience engaged in the story and the world of the film. Whether it is used to create fantastic wand duels in Harry Potter or invisible cuts in 1917, visual effects is a series of illusions created in service of the story. While it’s the end result that matters, I have always been enthralled by the filmmaking process; the dynamic behind-the-scenes collaboration of VFX artists and the live action crews whose work is their foundation” said Butler.

  • You can be creative and edgy, without being insensitive: Dentsu Creative India CEO

    You can be creative and edgy, without being insensitive: Dentsu Creative India CEO

    Mumbai : Exactly a year back on 22 June 2021, erstwhile Dentsu Impact president Amit Wadhwa took on the mantle of chief executive officer (CEO) to lead the Dentsu India creative service line leadership team. The newly restructured creative service line in India, brought together brands from the house of Dentsu such as Dentsu Webchutney, Taproot Dentsu, WATConsult, Perfect Relations, Isobar, Dentsu One, Dentsu India and Dentsu Impact, along with their digital & PR capabilities- all under one umbrella of Dentsu Creative India.

    The past year also witnessed major upheavals, both, at the network which saw several high-profile exits, as well as in the advertising and media landscape with the pandemic rewriting the rules for the communication industry.

    The Dentsu Creative India CEO shares with Indiantelevision.com how the past year fared for the network as well as for him, amid the tumultuous new normal, and what his priorities were since taking over the creative agency mantle.

    Wadhwa also completed over a decade at the network last year, having joined Dentsu Creative Impact (now Dentsu Impact) in November 2011. With another five-year stint at JWT (J. Walter Thompson) in his kitty before that, he has literally seen the industry evolve over the past decade and a half.

    Despite challenges due to macro-economic uncertainties and global inflationary trends, Wadhwa remains buoyant and confident that the advertising and marketing industry will grow at a good pace “crossing double digits”.

    IndianTelevision.com’s Anupama Sajeet caught up with the advertising veteran and self-confessed ‘passionate brand builder’ for a free-wheeling conversation, where he also spoke about what has changed in adland and how the creative group is ensuring it keeps pace with the emerging new tech in the space.

    Edited excerpts:

    On his focus areas since taking on the helm of the Dentsu Creative Group

    Three things. Integration was the biggest objective. Secondly, making sure that we digitise everything and so we infused digital and technology in everything we do – whether it is creative, or PR- we have digitised it all- the entire system. And the third of course, was to make sure that the cornerstone of the entire offering is “creative”, and hence up the creative product. These were the three things I kept in mind as I took on the CEO mantle. Have I done that 100 per cent? Of course not. But I think we have moved leaps and bounds on all these fronts.

    On how the past year fared for the agency amid high profile exits and the uncertainty wrought on by the pandemic

    In terms of how we have fared, I think we are working in a far more unified manner for our clients. So, we have integrated to make sure the best experts come together and deliver as one single team for a client. There are many brands where earlier erstwhile different units of Dentsu Creative are now working together as one. For eg- we recently worked at Ikea where the Dentsu MB and Dentsu Webchutney worked as a single team. Then there was another instance where Isobar and Taproot Dentsu worked together as one unit. There are many such examples. That’s from the integration point of view.

    As far as creativity is concerned, one big yardstick is the awards and I think we have done fantastically well, led by the team at Dentsu Webchutney. Having said that, we have also invested in some great talent like Ajay (Gahlaut), Arjuna, Anu Gulati, along with the creative talent which is already there in-house such as Alaap, Anupama and loads of talent below them. So, I think we have upped the game on creativity. And it’s not just awards. Some of the campaigns that we rolled out I’m absolutely proud of. For instance, the campaigns we have done for Uber, Paytm, to name a few, have been great.

    And honestly, without being digital-first there’s no possibility of a business surviving. We have ensured that right from our PR to what we used to call our traditional agencies, every one of them is digitally savvy and understands the medium.

    So, on all these fronts, we are moving in the right direction and at the right pace.

    On whether the recently released ASCI guidelines on gender stereotypes (in the wake of the recent controversy over the Layer’r Shot deo ads) will lead to curbing creativity.

    We are in the business of creativity, we need to express ourselves. But at the same time, we are all living in a society and we need to be sensitive. Does that mean that we curtail creativity? No. But is that the only way to be creative?  Absolutely not. I don’t wish to comment on that ad, as enough has been said about it being in bad taste and stuff. But the point is you do not need to go that way to be creative. I don’t think to be creative, you need to be insensitive. You can be edgy without it.

    If you look at some of the works we have done recently, such as the ‘The Unfiltered History Tour’ or the Paytm creative we did on financial empowerment. These works are very edgy and creative at the same time. It also had a strong connection with people, without being insensitive. Having said that, do we put a gag on everything because of certain instances? I don’t see that happening either.

    On the evolving advertising & marketing (A&M) landscape in the past decade

    It’s absolutely true that the entire A&M landscape has changed in the last decade, from what it used to be to where we are today. I remember when I joined Dentsu (back in 2011), I was taking care of a small agency called Dentsu Creative Impact. We brought in a lot of exciting talent, and we did it at a small scale – whether it was in creative, planning or account management. And we picked up businesses like Ikea etc and made it into this exciting brand. But that was then. Digital was there, but it was a small part of mainstream media.

    Today, if I’ve to do a similar exercise for the Dentsu Creative Group (DCG), I cannot step up the game on creativity by having a good creative team alone. Of course, creativity is the key essential part of it. But what we are also trying to infuse is to ensure that we are way ahead when it comes to creative technology. And that’s the other aspect that we have invested in heavily. Led by Gurbaksh, who heads the innovation and tech team, it’s a critical part of our creative team. We also have editors and social media experts as a part of it. So, the complexity and composition of the team is very different from what it was, say, less than a decade ago.

    On any key trends or emerging category/s in the A&M industry that might dominate in the coming year

    If we talk about emerging or dominant new categories, Fintech, of course, is huge, so is gaming. Online gaming is breaking through the roof. But at the same time as all these new categories are popping up, the traditional categories like FMCG remain equally exciting. So, one can see a mix of it with everyone, including the traditional players, trying to do something different in their space, stepping away from the tried and tested.

    On how the agency is ensuring it keeps pace with the emerging new tech in the space

    There are two parts to it. One is that we need to be digitally first and technologically far ahead. But, is that good enough? Is that the only thing we need to do? Unless there’s a brilliant idea it all comes to nought. The expression of the idea could be on the digital platform or through an innovative technology but the idea is still absolutely important. We need to marry technology very strongly with creativity.

    That combination of creative and new-age tech is what gives me the confidence that we are poised for something very exciting. And that for me, honestly is the place where I always wanted to be.

  • ABP Network appoints Sameer Rao as CEO of ABP Creations

    ABP Network appoints Sameer Rao as CEO of ABP Creations

    Mumbai: ABP Network has appointed Sameer Rao as chief executive officer (CEO) of its content production arm ABP Creations. He will be operating from ABP Network’s Mumbai office.

    Rao is a seasoned media and entertainment professional, with wide-ranging experience of two decades across television, film, and digital platforms.

    Sameer is a well-regarded senior Indian media and entertainment industry professional with strong expertise in conceptualization, development, and execution of original content. He has formerly worked at YouTube, STAR India, Discovery Communications, Vinod Chopra Films, and UTV Motion Pictures in managerial and leadership roles. Moreover, Sameer holds a PGDBM from the Indian Institute of Management (IIM), Ahmedabad.

    In the recent past, ABP Studios has shown tremendous potential with its co-produced and critically acclaimed Marathi feature film, “Karkhanisanchi Waari” (Ashes on a Road Trip) which has been streaming exclusively on SonyLiv. The film was nominated into eight categories for the prestigious Marathi Filmfare Awards of which it won three Filmfare Awards including awards for ‘Best Picture’, ‘Best Director’, and ‘Best Supporting Actor Female’. It also had eight nominations for the Maharashtra Times Sanman Awards (MATA) and three wins. “Karkhanisanchi” was selected for the Cannes content market as well, as one of the films that the government used to showcase as an exemplary work in the Marathi cinema.

    “Say Yes to the Dress”, another ABP Studios production, streaming on Discovery Plus, has also been a hit among the audience. The series is an Indian adaptation of the American reality TV series by the same name that gives the audience an exceptional chance to experience the glitz and glamour of it all, as celebrated stylists try to get the brides say ‘yes’ to the elusive dress, whilst making it an intimate, poignant, and memorable experience for the audiences. ABP Studios was hand-picked by Discovery International to produce this runaway hit format for the Indian subcontinent.

    Within a year ABP Studios has bagged an impressive line-up of clients which includes Facebook, Google, Universal, SonyLiv, Hoichoi, Star Pravah, Discovery Plus and National Geographic. In 2022, ABP Studios is excited about developing and presenting content from its recent acquisitions in adventure, horror, and crime drama genres.

    ABP Network CEO Avinash Pandey said “We are pleased to welcome Sameer Rao to the ABP Network family. We are certain that with his expertise and accomplishments, he will take ABP Creations. to greater heights. In this dynamic period of digital growth, his vision will perfectly align with our goals for ABP Creations. I believe that over time, his knowledge, and ingenuity will further contribute to the organization’s success.”

  • Former PepsiCo India’s David Pross joins Elite Pro Basketball League as chief advisor

    Former PepsiCo India’s David Pross joins Elite Pro Basketball League as chief advisor

    MUMBAI: David Pross has joined the Elite Pro Basketball, a first of its kind in India a 5×5 Pro Basketball League as an advisory board member for the league. Having worked in various countries across the globe, David Pross with all his experience will help the team in planning and executing the league. Organized by Elite Sports India (ESI), it will attract top players, coaches across India and will have the highest salaries in the Indian basketball circuit.

    Pross ESI said someone who has a great idea of the Indian market as he has launched his fourth new business initiative in India with Mobile Global Esports (MOGO).   He also led the financial development of PepsiCo’s investment in India. This project achieved the first new launch of a global brand in India in 15 years, a market previously closed to investments by foreign consumer product companies. In his stint with R. J. Reynolds Tobacco Company, he managed to gain government approval, environmental clearances and the industrial license for the only new foreign investment in India’s tobacco industry in 75 years.

    Pross said, “Elite Pro Basketball gives the most exciting players in India a chance to prove their skills and create a dynamic showcase for the way basketball should be played — a fast-paced, nothing conceded, score-at-will game of the best.”

     Elite Pro Basketball CEO Sunny Bhandarkar said, “Having someone as experienced as Mr Pross will certainly help us immensely. His inputs will be crucial in making this a World class league, our initial conversations have already been beneficial, and he has some great ideas which we will be implementing.”

  • GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    MUMBAI : Through the years, what has been constant is how brands evolve with new tools and modes of communication to best connect with their customers and fulfill their wants. In fact, with the steady rise of mobile web and social media back in the 2010s, the way brands engage with consumers has undergone a massive transformation – witnessing brands building a community with their consumers. And the customers, in turn, enjoy these novel ways to connect with their brands.

    However, in 2022, we now stand at the precipice of an exciting new form of communication and experience – the metaverse. And perhaps the biggest challenge is understanding the metaverse and realising one crucial key point – “The Metaverse is Now.”

    Ascent of the Metaverse

    Blurring the lines between physical and digital, the metaverse is fast emerging as a new space for people to shop, be entertained and participate in virtual experiences. With the metaverse giving rise to this new ecosystem of virtual life, a resultant paradigm shift is underway. One is that the metaverse is revolutionising how brands and consumers engage – with both scrambling for tools to best connect in this unprecedented virtual space.

    But why should you become a metaverse brand to connect with its audience?

    The truth is, the metaverse has opened the floodgates to a variety of burgeoning benefits and connection opportunities for brands and consumers alike –

    1) Minimising geographical distance

    From our online presence on platforms like online games (esports), social media and even simple communication on messaging apps, the experiences and connections we value most often take place in a digital world over the physical world. For instance, unlike before, a significant number of people we daily communicate with live outside of a 15 km radius from our home or office.

    However, the metaverse allows you to build meaning around experiences even though people we value spending time with are out of our physical grasp. In fact, it can essentially replicate the real world – goods and experiences from your offline existence can now be imitated for people anywhere in the world. Want to go on a date with the person you just met in Hyderabad while based in Delhi? Want to meet and greet your favourite Bollywood Celebrity when you’re in Lucknow? You can do this and much more in the metaverse. A lot of restaurants too, have stepped into the metaverse so going on dates with a significant other just got easier.

    The barrier of geographical distance is eliminated, and brands can now capture a global consumer base by bringing their products immediately into the home of every person in the world.

    2) Metaverse & its commercial appeal

    The metaverse lets customers try out digital items and see them within a fully 3D world. Several brands are already utilising this capability today. Moreover, blockchain technology, cryptocurrency, and NFTs (building blocks of the Metaverse) are also empowering brands and consumers to interact in ways unlike before.

    For instance, Adidas’ claim to fame as one of the most crucial metaverse brands comes from NFTs (Non-fungible tokens). When people think of an NFT, it’s usually related to online images. However, it’s essential to understand that metaverse models also use digital artwork. As such, metaverse items can also be NFTs. Adidas uses that technique to sell wearables in the physical world and metaverse.

    Adidas Originals created an NFT campaign, “Into the metaverse.” For this, it partnered with three of the most renowned NFT brands – Bored Ape Yacht Club, PUNKS Comic and Gmoney for exclusive wearable digital items that can be used on various blockchain-based gaming platforms. The collaborative project launched in December 2021, when a limited amount of 30,000 NFTs were sold saw the company earn more than $22 million from the sales in a few hours! Buying an NFT gave owners access to special, physical goods, like a hoodie and tracksuit worn by the Bored Ape that Adidas owns and other upcoming digital experiences.

    Some companies benefit by tying their online and offline market together. Other companies can leverage it by creating a whole new type of store. These are digitally exclusive offerings. And all of this can be tied together with digital wallets within the metaverse, making it easy to buy and sell goods. It’s easy to see the metaverse’s commercial appeal.

    On the consumer products front, Coca-Cola launched an NFT collection that fetched $575,000 in an online auction. It relied on the power of its brand to push forward its collection and raise over $500.000 for charity within 72 hours!

    While the metaverse’s full potential reach will definitely increase & at a much faster pace in the near future years, it is clearly on its way to the very fabric binding people across the globe and connecting them. And with this tool at our fingertips, it is absolutely critical for brands to venture into this exciting virtual space that presents disruptive new ways to build deeper and more meaningful relationships with their audience.

    The author is Caleb Franklin CEO and Founder of HeyHey