Over the past two decades, the Internet-of-Things (IoT) has been a transformative concept, and as we approach 2030, a new paradigm known as the Internet of Senses (IoS) is emerging. Unlike conventional Virtual Reality (VR), IoS seeks to provide multi-sensory experiences, acknowledging that in our physical reality, our perception extends far beyond just sight and sound; it encompasses a range of senses. This article explores existing technologies driving immersive multi-sensory media, delving into their capabilities and potential applications. This exploration includes a comparative analysis between conventional immersive media streaming and a proposed use case that leverages semantic communication empowered by generative Artificial Intelligence (AI). The focal point of this analysis is the substantial reduction in bandwidth consumption by 99.93% in the proposed scheme. Through this comparison, we aim to underscore the practical applications of generative AI for immersive media while addressing the challenges and outlining future trajectories.