A new consumer survey from S&P Global Market Intelligence shows that more than half of respondents are knowledgeable of the metaverse with a strong majority looking forward to experiencing it. The survey indicates that metaverse stakeholders have already identified a potential audience to engage with as well as a genuine opportunity to capitalise on the market.
In 2023, the public appetite for the metaverse has somewhat cooled, but is gaining momentum with Apple’s forthcoming foray into the AR/VR market with its Vision Pro headset. Roblox’s revenue growth for its online game platform is one indicator of the proto-metaverse’s success, while progress in generative AI for automated content creation in virtual worlds has also contributed to the metaverse’s development.
A primary form of advertising
Analysis from the survey indicates that the nascent metaverse space is or will soon be, “Primed for advertising, retail and content distribution opportunities inside virtual worlds,” as many consumers may not wait years for the metaverse to become perfected before they utilise it.
In the survey, 81% of respondents said they were ‘somewhat’ or ‘very’ interested in the metaverse, with just 19% saying they are ‘not very’ or ‘not at all’ interested.
The analytic firm also describes the metaverse as, “The long-term vision for the next phase of the internet, which will feature a single, shared, immersive and persistent 3D virtual space where humans and machines interact with one another and with data, enhancing the physical world as much as replacing it.”
Interconnected spaces
In practice, the survey finds that, “The consumer-based metaverse is envisioned as a series of interconnected virtual spaces built for socialising, gaming and shopping,” and over the long term, there is potential for these spaces to merge with the real world through AR.
The data firm writes that the degree to which survey respondents were familiar with and receptive to the metaverse was striking. All respondents knew about the metaverse with nearly a quarter saying they were ‘very knowledgeable’ on the topic.
Over half of survey respondents believe that the metaverse will have a ‘revolutionary’ or at least ‘very large’ impact on society over the next 10 years. An additional 32% believe that it will have a moderate impact, while 10% believe that it will have minimal or no impact.
Over the long haul
The survey shows that a larger number of respondents expressed a strong interest in using or experiencing the metaverse compared to those who had high expectations for its significant impact on society. It also indicates that while the metaverse’s potential is driving considerable consumer interest, expectations regarding its long-term impact on society are more measured.
It took Meta‘s rebranding to bring massive attention to the metaverse concept which sounded new to many. However, the Ready Player One novel by Ernest Cline expounded the idea of the metaverse in 2011, and Steven Spielberg turned it into a popular Warner Bros. film in 2018.
“Advancements in interface technology, metaverse development tools, fidelity and interconnectivity will be a priority in the coming years. However, it is becoming apparent that metaverse platform developers and environment builders will likely have to become more adept at embracing new business models,” according to the survey.
The survey concluded by stating that without advertising and e-commerce revenue streams, the metaverse will likely remain an extension of the online gaming market rather than the next iteration of the internet.
