Entertainment Metaverse Expected to Hit Nearly $29 Billion by 2026, Driven by Consumer Spending, Study Finds

A study by Technavio, a market research firm, predicts that the area of ​​the metaverse dedicated to entertainment, including virtual concerts, video games and movies, will reach a value of $28.92 billion between 2021 and 2026 The report says 33% of this growth will come from US markets, due to the intersection of gaming and movie companies.

The entertainment metaverse will grow, fueled by consumer adoption

The metaverse and its future adoption continue to be actively researched by market forecasting companies. A report released on Nov. 11 by Technavio, a market research firm, determined that the market size of entertainment-related metaverse initiatives will grow to $28.92 billion during the period of 2021 to 2026.

The report identified two key areas that will fuel this growth, including increased consumer spending on virtual concerts and virtual events, enabled by growing advancements in virtual reality (VR) and augmented reality (AR) technologies. . The second key driver is the growing adoption of online games which, combined with the aforementioned technologies, provide a level of immersion that will encourage spending in this area.

However, the study also shows that the growth of the market will face challenges including concerns over privacy and security in the metaverse. This issue has already been raised by institutions like the World Economic Forum (WEF) and even Interpol, the latter of which has already begun to integrate its services into a police-focused metaverse.

New trends and the role of the United States

The study also predicts the rise of the metaverse in filmmaking, predicting that films will become interactive and viewers will be able to interact with cinematic environments, using VR technology for this purpose. Attempts have already been made in this direction, but none have had massive success with the general public.

According to the study, most of the predicted metaverse growth will come from the United States, due to a confluence of factors. It is expected that 33% of the increase will come from this region, thanks in part to the “rapid convergence of the entertainment industry and the traction of gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and increased investment to create gaming and entertainment experiences. more immersive entertainment.

Other reports have also made projections about the metaverse in the entertainment industry. On September 12, JPMorgan said China’s metaverse gaming market could reach a value of over $100 billion. Similarly, in March, Citi predicted that the metaverse could represent a $13 trillion opportunity.

Leave a Comment