Metaverse in Media - Thematic Intelligence

Metaverse in Media - Thematic Intelligence

Summary

By 2030, the metaverse will be a $626.5 billion opportunity, according to GlobalData. Although the impact of the metaverse on the automotive industry is minor so far, this technology promises to make digital media experiences more immersive, inclusive, and accessible than today. When fully self-driving vehicles arrive - around 2035, according to GlobalData forecasts - AR and the metaverse will play a significant role in onboard information and entertainment systems. Overlaying content over the outside world or repurposing car windows to display a different world entirely will transform the in-car experience. The metaverse will allow consumers to test drive vehicles, enhancing automotive sales and empowering consumer choice.

The metaverse is a virtual world where users can share experiences and interact with each other in real time through simulated scenarios. A wide array of technologies will be used to make the metaverse a reality, including virtual reality (VR), augmented reality (AR), digital twins, and cloud computing. The metaverse will be able to offer something completely different and unique to its users, thereby transforming the media sector in the next few years. This has created a lot of hype and interest in this theme. GlobalData forecasts the whole metaverse market will be worth $627 billion by 2030, growing at a compound annual growth rate (CAGR) of 33.8% between 2020 and 2030.

Metaverse adoption has stalled in 2023 with many of the largest companies halting all metaverse investment (e.g., Disney eliminated its metaverse department, and Microsoft discontinued its industrial metaverse plans). The immaturity of the enabling technologies is central to the metaverse’s problems, while a lack of clear use cases and a growing concern about data privacy and personal safety have deflated the hype around the technology.

Scope

• The companies in the media sector investing in the metaverse are mainly concentrating their efforts on creating virtual worlds and organizing immersive experiences within them. These virtual worlds also allow competitions through games, with blockchain and cryptocurrencies creating play-to-earn markets for competitive gamers. Music giants such as Spotify are even using these virtual worlds to monetize virtual concerts.

Reasons to Buy

• Understand the impact of the metaverse theme for the media sector.
• Access the latest data on the metaverse theme in the media sector.
• Identify the leading digital transformation efforts from media companies through investment into the metaverse theme.
• Access case study insights on leading players within the metaverse theme