According to a recent McKinsey report, the metaverse will grow to be $5 trillion by 2030.
McKinsey report: expenses for the metaverse will exceed $1 trillion
The World Street Journal recently published a report by McKinsey covering the metaverse.
In the report, costs, business direction and their specifics for the near future are analyzed.
According to the new report by consultancy firm McKinsey & Co, businesses and consumers will spend $5 trillion between now and 2030, and the numbers are already impressive.
Between $2 trillion and $2.6 trillion constitutes the slice of e-commerce in the virtual world, while investments will be between $144 billion and $206 billion eight years from now.
A comparison that illustrates how much people prefer to invest in the metaverse, with artificial intelligence (AI) raising “only” $93 billion last year.
The report shows that 79% of respondents have already been customers in the metaverse.
Singular is the case of Forever21’s virtual black hat that has sold so much on Roblox that it has forced (in a positive sense) marketing in the real world with replicas of the hat as well.
Jacob Hawkins, chief omni, marketing and commerce officer of Forever 21, said:
“The metaverse is all about self-expression, so being able to wear identical outfits in the physical and virtual worlds is a trend that we believe will continue to grow”.
The study sample and experts interviewed
The McKinsey & Co survey was conducted on 3,104 consumers from 11 different countries and C-level executives at 448 companies in 15 different industries spanning 10 countries.
The metaverse, the report continues, is not just something that takes place in the virtual world, but like communicating vessels it connects reality and the digital in a fluid exchange of liquidity, experience and know-how.
Lareina Yee, senior partner at McKinsey stated that:
“People are reporting that connection is probably their number one interest”.
Eric Hazan, on the other hand, senior partner at McKinsey said:
“Very different marketing skills are needed, which are much closer to video games and movies, TV series and so on”.
On the business side, Chipotle’s Chief Marketing Officer Chris Brandt revealed:
“The metaverse is confused. It gets a lot of publicity, but there aren’t many people there, but many of our consumers have children on Roblox.
Hey, we’re taking a risk. Let’s not jump in and spend $ 5 million on this burrito game; let’s spend $ 100,000 and see what happens.
The two games attracted six million unique users, many of whom also signed up for Chipotle’s rewards program, and “Boorito’s” total daily sales exceeded those associated with previous years’ Halloween campaigns in the physical world”.