McKinsey & Company Estimates Annual Global Spending Within Metaverse Could Reach $5T By 2030
McKinsey & Company, the global management consulting firm, has estimated that annual global spending within the metaverse could reach $5 trillion by 2030 across domains as broad as gaming, social, fitness, commerce, and remote learning.
It has been reported that the question of how to define and build technology with such broad capabilities is in flux. While a number of games, such as Roblox, Fortnite, and Minecraft, have been hailed as early examples of successful metaverse platforms, a more holistic approach would see unrestricted interaction for players across these games.
However, interoperability between metaverse platforms is one key component that should be considered. While only recently entering the public lexicon, the metaverse is not a new concept. The term was originally used to describe a fictional break from reality in Neil Stevenson’s Snow Crash. The popularity of digital entertainment surged massively during the pandemic.
The report said that from games like Among Us to services like Netflix Party and Zoom, the opportunity to socialize virtually was highly appealing to many during a time of deep isolation. These changes have fundamentally reshaped our ideas of how we socialize and work together, with enduring habits formed in connecting and collaborating virtually — an important factor accelerating engagement with the metaverse.
Thus, virtual experiences such as Travis Scott’s Fortnite concert have made positive steps forward in developing in-game socially immersive experiences. A multi-platform hypersocial virtual experience has yet to reach the market.