McKinsey & Company reveals that although it’s a popular belief that the metaverse powers the future of gaming, it isn’t entirely true at least in today’s context. According to a recent report published by McKinsey, it is predicted that by 2030, $125 billion will be invested in the metaverse gaming industry, whereas e-commerce will see an impact of $2 to $2.6 trillion.
The report further states that though the gaming industry remains at the forefront of the metaverse, it is evident that metaverse users do over-index as gamers. While play-to-earn (P2E) gaming is one of the leading experiences, consumers are increasingly looking for shopping, entertainment, networking, and dating in the virtual world.
Data suggest that 1 in 5 metaverse users has attended virtual live events such as concerts and film festivals and 10% prefer metaverse dating over real-life ones and 20% say they spend most of their time exercising, shopping, reading, and working in the metaverse. However, the data also shows that metaverse gamers spend 1.5 hours more per week than the rest of the metaverse users.
These insights are taken from two studies published by McKinsey this week — One titled ‘Probing reality and myth in the metaverse’ which aims to debunk six popular myths about the metaverse, and the second named ‘Value creation in the metaverse’ which tried to focus into the past, present and future of metaverse and business opportunities there.
The first research surveyed 1,000 Americans aged between 13 and 70, besides interviewing subject-matter experts and advocates to understand the sentiment around the metaverse. The second survey had 3,104 participants from 11 countries and a poll of C-Level executives from 448 companies across 15 industries and 10 countries. The inputs were taken earlier this year.