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Radiography of the metaverse: a market of €700,000M in 2024

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We are witnessing the birth of a new era, the Age Of The Metaverse, a new world that video game creators, social networks and practically every platform and brand wants to enter to capture at least a portion of what it is estimated that it will represent a market of around 700,000 million euros by 2024a figure that is not unreasonable when compared to the 450,000 million euros it generated in 2020 according to Bloomberg analysis based on data from Newzoo, IDC, PWC, Statista and Two Circles.

The metaverse market could grow more than 13% year-on-year

Another of the greats in the consulting sector in the world such as Gartner define a metaverse as “a collective virtual shared space, created by the convergence of a virtually enhanced physical and digital reality. It is persistent, provides enhanced immersive experiences, as well as being device agnostic and accessible through any type of device, from tablets to head-mounted displays.”

Because no single vendor will own the metaverse, Gartner expects it to have a virtual economy enabled by digital currencies and non-fungible tokens (NFTs). The metaverse will affect every business that consumers interact with every day.

These virtual and shared 3D worlds, in which video game have so far had a predominant role, they aim to be a convergence between the physical and digital realms, the evolution of the internet and social networks, and of course, a new opportunity for online companies and social networks to capitalize through these new sources of income.

And as video game creators continue to bring their existing titles into the new 3D online world, increasingly equating interaction between gamers with social media, the market opportunity may expand into live entertainment with events like concerts and sporting events. Based on existing analyses, by 2024 the total metaverse market size is expected to be 2.7 times larger than current advertising revenue in video game software and services.

Image: Bloomberg

In fact, video game creators like Epic Games and Roblox have already organized concerts within their video games. Revenues from live online entertainment businesses could become part of the overall concept of the metaverse, including the projection of movies, music and sports events. Bloomberg expects that this item could exceed 170,000 million euros in revenue in 2024.

Roblox, Epic and Microsoft lead the metaverse, but strong competition looms

Yes OK roblox minecraft from Microsoft and Fortnite As Epic Games are early leaders in the race for metaverse leadership, there is plenty of time ahead for other video game creators, and of course social networks, to modify their existing services or launch new metaverse-oriented worlds. Currently, the panorama of companies in the metaverse has prominent players such as:

video game creators

Roblox Epic Games Microsoft Activision Blizzard (Acquired by Microsoft in 2021) Take-Two Tencent NetEase Nexon Valve

developers

Unity Epic Games Adobe Autodesk Ansys

Social media

Gaming, AR and VR

Meta Lenovo HP Logitech Acer Valve Razer

live entertainment

Live Nation Theme Parks Sports Teams

Of course, it should be noted that Microsoft acquired Activision Blizzard in January 2022, which became the Redmond company’s largest transaction in its 46-year history, and of course, a step that puts Microsoft in a privileged position in the race for the metaverse for gamers, with well-known titles like world of warcraft

Some of the known metaverses… so far

Although the first name that comes to mind for the general public when thinking about the metaverse is Meta, the reality is that there are multiple virtual reality spaces available to the public, apart from massive video games such as Fortnite, Roblox or World of Warcraft.

The first is Mesh, Microsoft’s metaverse that it defines as “a persistent digital world, connected to many aspects of the physical world”, a digital environment to help people meet more comfortably and facilitate creative development no matter where they are. , a new world to which Microsoft arrives thanks to Teams, its business communication and collaboration platform and in which Linkedin could play a relevant role in the near future.

But as we said, there are many more metaverse proposals, such as that of Zepeto, of South Korean origin: this platform was launched since August 2018 and that currently has more than 200 million registered users and about two million active users per day, It is not surprising that for this reason it is the metaverse in which Zara opted to wear its first collection of mixed clothing.

And speaking of fashion for the metaverse, recently Pull&Bear announced its arrival in this digital universe through ReadyPlayer Me, the multigame avatar platformer for the metaverse. Soon the clothing firm will launch its own video game.

Decentralized Metaverses

But the concept of The metaverse is not something new nor has it been discovered by Zuckerberg, it is increasingly present and has a lot of life ahead of it. As he told us in an episode of our podcast Sergio Garciafrom the specialized blockchain agency Floc, there are other lesser-known proposals such as Decentraland, Cryptovoxels, Sandbox.game, Somnium Space, Axie Infinity and Webaverse.

As Sergio explained to us, in these decentralized metaverses “every person who has tokens has decision-making power, you own as much percentage of tokens you have in the community, as a small shareholder with votes for certain decisions and votes. There is a nucleus that creates the bases and statutes of the platform.

Each organization will have its rules and regulations, a distribution of tokens will be made, in that distribution that are generated over time it gives benefits to those who participate and generate, but there will also be people who buy and sell what you have bought. Another thing you can do is go to events, meet other users and watch YouTube or Twitch videos.

An hour a day in the metaverse in 2026

If you thought the metaverse was a fad, it’s not. Gartner predicts that 25% of people will spend at least one hour per day in the metaverse by 2026, whether for work, shopping, classes, socializing or entertainment.

In any case, the transition to the metaverse will be more demanding than what the furor around the term may imply. Dan Rabinovitsj, Meta’s vice president of connectivity, explained on Monday at MWC that internet connection networks, both fixed and mobile, are not yet ready for the metaverse: “We are working closely with our colleagues to think about the next step in terms of innovation. If you look at the pace of innovation in the telecom world, compared to other markets, it’s been harder to go faster in this environment,” Rabinovitsj said. “One of the things we’ve tried to change is that trajectory of innovation.”

In fact, his own mark zuckerberg recently explained that “creating a true sense of presence in virtual worlds delivered to smart glasses and VR headsets will require massive advances in connectivity. Thus, these advances must be “bigger than any of the transitions we have seen before.” Zuckerberg explained that large-scale immersive video streaming will require entirely new types of networks. In any case, Meta itself has a privileged position in this field, counting on their own connection devices to the metaverse, such as Oculus glasses.

Be that as it may, the metaverse is here, and now is the time we must prepare to evolve and take advantage of the opportunities it offers us.

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