by Aarushi Jain, Thomas Kalnas, Sydney Roberts, Kopal Srivastava, Feiyu Su, and Linshuang Wu

In Part I of this research, we uncovered the consumer trends and core technologies driving AR, VR and the Metaverse. While VR and AR are growing to be familiar technologies to consumers, the metaverse is comparatively still relatively novel. According to Ipsos, less than 40% of Americans are familiar with the metaverse, and only 10% of consumers have engaged with it (Peterson et al, 2022).

Despite the current low level of engagement, consumers are curious about the possibilities of experiencing a wide range of activities in the metaverse, including social events, gaming, entertainment, travel, and shopping (Elmasry et al., 2022). A survey found that 90% of respondents said that they want to get involved in the metaverse (Accenture, 2023).

Gaming is still the primary motive for people to purchase a VR headset. Over 80% of US households that currently own a VR headset have used it for gaming (National Research Group, 2022). However, it’s not consumers’ only interest. A survey shows that consumers also hope to use VR for activities like visiting museums, attending concerts, taking virtual fitness and cooking classes, participating in social events, and shopping (Statista, 2022b).

AR was first used for aviation, military, and industrial simulations but has since expanded its applications (Javornik, 2016). In 2023, one of the main motives for consumers to use AR is for shopping. AR enables them to try on shoes, glasses, cosmetics, and apparel without going to stores in a trend that is becoming increasingly popular (Pennington, 2022). Additionally, consumers have expressed an interest in using AR to experience conferences and live events like sports and concerts (Pennington, 2022).

In this portion of the research, we investigated first hand through surveys and interviews how consumer’s engaged with emerging technologies, what consumers wanted from these technologies, obstacles to adopting these technologies and potential futures for the entertainment industry.

SURVEY

Our survey was dedicated to understanding participant behavioral trends, particularly consumer experiences with VR, AR, and the metaverse. We also assessed consumer appetite for these technologies. There were 206 respondents above the age of 13 residing in the United States and Canada. Our sample skewed female between the ages of 18 and 35 and with bachelor’s degrees or higher. 

VR:Beyond Games and Thrill Rides

The most commonly experienced VR activities among people were games and thrill rides, with 60% of respondents having tried VR games and 38% having experienced VR thrill rides (respondents are allowed to select more than one choice). However, when consumers were asked about their interests in VR activities, we found that they desired more. While gaming remains a top interest presently, as shown in Figure 1, a greater proportion of people (45% of respondents) said that they would be interested in experiencing more VR concerts and music festivals (respondents are allowed to select more than one choice).

VR is no longer a novel concept for consumers surveyed, with more than 60% of our respondents having had prior experience with a VR headset. Impressively, among those who participated in a VR experience, 65% had a positive perception. Despite this data, consumers still have concerns about the technology. Currently, only 12% of respondents who had previously experienced VR own a VR headset. To better understand the reasons behind this low rate of VR headset ownership, we asked respondents who do not own a VR headset to select up to three reasons for not having one. The most commonly selected reasons were “too expensive” (54%), “lack of quality of content” (24%), and “motion sickness” (23%). These results suggest that the current state of VR technology fails to provide consumers with satisfying experiences at a reasonable price that would motivate them enough to purchase a VR headset.

AR: Enhancing Daily Activities

Our secondary research suggested that by 2027, the projected market revenue for AR gaming will be twice that of AR social media (Statista, 2022c). Interestingly, despite this projection, it is worth noting that currently, people appear to be more familiar with the utilization of AR in social media as compared to AR games. Out of the total sample, 43% reported previously utilizing AR technology. When asked to select up to three AR experiences they have experienced previously, over 78% of respondents confirmed using Snapchat or Instagram AR face filters or Zoom AR avatars. In comparison, 70% of respondents reported having played AR games, such as Pokémon Go.

AR technology superimposes a layer of digital elements over real world objects, locations, and scenes. Our respondents wanted AR technology to improve experiences such as concerts or music festivals (51%), education-based content (43%), games (40%), and films (38%). Despite these potential benefits, not all respondents were aware of AR technology. A notable 35% of respondents expressed concerns that some existing AR applications failed to provide clear instructions on how and where to use AR to improve user experiences (as shown in Figure 2). Other concerns included battery drainage (31%), perceived lack of value (22%), and inconvenient mobile access (21%). Respondents were allowed to select up to three choices.

The Metaverse: An Emerging Platform for Social Experiences

Although the metaverse is still unfamiliar to many (with only 12% of our respondents having interacted with it), 94% of our respondents wanted to be a part of it, suggesting that there is a growing interest in the topic. Additionally, of the 12% who had experienced the metaverse, 62% reported having a positive experience. This suggests that the metaverse has significant potential to attract and engage a large audience in the future.

According to our secondary research, the gaming industry is expected to play a significant role in the metaverse (Statista, 2023a). In contrast, our survey results suggested that social experiences were the primary drivers motivating individuals to join the metaverse, followed by “participating in live entertainment” (42%), as shown in Figure 3 (respondents are allowed to select more than one choice).

In addition to excitement about joining the metaverse, our research indicated that users also had some concerns. When respondents were asked to select up to three choices, the top three apprehensions selected were “lack of general understanding” (48%), “lack of regulations” (43%), and “lack of interesting content” (43%). These findings suggest that users are still evaluating the potential value of the metaverse. As the platform evolves, it will be important to address these concerns and provide clear guidance and regulations (such as policies on privacy and content moderation), to better ensure that users have positive experiences.

Consumer Content Preferences

Our research revealed interesting insights into user preferences for the content format, specifically length. With diverse content competing for attention, it is important to understand what types of content individuals prefer. Our findings, presented in Figure 4, demonstrate that the younger generation between the ages of 13 and 17 overwhelmingly preferred short-form content (e.g., YouTube shorts, TikTok videos, Instagram reels). On the other hand, individuals over the age of 46 consumed long-form content (e.g., movies, TV shows) significantly more than short and mid-form content (e.g., YouTube videos, vodcasts, live streaming). Although a shift in demand for different types of content has occurred, it is worth noting that consumers between ages 18 and 45, who make up the majority of the population and the primary focus of our client, are comfortable with any form of content.

Industry Interviews

Blockchain native (aka Web3) entertainment is still in its early stages, leading experts to having different perceptions of what the technology entails. Despite diverging views, experts' opinions remain significant to us as we can analyze their differences, commonalities, and alignment with our survey findings.

We conducted 11 interviews with industry professionals who specialize in Web3. The interviewees included interactive storytellers, blockchain entrepreneurs, VR, AR, and metaverse experts, and Web3 thought leaders. Our team asked questions regarding their general understanding of the Web3 landscape (key players and trends), barriers to entry, and promising business opportunities in the metaverse. Based on their input, we summarized B2B strategies into three insights:

1. The future of the metaverse lies in nonlinear storytelling.

2. There are major barriers to entry within Web3.

3. The metaverse should function as an extension of the real world rather than as an avenue for escapism.

Nonlinear Entertainment

Although technology can be appealing, it is ultimately content that captures the attention of most audiences. While that statement may seem obvious, we want to emphasize that nonlinear form of entertainment, due to its immersive and interactive characteristics, is an essential component of the metaverse. Game formats that include multi-story narratives, multiple endings, quests, and user-generated content fall into this category. Andy Anderson, the Head of Entertainment at a Web3 production company, Faculty Group, observed that users tend to lose focus on linear storylines and prefer to “wander around” in virtual reality. On the other hand, gaming, as a typical nonlinear form of entertainment, has been successful in letting users feel like the creators of their own narratives (A. Anderson, personal communication, March 2, 2023).

Companies have now started acknowledging the potential for VR, AR, and the metaverse and have started developing games that incorporate these elements, such as Decentraland, Illuvium, and My Neighbor Alice. Despite corporate enthusiasm for game development, there is still a lack of quality content for consumers, as indicated by our survey results. As an industry professional said, “VR right now is the theater before Shakespeare, and we need Shakespeare” (Anonymous, personal communication, February 13, 2023). Fortunately, there are numerous verticals to produce content beyond gaming that utilize the advantages of Web3 technologies. E. Hanson, the CEO of Blueplanet VR, underscored this trend and spoke to the promising future of non-gaming content, such as fine arts, publishing, and sports (personal communication, February 13, 2023).

Another key element that most media companies strive to acquire is intellectual property (IP). The importance of IP is well-known, but in the metaverse, its potential is even greater as it allows individuals to experience a single IP brand across various platforms. For instance, users can not only immerse themselves in a Harry Potter game, but also socialize, attend music concerts, or create short-form content as a Harry Potter character. In this cross-platform distribution scenario, proprietary IP expands the distribution of Harry Potter as a digital character. which is also an emerging field in the metaverse. According to experts like Mark Curcio, founding partner of Bain and Company LA (personal communication, December 1, 2022), the role of digital talent is another emerging trend in the metaverse. While nonlinear entertainment can be seen as the cornerstone of the metaverse, linear entertainment formats can still be valuable if elements of the IP, such as characters or settings, become assets for users to experiment with as part of their nonlinear experiences.

Major Web3 Barriers to Entry

Our industry interview subjects stressed that a major issue for both creators and consumers is significant barriers to entry. As Emmy-winner Bernie Su emphasized, increasing accessibility is the key to fully transitioning to the new era (personal communication, January 9, 2023). Jargon poses the single greatest challenge for the general audience as noted by many of our experts. With each participating company offering its own definition of Web3 and the metaverse, users and B2B prospects can be intimidated by the attendant technical terminology before they can even begin to understand how these platforms can improve their lives or generate revenues (A. Anderson, personal communication, March 2, 2023). In the early 2000s, Web 2.0, or the current version of the Internet, may have seemed confusing to many people. However, once users are aware of what values the technologies can add to their daily lives, they are willing to adopt the new technologies. For example, the development of social sites such as MySpace and Facebook fulfilled users’ need for interactions, which propelled them to flock to the Internet. All technologies may be confusing at first, but only with an essential and clear appeal for the general audience rather than jargon, people will adopt and use new platforms. The current limitations of headsets are also a significant challenge. Jia Shen, the co-founder, and CEO of AKA Virtual, stated, “If they (VR companies) can’t persuade their grandmas to put a headset on, it’s not ready” (personal communication, December 1, 2023).

If a new technology finds its way to become an indispensable part of daily life, its mass adoption is ensured. Twenty years ago, smartphones were a luxury while today, they are an indispensable commodity. As noted by Mark Curcio, when a technology becomes a “must-have”rather than an “okay-to-have,” it will have a clear path to success in the market (personal communication, December 1, 2022). Another example that is on its way of becoming a “must- have” is Generative AI like OpenAI’s ChatGPT. Although a relatively new technology, it has become the fastest-growing consumer application in history because people fear being left behind by the novel advancements it is driving in various fields (Dennean et al., 2023).

Extension of Reality versus Escapism

To fully realize the potential of the metaverse, it must be seen as more than just a tool for escapist entertainment. While entertainment media such as films, television shows, books, and video games offer an avenue for people to escape their everyday lives, the metaverse has the potential to expand our reality into a virtual world. According to Charlie Fink, a Forbes tech columnist, the metaverse is essentially a “digital twin” of the physical world, capable of serving as an effective communication medium. Advanced tools, especially AR and VR, can help facilitate connections in the metaverse that may not be possible in the physical realm, such as being in the same space with a friend from another continent to enjoy a movie or collaborate for work (personal communication, February 10, 2023).

Many experts highlighted that Web3 can revolutionize direct-to-consumer relationships, with decentralization placing more power in content creators’ hands. Web3 presents great potential to connect consumers and creators. For instance, since our survey data indicates that music events leveraging VR and AR technologies have extra appeal to most respondents, facilitating parasocial relationships can be a valuable area to explore. According to Anderson, “I want The Weeknd to know that he was the No.1 person on my Spotify Wrapped, but he doesn’t” (personal communication, March 2, 2023). The anecdote highlights the value of using decentralized data to build direct-to-consumer experiences and establish a sense of community between creators and their audience. 

According to many of our interviewees, the true value of platforms in the metaverse lies in their ultimate mission, rather than their underlying technology. Therefore, companies should focus on marketing their “what” rather than their “how.” Instead of highlighting technical features, companies should promote the ways in which their products solve problems and meet people's needs. As Anderson pointed out, we need to “use Web3 technologies to solve Web2 problems” (personal communication, March 2, 2023).

For example, digital wallets offer consumers the ability to store a “digital profile” that can be used for socializing, consuming content, and making purchases in the metaverse (B. Weiner, personal communication, March 2, 2023). Unlike Web 2.0, where all the information is centralized by big tech companies, Web3 allows users to retain control over their personal data. Digital wallets further empower consumers with the ability to access and manage their own data and can foster brands’ deeper connection with the consumers. Showing how digital wallets can transform people’s lives and revolutionize the way they engage with brands will be more appealing than explaining to consumers or brands how the technology works or how cool the features are.

Finally, many brands and entertainers continue to operate their direct-to-consumer business using traditional Web 2.0 structures like e-commerce despite the rising interest in Web3. For example, the luxury retail-chain, Bloomingdale’s, created virtual storefronts during New York Fashion Week to commemorate its 150th anniversary in 2021 (Hall, 2022). While this is a promising concept, it is still brand-centric rather than consumer-centric. On the other hand, the metaverse is a model where information is supposed to be more open and transparent. Its underlying foundation promotes the idea that consumers should be empowered to securely share their digital information and profiles in their digital wallets based on their own preferences.

summary & conclusions

Our survey indicated that consumers were most interested in using AR and VR to enhance experiences in concerts, educational content, and gaming. Respondents also indicated that they were interested in joining the metaverse to participate in social experiences and to attend live music events. From our industry interviews, we found that immersive content in the metaverse is likely to thrive as non-linear stories and expand from gaming to verticals such as fine arts, publishing, educational content, and live sports. So far, the most significant barriers to entry for both consumers and creators are the lack of quality content, jargon, and limited adoption of technologies such as VR headsets. To become an essential part of users’ lives, the metaverse needs to highlight its function as an extension of reality and a communication medium. In chapter 4, we will give actionable recommendations to XRM based on our findings and explain how they should shift their business focuses to best capitalize on these technologies.

Cultivating fandom is another key action. As noted earlier, those fans who engaged with the AR elements in the television show The Circle were rewarded with character secrets and exclusive story hints.  Shows could provide rewards such as free AR filters and avatars for fans who choose a faction. Furthermore, the inclusion of a small QR code in the end credits of films could allow moviegoers to see post-credit sequences and behind-the-scenes footage on their phones.

Another emerging trend in the AR advertising market is ad gamification, which uses mobile AR games to promote goods and services. 

Concerts in the Next Age: Using Immersive Technologies

Immersive concerts and live events offer another avenue for engagement and revenue generation. There are many music platforms in the metaverse such as Vrroom Studios, Nexr Technologies, and Soundscape VR, and the VR and AR live entertainment market is projected to grow to approximately $9 billion by 2025 (World Economic Forum, 2017).

Industry interviews showed that consumers want to experience social events as avatars. Attending music festivals as avatars gives users the best of both worlds - experiencing their favorite artist up close while enjoying the music from the comfort of their homes. The use of haptic technology, as mentioned earlier, only reinforces the realism aspect of these immersive experiences. Virtual avatar creators can potentially be utilized to offer digital avatars to personalize the concert-going experience and audience participation in metaverse performances.

Moreover, major brands frequently incorporate emerging technologies into the virtual concert space. In 2018, Maroon 5 and Verizon Up partnered with Snapchat for an AR karaoke feature at their concerts, where fans were encouraged to sing along with their favorite artists (Dragani, 2019). In August 2022, Snapchat partnered with Live Nation concerts to bring AR elements to their events (Spangler & Wallenstein, 2022). Ariana Grande’s concert in the metaverse was estimated to have garnered her over $20 million in revenue, including merchandise sales (Rozema, 2022). Such ventures open the gates to the lucrative world of digital merchandising, which ties back to the world of AR advertising we touched upon earlier. Clearly, there is a demand for VR and AR in the virtual concert space.

Metaverse Collaboration

Based on our survey results, we recommend collaborating with existing metaverse platforms. Companies can create virtual spaces in these platforms, where people can come together and collaborate. Virtual work is increasing with such a rapid speed that we predict metaverse collaboration to be the future. Jia Shen stated that many members of Gen Z prefer to work remotely and interact through avatars rather than in person, and this platform would give them the perfect opportunity to do so (personal communication, December 1, 2023). A study done by KPMG in 2022 also indicated that out of 1000 U.S adults that were surveyed between the ages of 10 to 65, about 78% said that they see value in immersive interactions in the metaverse (Takahashi, 2022).

In an immersive metaverse platform, users in different parts of the world can come together and collaborate, getting the feeling of being physically present with each other. They can enter this platform either through VR headsets or their computers. Users can customize multiple versions of personal avatars, play games, watch movies and experience educational and entertainment content in 4D. The platform also allows for group work to be done with ease by being able to video call people, media share files, images, and presentations, and use popular collaboration apps like Slack and Google Drive. A company’s metaverse platform can be used by educational institutions for classes, and corporate companies for training employees. The KPMG survey stated above also showed that 76% of respondents see value in on-the-job training and education in the metaverse. The platform could be a one-stop shop for every social experience and collaboration rather than going to different applications for different needs. Our client can establish their brand existence in the virtual space by making this business move.

We recommend partnering with Spatial, Engage, VR Chat, or Horizon Worlds. Currently, Spatial is one of the top metaverse platforms. Spatial is expanding its platform to an interoperable metaverse that includes digital wallets as well as collaborating with artists to give fans an experiential engagement (Sprigg, 2021). Engage, which is focused mainly on educational and corporate training content, has more than 100 customers including Abbott Laboratories, KPMG, MongoDB, and the US State Department (Hayden, 2021). Even though Horizon World’s recent layoffs have raised questions about the future of the metaverse, Mark Zuckerburg stated that “major technological waves driving our roadmap are AI today and over the longer term the metaverse” (Hayward, 2023). As Jia Shen observed about the popular social platform VRChat, “VRChat is creating a very deep social experience that is changing people’s social interactions… If you’re doing subculture or micro-communities that are different from what you’re doing in real life, you can gather different types of deep emotional responses there” (J Shen., personal communication, December 1, 2023).

This research was conducted as a core component of the Master of Entertainment Industry Management degree at The H. John Heinz III School of Public Policy and Management at Carnegie Mellon University.  The research team included: Aarushi Jain, Thomas Kalnas, Sydney Roberts, Kopal Srivastava, Feiyu Su, and Linshuang Wu

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