The Metaverse space dedicated to entertainment such as virtual concerts, video games and movies is expected to grow to a value of $28.92 billion from 2021 to 2026, according to a study by market research firm Technavio. . Part of this growth will occur in the U.S. market due to the intersection of game and movie companies.
Growing entertainment metaverse driven by consumer adoption
The metaverse and its future adoption continue to be under active investigation by market forecasting firms.a report Market research firm Technavio published on November 11, determined that the market size of entertainment-related metaverse initiatives will reach $28.92 billion from 2021 to 2026.
The report identifies two key areas driving this growth, including increased consumer spending on virtual concerts and virtual events enabled by advances in virtual reality (VR) and augmented reality (AR) technologies. I’m here. A second important factor is the increasing adoption of online games. This, combined with the aforementioned technologies, provides a level of immersion that drives spending in this space.
However, the study also presents challenges to market growth, such as privacy and security concerns in the metaverse.This problem is already institution Like the World Economic Forum (WEF) and INTERPOL, the latter already Start-up to bring their services into the police-focused metaverse.
New trends and the role of the US
The study further predicts the rise of the metaverse in filmmaking, arguing that films will become interactive and viewers will be able to influence cinematic environments using VR technology for this purpose. I am predicting. There have been previous attempts to achieve this, but none have met with mass mainstream success.
Research indicates that most of the expected metaverse growth will come from the United States due to a combination of factors. 33% of the increase occurred in the region, thanks to “the rapid convergence of the entertainment industry and the driving force of gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and increased investment in creating” It is predicted that Provides a more immersive gaming and entertainment experience. “
Other reports also make predictions about the metaverse in the entertainment industry. September 12, JP Morgan said China’s metaverse games market could explode to over $100 billion.Also, in March, predicted The Metaverse could be a $13 trillion opportunity.
What are your thoughts on the entertainment metaverse and its projected growth? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.