Global metaverse in entertainment market is anticipated to register growth with a lucrative CAGR in the forecast period, 2023-2027. Metaverse refers to a simulated digital environment that utilizes virtual reality (VR), augmented reality (AR), and blockchain, along with the trending concepts from the social media to create spaces for immersive user interaction, mimicking the real world. The market growth can be attributed to the rapid digital transformation going across several industries. Moreover, with the extensive adoption and acceptance of virtual events the media and entertainment industry went under colossal transmutations. This eventually is adding to the increased adoption of metaverse.
Furthermore, metaverse platforms enables immersive storytelling, world-building and unlocks fan creativity. The inclusion of such features facilitates the engagement of audience, hence provides them an immersive experience. Besides, increasing initiatives by various industry verticals to integrate metaverse into their businesses to make user experience immersive and memorable is acting as another growth-inducing factor for the market. For instance, in November 2021, NFL announced the launch of an online store from which the users can buy official jersey and helmets for all 32 teams. This online store was located in Roblox, a video game where users will be able to build their own games as well.
Moreover, the inclusion of advanced technologies such as AR/VR, cloud computing, IoT, and metaverse wearables altogether has commenced the era of virtual concerts in the metaverse. In addition, during the stringent lockdown conditions across the world due to COVID-19, several artists opted metaverse as a medium to perform for the pre-planned concerts. Metaverse enables the artists and content creators to collaborate, interact, and perform similar to the real life. Global bands and celebrities such as BTs, Travis Scott, Muse and several other artists have started opting metaverse platforms. Apart from this, the integration of metaverse in crypto is providing lucrative opportunities in terms of financial growth. Their use of blockchain infrastructure enables the user to tap into the wider crypto economy, allowing the exchange of virtual items for real economic profit.
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Market Segmentation
The United States is anticipated hold a significant market share in the coming years due to rapid digital transformation across several industries.
Company Profile
Aomen City, Epic Games Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta Platforms Inc., Niantic Inc., OverActive Media Corp., Qualcomm Inc., Queppelin, Roblox Corp, and Tetavi Ltd. are the leading market players responsible for the growth of global metaverse in entertainment Market.
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Platform · Technology · End-User |
| Regional scope | North America, Europe, Asia Pacific, Middle east and Africa, South America |
| Key companies profiled | Aomen City, Epic Games Inc., Hungama Digital Media Entertainment Pvt. Ltd., Meta Platforms Inc., Niantic Inc., OverActive Media Corp., Qualcomm Inc., Queppelin, Roblox Corp, and Tetavi Ltd |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
