Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says – Metaverse Bitcoin News

A study by Technavio, a market research company, has predicted that the area of ​​the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report says there are 33%. this growth will come from the US markets, due to the intersection of gaming and film companies.

A metaverse of entertainment to grow, fueled by consumer adoption

The metaverse and its future adoption is still a matter of active research by market prediction companies. A report issued on November 11 by Technavio, a market research company, has confirmed that the market size of the metaverse enterprises related to entertainment will grow to $28.92 billion in the period from 2021 to 2026.

The report identified two key areas that will drive this growth, including increased consumer spending on virtual concerts and virtual events, made possible by the growing advances in virtual reality virtual (VR) and augmented reality (AR) technologies. The second main factor is the increase in the adoption of online games, which, together with the mentioned technologies, offer a level of immersion that encourages consumption in this area.

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However, the study also shows that there will be challenges to market growth, including privacy and security concerns in the metaverse. This issue has already been raised by institutions such as the World Economic Forum (WEF) and even Interpol, with the latter already beginning to introduce their services into a metaverse focusing on the police.

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The study further predicts the growth of the metaverse in film production, predicting that films will become interactive and that viewers will be able to influence cinematic environments, using technology VR for this purpose. Attempts have been made to achieve this in the past, but none of them have been widely successful.

Most of the projected metaverse growth will come from the US, according to the study, as a result of a confluence of factors. 33% of the increase is expected to come from the region thanks in part to “the rapid convergence of the entertainment industry and the appeal of gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and more investment to create. more immersive gaming and entertainment experiences.”

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Other reports have also made predictions about the metaverse in the entertainment industry. On September 12, JPMorgan said that China’s meatverse gaming market could explode to more than $100 billion in value. Also, in March, Citi predicted that the metaverse could be a $13 trillion opportunity.

Tags in this story

AR, China, Citi, growth, interactive film, Metaverse, entertainment metaverse, Online Gaming, technavio, UU, VR

What do you think about the entertainment metaverse and its expected growth? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He explains that he is late to the game, entering the cryptosphere when the increase in prices occurred in December 2017. With a background in computer engineering, living in Venezuela, and influencing on the rise of cryptocurrency at a social level, he offers a different perspective. about the success of crypto and how it is helping the unbanked and underserved.

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