© Reuters. Metaverse Spending Could Reach $5 Trillion by 2030, Says McKinsey
By Sam Boughedda
Consulting company McKinsey & Co said in a report that annual global metaverse-related spending could reach $5 trillion by 2030.
The Wall Street Journal said the report stated that e-commerce spending will make up approximately $2 trillion to $2.6 trillion of the total, with virtual advertising comprising around $144 billion to $206 billion. That significantly eclipses the $93 billion spent on artificial intelligence last year, according to McKinsey.
The McKinsey report also says the metaverse will have five types of daily activities, gaming, socializing, fitness, commerce, and remote learning.
According to McKinsey’s poll of 3,104 consumers, 79% of people said they have already made a purchase in the metaverse, with 47% of that number stating they had made in-game purchases.
Various brands have already entered the metaverse. However, Meta Platforms Inc (NASDAQ:) which is trying to build its own metaverse via its Oculus virtual headsets, has previously stated that it has a retention issue.
However, Lareina Yee, a senior partner at McKinsey, said, “people are signaling that connection is probably their number one interest.”
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