Metaverse Overview
Since the last few years, the world has been witnessing an internet evolution that equates to the innovations from the DotCom or Social Media era. The internet is developing to its third generation (Web 3.0) where it provides a more virtually immersive experience in the virtual worlds, making it easier for users to communicate with each other and explore together.
The "Metaverse" term was first defined by one of the best SciFi writers, Neal Stephenson, inside a fantastic novel named SnowCrash, published in 1992. It refers to the convergence between physical and virtual worlds in an online space. The Metaverse concept took center stage in late 2021, thanks in part to incorporating blockchain technology into GameFi, but also clearly driven by the growth of virtual reality headsets, augmented reality, and NFT. Not surprisingly, tech titans like Apple, Google, Microsoft and Meta are setting foot into the Metaverse industry, investing in the fusing landscapes of both digital and real-world economics.
Bloomberg has projected that the Metaverse industry will reach $800 billion by 2024 vs about $500 billion in 2020 with an annual growth rate of 13.1%.
Moreover, revenue from live entertainment businesses that can become part of the Metaverse concept – films, live music and sports – may exceed $200 billion in 2024 based on data from PwC, Statista and two Circles:
Live Nation Concerts Revenue ($M) on Recovery Path
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