Metaverse Mania Cools for Many, but Not for Marketers
Metaverse Mania Cools for Many, but Not for Marketers
Metaverse Mania Cools for Many, but Not for Marketers
Marketing executives still say they will spend more on the metaverse this year even as some consumers and tech companies lose interest in the concept
Even while some of the metaverse’s biggest proponents are scaling back or shutting down spending on their visions for virtual worlds, many marketers are standing firm.
Forty-six percent of consumer brand marketers say they will increase their metaverse budgets this year, and only 12% say they will spend less, according to a 2023 Forrester Research survey.
With the current metaverse market downturn, it is striking that many big brands still say they will continue making long-term investments in the immersive, three-dimensional digital experiences that define the metaverse.
Mastercard Inc., which last year helped host a virtual Grammy Awards red carpet on popular online game platform Roblox, plans to fund more branded metaverse experiences.
Roblox is on track to double the number of branded worlds it hosts this year. Recent examples include Roblox experiences backed by retail clothing brand PacSun and restaurant-and-entertainment chain Dave & Buster’s.
Metaverse campaigns’ potential value can outweigh their modest price tags, even when they are less effective than envisaged, marketers said.
Want to learn more about why the many marketing executives are continuing to invest in the metaverse?