The Metaverse: Profit Potential and Marketing Missteps

A KPMG survey showed that 70% of global companies are investing less than 5% of their technology budgets in 2023 into the metaverse, while 27% have not invested at all. The metaverse has the potential to drive up business profits, but there is a lack of proven success for companies to pour big money into it now. Many in the tech, media, and telecom sector want to see evidence of greater metaverse usage before making significant investments. The biggest barriers to investing in and embracing the metaverse are lack of technology to support experiences, high cost of development, and a dearth of appropriate employee skills.