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THE METAVERSE

Consumer awareness of the metaverse is rising rapidly, study finds

By our News Team | 2022

But understanding remains low and only 15% of people know what it is and can explain it to someone else.

International advertising and marketing services agency, Wunderman Thompson, has just published New Realities: Into the Metaverse and Beyond, an analysis and roadmap for the industry which expands upon its previous Into the Metaverse study. 

While the original study has been valuable, Wunderman Thompson says this new paper gives brands and agencies clear directions in a tech field which 74% of people feel will be the future.

The latest 2022 survey – based on insights gleaned from over 3 000 interviews with people aged 16-65 in the United States, United Kingdom and China during March this year – shows that awareness of the metaverse has more than doubled in less than a year. 

While less than a third (32%) of interviewees had heard of the term in July 2021, by March 2022 almost three quarters (74%) had heard of the metaverse.

The Metaverse

Image by Nurudeen Alidu from Pixabay

Awareness is up, but understanding remains low

But although awareness has increased markedly, understanding remains low. The research also found that there is a lack of clarity around what the term means, with only 15% stating that they know what the metaverse is and can explain it to someone else.

Despite being unable to explain the metaverse, consumers believe that it promises to impact our lives significantly. Among those who know what the metaverse is, two thirds believe it will be life-changing, with 74% stating that it is the future.

Emma Chiu, Global Director of Wunderman Thompson Intelligence and author of the reports, says: “As ever-greater portions of our lives move into the virtual realm, it’s becoming increasingly clear that the metaverse will be instrumental in our collective future, with our follow-up survey uncovering widespread expectation that the metaverse heralds enormous changes to almost all industries.”

Areas in which consumers are expecting to see innovation include entertainment – where 90% of respondents held this belief – followed by advertising and retail. Meanwhile, 85% believe the metaverse will impact the fashion industry and also the world of work.

Naomi Troni, Global Chief Marketing and Growth Officer at Wunderman Thompson, adds: “It’s critical that brands establish a roadmap for entry into the metaverse. However, there are concerns too around privacy, security and safety. So, while our latest findings indicate almost limitless opportunities for brands – enabling them to reimagine what their products, services and consumer engagement could and should look like – we must also enter this new world with care.”

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.