
Competition watchdog in the UK warns of negative AI consequences
An increase in fake reviews and false information, as well as flouting of consumer protection laws, are all possible results of the AI boom.
THE METAVERSE
By our News Team | 2022
Consultancy says this “represents a strategic inflection point for companies” and a significant opportunity to influence the way we live.
Is the Metaverse really going to be as big as some techies and marketers predict? Management consultancy McKinsey & Company thinks it is going to be very big indeed – with the potential to grow up to US$5-trillion in value by 2030.
McKinsey’s new report, entitled ‘Value Creation in the Metaverse’, shows e-commerce as the largest economic force ($2.6-trillion), ahead of sectors such as virtual learning ($270-billion), advertising ($206-billion), and gaming ($125-billion).
Image by Tumisu from Pixabay
“The Metaverse represents a strategic inflection point for companies and it presents a significant opportunity to influence the way we live, connect, learn, innovate and collaborate,” said Eric Hazan, Senior Partner at the consultancy.
“Our ambition is to help leaders of both consumer and B2B companies better understand its power and potential, identify strategic imperatives, and act as a force for its evolution.”
Already this year, companies, venture capital and private equity firms have invested more than $120-billion in the metaverse—more than double the $57-billion invested in all of last year.
The study says multiple factors are driving this investor enthusiasm:
Now it’s all becoming real as people spend real money
“While the idea of connecting virtually has been decades in the making, it is now increasingly real – meaning real people are using it and spending real money. And companies are betting big,” said Lareina Yee, another Senior Partner at McKinsey.
“Yet this booming interest has made it difficult to separate hype from reality. It’s worth remembering that while the bust of the first dot-com boom resulted in the disappearance of scores of companies, the internet itself went from strength to strength, giving rise to new entrants.”
Consumers are already there. McKinsey’s research shows consumers are excited about transitioning life into the Metaverse, with almost six in 10 (59%) consumers preferring at least one Metaverse experience over its physical alternative.
Among those consumers, certain types of activities stand out for being most preferred in the immersive world:
The report says business leaders see the Metaverse’s potential to drive impact and margin growth. Ninety-five percent of leaders say they expect the Metaverse to have a positive impact on their industry within five to 10 years, with 31 percent saying the Metaverse will fundamentally change the way their industry operates.
Perhaps more significantly, a quarter of leaders expect the Metaverse technology to drive more than 15 percent of their organisation’s total margin growth in the next five years.
An increase in fake reviews and false information, as well as flouting of consumer protection laws, are all possible results of the AI boom.
As tougher times bite, only 10% of CMOs believe their marketing investments will enable them to emerge better off than their competitors.
On-the-Go stores will extend the brand and be located on TotalEnergies service station forecourts to cater to motorists and busy consumers.
The social media platform’s ad revenue is up 25.8% year-on-year and is forecast to total US$71-billion for 2024.
Alliance offers a simple, fast and convenient experience for consumers to buy groceries online, with orders being delivered within an hour.
Consumer must feel that buying the product will somehow elevate them so that they sit more squarely alongside the influencer they follow.
What are the key things that people consider before buying online? Researchers find that the computer mouse holds important clues.
Bon Marché has typically confined itself to the affluent suburbs of Zimbabwe’s capital. Now it has opened in Marondera in Mashonaland East,
As rugby fans liken the SA national team’s alternative kit to the Checkers Sixty60 e-commerce platform, the brand seizes the opportunity.
Sports apparel company renews an old partnership with Newcastle United as it further cements its presence in top soccer competitions.
Interactive Advertising Bureau study finds internet advertising has reached a new high of 34% of the overall SA advertising market.
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.