On October 28, 2021, Facebook changed its name to Meta during its yearly conference called 'Connect.' At the event, Mark Zuckerberg and his team introduced something new called the Metaverse – an exciting concept that was then quite a novelty.
But what is this immersive experience you can access as an avatar through augmented reality glasses? We've got 10 Metaverse statistics to understand the next Internet revolution better.
What is the Metaverse?
The Metaverse is a virtual space you can access using VR headsets.
This immersive experience will allow users to connect without the need to be in the same physical place to perform together (or alone) almost any daily activity from 3D digital scenarios that will be created around the world.
These activities include working, playing, exercising, shopping, learning new knowledge, or attending concerts.
But how far ahead is the Metaverse today? Check out these statistics to understand the current landscape.
Key Metaverse statistics in 2023:
1. Meta spent more than $13 billion in the development of the Metaverse
Reality Labs is the name of Meta's VR in charge of making the Metaverse a reality. However, even though this new whole universe is planned to be a reality in 5 to 10 years, things are moving slowly.
By the end of 2022, Meta had invested around $1 billion monthly in the Metaverse, still waiting to see results. Losses exceed $13 billion, and in 2023, the matter has mostly stayed the same.
According to this year's Q2 financial report, Meta again reported losses in Reality Labs of $3.7 billion.
2. Horizon Worlds, Meta's flagship social VR app, has less than 200,000 monthly users
According to recent reports, Horizon Worlds, the biggest Meta social VR app, is currently experiencing a decline in its user base.
According to a Wall Street Journal report, although Meta wanted 500,000 users by the end of 2022, they had to lower their expectations. By 2022's Q3, Horizon Worlds had only 200,000 monthly users, a significant decrease from the 300,000 users reported in February 2022.
Despite being touted as one of the leading metaverse platforms in 2023, Horizon Worlds' monthly users could have dropped to less than 200,000.
However, YouTuber Jarvis Johnson noted that when he spent a week in Horizon Worlds, only around 900 people were online each day.
3. In 2022, Meta's Reality Labs had over 10,000 people working on Metaverse projects
Meta's heavy investment in the metaverse raises questions about the project's financials.
In 2022, they allocated a substantial workforce of over 10,000 individuals to work on metaverse-related projects, making some investors say Meta should cut its workforce by 20%.
To save money, the company is making changes like reducing the size of its offices and slowing down how many new people it hires for Reality Labs projects.
Adoption of the metaverse by the public
Despite the money troubles, Mark Zuckerberg still believes in this VR world idea. The Metaverse's growing appeal isn't surprising. What started as a tech giant's vision now draws interest from big and small businesses.
Here is how the Metaverse is catching on with the public in 2023:
4. In January 2023, Google saw an average of 1.9 million searches globally for the term "metaverse"
The Metaverse has become the talk of the town, and it's not just techies who are interested. In January 2023, Google recorded a whopping 1.9 million searches worldwide for the word "metaverse."
That's a considerable increase from the 33,000 searches they saw in 2021. So, it's safe to say that the Metaverse is becoming a hot topic.
5. In 2022, the market for Metaverse in real estate was valued at $1.14 billion
In the world of the Metaverse, real estate isn't about physical buildings; it's all about virtual properties.
Imagine developers crafting and selling digital lands and architects designing one-of-a-kind virtual buildings and spaces. The real estate industry is seizing the opportunity with the Metaverse user base expected to grow.
In 2022, the market for Metaverse real estate was worth $1.14 billion, and experts predict it could reach nearly $15.7 billion by 2030.
6. 33% of surveyed brands invest 10-20% of their budgets in Metaverse projects
Besides Meta, other big names such as Microsoft, Google, and Apple are into virtual reality (VR) tech, trying to get a piece of the action in this growing field.
The idea of the metaverse is expanding more and more to the point that even fashion brands like Burberry and Dior also set up digital shops where you can buy stuff using an avatar.
According to Sortlist, 33% of 200 brands put 10-20% of their budgets into VR projects. That makes sense because the Metaverse could become a hot spot for business. Virtual worlds are getting more advanced and realistic, offering companies many chances to try new things.
Even giants like Nike and Coca-Cola use the Metaverse to sell their stuff through cool games and experiences.
So, as more people jump into virtual reality, it's pretty clear that investing in the Metaverse isn't just for tech experts—it's a must for businesses that want to succeed in the digital age.
7. The global VR headset market was valued at $4.1 billion in 2022
People and businesses are starting to see the potential of VR, and headsets are a big part of the experience.
VR apps and games are gaining popularity in various fields like manufacturing, retail, gaming, education, medical training, and industrial design, making the global VR headset market worth a whopping USD 4.1 Billion in 2022.
While we are still a long way from a mature metaverse, experts predict that the market could grow to USD 5.88 Billion by 2030, with a steady annual growth rate of 5.3% between 2023 and 2030.
8. Sales of VR headsets in the U.S. dropped more than 12% in a year to 9.6 million in 2022
Meta has been a big player in the VR game with its Quest 2 headset. Even though it's the leader in the VR market, sales of its flagship device went down in 2022. However, experts think this is because the Quest 2 had a big year in 2021.
Sales in the U.S. dropped by more than 12% compared to the previous year, totaling 9.6 million units sold. That might seem surprising, especially with all the buzz around the metaverse, but it tells us that VR is still finding its footing.
Demographics of the Metaverse
While the Metaverse has been proposed as a space that will popularize virtual activities from a 100% immersive point of view, large companies have directed their efforts to conquer the most Internet-friendly groups.
These are the most desirable audiences in this new, growing virtual space:
9. 19.9% of companies investing in the Metaverse identified big brands, men, and Gen Z as their primary target audience
Companies understand the Metaverse as a place where they can do business. They're interested in more than just making it fun; they want to make it useful.
10. 35% of women are power users of the Metaverse, compared with 29% of men.
Surprisingly, in the world of the Metaverse, women take the lead when spending time shaping and driving Metaverse initiatives in this digital realm.
According to data, in 2022, 41% of women used primary Metaverse platforms for over a year, while only 34% of men can say the same. The remaining 25% used the metaverse less frequently.
A McKinsey research shows that 35% of women are power users, spending more than three hours a week in the Metaverse, compared to 29% of men.
Summary: Metaverse Statistics
- Meta has lost more than $13 billion in the development of the Metaverse.
- Horizon Worlds, Meta's flagship social VR app, has less than 200,000 monthly users.
- In 2022, Meta's Reality Labs had over 10,000 people working on Metaverse projects.
- In January 2023, Google saw an average of 1.9 million searches globally for the term "Metaverse."
- In 2022, the market for Metaverse in real estate was valued at $1.14 billion.
- 33% of brands today invest 10-20% of their budgets for Metaverse projects.
- The global VR headset market was valued at $4.1 billion in 2022
- Sales of VR headsets in the U.S. dropped more than 12% in a year to 9.6 million in 2022.
- 19.9% of companies investing in the Metaverse identified big brands, men, and Gen Z as their primary target audience.
- 41 % of women had used a primary Metaverse platform for over a year, compared with 34 % of men.
Even though big companies like Meta have spent a lot of money on the Metaverse and haven't made much profit yet, other tech companies, gaming companies, and shops are also getting into it.
Creating a digital world where you can work, have fun, learn, and more in 3D environments looks promising, and it's gaining more attention in many industries.
But the Metaverse isn't just for big brands; it's also opening up new opportunities for small businesses, artists, musicians, and creative people to show off their talents and connect with people in new and exciting ways, no matter where they are.
- Keynote | Mark Zuckerberg and Meta executives share their vision for the metaverse—the next evolution of social technology built by people like you. | By Reality Labs | Facebook
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- Metaverse in Real Estate Market Size USD 15698.24 million by 2030
- (Study) For companies, the metaverse business is too niche
- Metaverse is off to an ominous start after VR headset sales shrank in 2022
- Why Gen Z Prefers The Metaverse Over Reality - BeyondGames.biz
- Even in the metaverse, women remain locked out of leadership roles | McKinsey