As the concept of the metaverse has entered the mainstream, everyone from comedians to Wall Street analysts have taken to framing the much-hyped concept as a vague business meme that doesn’t stand a chance at success. Now, a survey from McKinsey refutes some of the skepticism directed at the metaverse.
It found that Gen Z, millennials, and Gen X consumers expect to spend between four and five hours a day in the metaverse in the next five years. Comparatively, a recent Nielsen study found that consumers spend roughly five hours a day watching TV across various platforms.
The McKinsey study surveyed over 1,000 consumers aged 13 to 70 to hone in on the expectations and realities of the transition from laptops and smartphones to wearable devices for virtual reality (VR) and augmented reality (AR).