by Aarushi Jain, Thomas Kalnas, Sydney Roberts, Kopal Srivastava, Feiyu Su, and Linshuang Wu

Web 2.0, launched in the 1990s, is the current version of the Internet that allows users to search for information, communicate with others through online channels, and publish user-generated content such as YouTube videos and blogs (Investopedia, 2022). While Web 2.0 has revolutionized the way users interact with each other, many cite that they have lost control of personal data to big tech companies. For example, there has been controversy over TikTok providing users’ personal data to marketers and, even worse, foreign governments (Maheshwari & Holpuch, 2023). Other tech companies like Meta used the same technique as TikTok to collect users' data to place targeted advertisements (Ellis & McPhillips, 2023). 

Web3 is a rapidly growing market that holds immense potential for businesses. Experts predict that by 2027, there will be 1 billion active users in Web3 (Kshetri, 2022). Broadly speaking, Web3 covers the underlying technology (blockchain) and its decentralized ownership model (DAOs, Non-Fungible Tokens [NFTs] and cryptocurrencies), and includes some (but not all) immersive user experiences (Zhao, 2022). This study primarily focuses on the immersive user experiences available through Web2 and Web3 ecosystems, specifically encompassing virtual reality (VR), augmented reality (AR), and the metaverse. This research is increasingly relevant to the core business of our client, XRM Media (XRM).

Importance of the Study

Even though VR, AR, and the metaverse are already a growing part of the consumer marketplace, it is still important to define these relatively new technologies since they are not yet mainstream. VR technology enables users to immerse themselves in and “interact with a computer-generated environment, a simulation of the real world or an imaginary world” (Akbari et al, 2022). In contrast, AR technology incorporates digital elements or objects into the real-world environment in real-time (Akbari et al., 2022). The VR market is expected to generate a global revenue of $20.8 billion, and the AR market is projected to grow to $31.3 billion by 2027 (Statista, 2022). The market projections indicate the potential growth and opportunities in these immersive technologies.

The definition of the metaverse is still evolving with the development and implementation of immersive technology. Science fiction author Neal Stephenson coined the term “metaverse” in 1992 (XR Today, 2022). Since then, movies such as Ready Player One (2018) and Free Guy (2021) have depicted different versions of the metaverse. Matthew Ball, former global head of strategy for Amazon Studios, defined the metaverse in his book, The Metaverse: And How It Will Revolutionize Everything. In his words, the metaverse is “a never-ending virtual world where everyone dresses up as comical avatars and competes in immersive VR games to win points, jumps into their favorite franchises, and acts out their most impossible fantasies” (Ball, 2022, p.21). According to Statista, the market size of the metaverse is projected to reach $486 billion by 2030, with an annual growth rate of around 35% (2023).

The emergence of VR, AR, and the metaverse has created numerous new business opportunities, with investments pouring in from prominent companies across the technology and entertainment sectors. Meta (formerly Facebook) and Sony have made significant investments in VR headsets, while Apple has launched its much-awaited mixed reality (MR) glasses in 2023 (Statista, 2022a).

AR products have become widespread in utility and game-based applications. Alphabet’s AR product, Google Lens, has 500 million downloads (Statista, 2023c). Nintendo’s AR game, Pokémon Go, has become a cultural phenomenon with over 70 million players worldwide in 2021 (Iqbal, 2023). Moreover, the metaverse has become a particularly popular area of interest. For example, Roblox, one of the most popular and financially successful metaverse gaming platforms, reported 55 million daily users as of February 2022 (Kshetri, 2022). Meta’s Reality Labs program is expected to cost $25 billion per year for a decade, an amount comparable to the cost of the Apollo Space Program (Statista, 2023a). Such a massive investment highlights the immense potential of the metaverse as a business opportunity. However, it is important to note that the recent layoffs at Meta are reported to largely affect its metaverse plans (Hayward, 2023). In addition, Meta’s VR platform, Horizon Worlds, reportedly remained “buggy and unpopular, leading Meta to put in place a ‘quality lockdown’” (Mac et al, 2022). In March 2023, Disney eliminated its metaverse team, founded in 2022 by former CEO Bob Chapek (Thomas, 2023). These examples demonstrate that immersive technologies are still evolving, and success is not guaranteed.

Companies should analyze consumer preferences and trends to navigate the unpredictable nature of the market and mitigate risk. Our research yielded valuable consumer insights in this emerging field, which we have shared in recommendations to XRM. Additionally, our interviews with industry leaders helped us identify several business-to-business (B2B) trends, which should prove of value to the company.

Research Frameworks

This research is dedicated to answering the following question: How can independent studios meet the demand for entertainment content for both B2B clients and partnerships and B2C (consumer market), specifically in the VR, AR, and metaverse verticals? To answer the question, we have explored:

1. What is the consumer demand for new technologies in the entertainment space?

2. Is there a shift in demand in the type of content consumers want to engage with?

3. What is the general understanding of consumers regarding these new technologies?

4. What do industry leaders think about the future for these technologies and their entertainment applications?

Methodology

We conducted primary and secondary research to answer our research questions. For secondary research, we reviewed books, journals, news articles, and market research reports related to VR, AR, and the metaverse, which provided us with insights into their current status and applications in the entertainment industry.

As a part of our primary research, we interviewed 11 industry leaders, including professionals specializing in Web3, independent studios, journalism, publishing, and immersive technology. Furthermore, we conducted a consumer survey to collect information to assess consumers' current interaction with advent technology (specifically AR, VR, and the metaverse) and appetites for content in the space. The survey was launched on February 9, 2023, and ended on March 31, 2023, during which 206 survey results were collected (United States and Canada-based survey participants).

Limitations of the Study

This project's research has three major limitations. First, our survey was restricted to convenience sampling as our distribution channels were limited. Second, due to legal and ethical considerations, we were unable to gather primary data on Gen Alpha, young people born between 2010 and 2024. Finally, some interviewees may be biased given their affiliations with our client, XRM.

Definition of Terms

We used the definitions of terms below throughout our study:

• Augmented Reality (AR): A technology that inserts layers of digital elements over real-world objects, accessible through smartphones, AR glasses, or “goggles” (Gillis, 2022).

• Avatars: Computer-generated 3D characters also known as “digital twins or doubles” that represent users through motion capture technology or imaginary characters (Gartner, n.d.).

• Blockchain: A shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network (IBM, n.d.).

• Centralized Database: The system in which all the data is stored and managed in a single unit (DatabaseTown, n.d.).

• Decentralized Database: Instead of large parts of the internet controlled and owned by large technology companies, ownership gets distributed amongst its creators and users (Ethereum, n.d.).

• Gamification: Applying competition, point scoring, and other elements of game playing to digital marketing campaigns to encourage engagement with a product or service (BI WORLDWIDE, 2023).

• Metaverse: An immersive virtual space where users and elements can interact through VR and AR technologies (XR Today, 2022).

• Non-Fungible Tokens (NFTs): Assets that have been “tokenized” via a blockchain. They are assigned unique identification codes and metadata that distinguish them from other tokens. NFTs can be traded and exchanged for money, cryptocurrencies, original art, or other NFTs (Sharma, 2023).

• Virtual Reality (VR): Computer-generated environments that users can experience through headsets and/or controllers, allowing them to immerse themselves in a simulated experience (Virtual Reality Society, 2017).

• Web3: A concept based on the development and implementation of decentralized technologies, particularly blockchain-based, for mass Internet use (Nix, 2023).

Summary

Web3 technologies will only scale in the future. Forward-thinking technology and entertainment companies are already either planning or entering this emergent market. Our study examines how independent studios like XRM can leverage their knowledge of B2C demand for VR, AR, and metaverse content to meet their B2B client needs. 

Current State of VR, AR, and the Metaverse

At present, VR applications are headset-based, with Meta’s Oculus Quest being the most popular, having sold over 15 million units to date (Naysmith, 2022). However, when compared to the billions of dollars that companies like Meta have invested in VR programs, this number still seems relatively small. Moreover, global shipments of VR headsets and AR devices have dropped more than 12% from 2021 to 2022 (Vanian, 2022). The shift from isolation during the pandemic back to a normal life was a contributing factor to this drop (Osterland, 2020). A tightening of consumer budget due to a weak economy also cut down the purchase of “non- essential” things such as VR headsets (Vanian, 2022).

Despite these challenges, the VR market is projected to grow significantly, with an estimated value of approximately $20 billion by 2027 (Statista, 2022b). As VR technology continues to evolve, there is room for improvement in the user experience. One promising area for improvement is haptic technology, which incorporates vibrations, motions, and kinetic forces into the controller, enabling users to feel the sensation of touch and adding a realistic element to the experience. The demand for this type of technology is expected to increase by at least 16% over the next two years (Boréas Technologies, 2022).

Unlike VR, which is headset-based, consumers mostly use AR on their mobile devices. The AR market is projected to grow to $24 billion by 2027, with a significant focus on gaming, which is expected to generate revenue of over $7 billion (Statista, 2022c). AR is also very prominent in social media, with Snap Inc. reporting that in 2021, approximately 1.5 billion individuals utilized AR through social or communication apps in the form of avatars or face filters like Snapchat or Instagram filters (2021). This number is expected to grow to 4.5 billion by 2024 (Snap Inc., 2021). Moreover, AR has also become an effective advertising tool to capture consumer attention, with studies demonstrating that AR advertisements generate 94% higher conversion rates, compared to ads without AR or 3D content (Shopify, 2020). As Figure 1 shows, the fast-food company Burger King launched a successful AR campaign titled “Burn That Ad” in 2019 that saw a 55% increase in sales on the Burger King app and garnered over a billion impressions worldwide (The Drum, 2019). While AR has promising growth prospects, it is imperative to address several challenges, such as latency in delivery and inaccuracies in the camera’s depth perception (ImagineAR, 2021).

The metaverse market is still in its nascent stage, and current network technologies are not advanced enough to achieve a metaverse as depicted in fictional work (Ball, 2022, p.48). Currently, the metaverse is presented in diverse forms with the most prominent examples being centralized platforms such as Roblox, Fortnite, and Minecraft (Statista, 2023a). In addition to such centralized platforms, there are also blockchain-based (Web3) metaverse platforms such as Decentraland and Sandbox Metaverse, where users can trade NFTs and claim ownership of digital assets. Experts predict that by 2030, the metaverse will generate over $930 billion in revenue (Grand View Research, 2023).

Consumer Awareness and Interest in VR, AR, and the Metaverse

While VR and AR are growing to be familiar technologies to consumers, the metaverse is comparatively still relatively novel. According to Ipsos, less than 40% of Americans are familiar with the metaverse, and only 10% of consumers have engaged with it (Peterson et al, 2022).

Despite the current low level of engagement, consumers are curious about the possibilities of experiencing a wide range of activities in the metaverse, including social events, gaming, entertainment, travel, and shopping (Elmasry et al., 2022). A survey found that 90% of respondents said that they want to get involved in the metaverse (Accenture, 2023).

Gaming is still the primary motive for people to purchase a VR headset. Over 80% of US households that currently own a VR headset have used it for gaming (National Research Group, 2022). However, it’s not consumers’ only interest. A survey shows that consumers also hope to use VR for activities like visiting museums, attending concerts, taking virtual fitness and cooking classes, participating in social events, and shopping (Statista, 2022b).

AR was first used for aviation, military, and industrial simulations but has since expanded its applications (Javornik, 2016). In 2023, one of the main motives for consumers to use AR is for shopping. AR enables them to try on shoes, glasses, cosmetics, and apparel without going to stores in a trend that is becoming increasingly popular (Pennington, 2022). Additionally, consumers have expressed an interest in using AR to experience conferences and live events like sports and concerts (Pennington, 2022).

Entertainment Industry Applications of VR, AR, and the Metaverse

The entertainment industry has been utilizing VR in different ways in addition to gaming. Yosemite VR, located in Oakhurst, CA, has become “the first permanent motion VR theatre in the U.S.” since its opening in July 2022 (Sheremetov, 2022). Studios like 360 Labs, East City Films, and MindVR have created abundant VR content for their entertainment clients (Sheremetov, 2022). Musicians also have integrated VR into their live performances with apps like MelodyVR. Additionally, VR has made its way into amusement parks. For example, Coastality in Europa-Park and The Demon in Tivoli Gardens (Sheremetov, 2022).

Mobile gaming is one of the most prominent AR applications in the entertainment industry. Utilizing computer vision, AI, and sensor data, AR mobile games like Pokémon Go, Walking Dead: Our World, and Ingress provide users with an immersive experience. AR is also currently being used by artists and TV shows in various ways. “A-list” musicians like Billie Eilish and Muse have integrated AR into their music videos and live performances. The Netflix game show, The Circle, used AR to engage audiences by allowing them to scan specific objects in the show to learn more about the contestants (Petrenko, 2021).

Entertainment companies have started to leverage the metaverse to strengthen their competitive footing in the industry. For example, studios are actively seeking ways to utilize the core technologies of the metaverse, such as game engines. Game engines are software development tools that allow users to create video games or other forms of digital media. The adoption of game engines has enabled studios to create special effects in The Lion King (2017) and The Mandalorian (2019) (Ball, pp. 118-119).

Despite the challenges faced by the introduction of new technologies, the markets for VR, AR, and the metaverse are projected to grow significantly. The research cited above has also proven that consumers are interested in engaging in various activities utilizing VR and AR technology, as well as in the metaverse. Part 2 of this research to be published August 15, 2024, presents a detailed analysis of the current state of consumer engagement with these technologies, challenges in adoption, and major B2B trends based on our primary consumer survey results and industry expert interviews.

The previous research was conducted as a core component of the Master of Entertainment Industry Management degree at The H. John Heinz III School of Public Policy and Management at Carnegie Mellon University.  The research team included: Aarushi Jain, Thomas Kalnas, Sydney Roberts, Kopal Srivastava, Feiyu Su, and Linshuang Wu

Resources

Accenture. (2023). Art of the possible to the art of the tangible. Retrieved from https://www.accenture.com/us-en/insights/software-platforms/metaverse-that-matters

Akbari, M., Ha, N., & Kok, S. (2022). A systematic review of AR/VR in operations and supply chain management: Maturity, current trends and Future Directions. Journal of Global Operations and Strategic Sourcing, 15(4), 534–565. https://doi.org/10.1108/jgoss-09-2021-0078

Arguelles, C., Barbour, C., Luber, A., Tuan, M., Parisi, T., & Soon, Z. (2021). AR Buyer’s Guide. International Ad Bureau [IAB]. Retrieved March 4, 2023 from https://www.iab.com/wp-content/uploads/2021/03/IAB_AR-Buyers-Guide_2021-03.pdf

Augmented and virtual reality: The promise and peril of immersive technologies. World Economic Forum. (2017, September 8). Retrieved May 6, 2023, from https://www.weforum.org/agenda/2017/09/augmented-and-virtual-reality-will-change-how-we-create-and-consume-and-bring-new-risks/

Ball, M. (2022). The metaverse: And how it will revolutionize everything. Liveright Publishing Corporation.

BI Worldwide (2023). What is Gamification? Retrieved April 06, 2023, from https://www.biworldwide.com/gamification/what-is-gamification/

Boiko, O. (2022) All You Need to Know About Location-Based Augmented Reality. WE/AR Studio. Retrieved March 4, 2023, from https://wear-studio.com/location-based-ar/

Boréas Technologies. (2022, November 24). Haptics and VR explained: How haptic technology is innovating VR. Retrieved February 5, 2023, from https://www.boreas.ca/blogs/piezo-haptics/haptics-and-vr-explained-how-haptic-technology-is-innovating-vr

[“Burn That Ad” Campaign by Burger King]. (2019). Retrieved May 6, 2023, from https://digitalagencynetwork.com/burger-king-uses-augmented-reality-to-burn-that-ad-digitally/

CMI. (2023) 13th Annual B2C Content Marketing Benchmarks, Budgets, And Trends. Content Marketing Institute. Retrieved April 06, 2023, from https://contentmarketinginstitute.com/wp-content/uploads/2023/01/B2C_2023_Research_Final.pdf

Cognitive Market Research. (2023, April 27). Web 3.0 market to hit $49.10 billion by 2030. PR Newswire. Retrieved May 2, 2023, from https://www.prnewswire.com/news-releases/web-3-0-market-to-hit-49-10-billion-by-2030-cognitive-market-research-301809436.html

DatabaseTown. (n.d.). What is centralized database?: Functions, advantages & disadvantages. https://databasetown.com/centralized-database-functions-advantages/

Dennean, K., Gantori, S., Limas, D. K., Pu, A., & Gilligan, R. (2023, February 23). Let's chat about ChatGPT. UBS. Retrieved from https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1585717.html

Dragani, R. (2019, July 31). Augmented reality will change concerts forever. Verizon. Retrieved May 6, 2023, from https://www.verizon.com/about/our-company/fourth-industrial-revolution/augmented-reality-will-change-concerts-forever

Edelman, G. (2021, November 29). The father of web3 wants you to trust less. Wired. Retrieved November 17, 2022, from https://www.wired.com/story/web3-gavin-wood-interview/

Elmasry, T., Khan, H., Yee, L., Hazan, E., Kelly, G., Zemmel, R., & Srivastava, S. (2022, June 14). “Value creation in the metaverse: The real business of the virtual world”. McKinsey & Company. Retrieved from https://www.mckinsey.com/~/media/mckinsey/business%20functions/marketing%20and%20sales/our%20insights/value%20creation%20in%20the%20metaverse/Value-creation-in-the-metaverse.pdf

Ellis, N., & McPhillips, T. (2023, March 30). Why a ban on TikTok won’t solve all data privacy concerns. PBS. Retrieved May 6, 2023, from https://www.pbs.org/newshour/nation/why-a-ban-on-tiktok-wont-solve-all-data-privacy-concerns

Ethereum. (n.d.). What is web3 and why is it important?. ethereum.org. https://ethereum.org/en/web3/

Gartner. (n.d.). Gartner Glossary. Gartner. Retrieved April 5, 2023, from https://www.gartner.com/en/information-technology/glossary/avatar

Gillis, A. S. (2022, November 18). What is augmented reality (AR)? WhatIs.com. Retrieved February 5, 2023, from https://www.techtarget.com/whatis/definition/augmented-reality-AR

Grand View Research. (2023, February 27). Metaverse market revenue worldwide from 2022 to 2030 (in billion U.S. dollars) [Graph]. In Statista. Retrieved April 07, 2023, from https://www-statista-com.cmu.idm.oclc.org/statistics/1295784/metaverse-market-size/?locale=en

Hall, C. (2022, September 8). Bloomingdale's goes all-in on metaverse with new virtual store. TechCrunch. Retrieved April 5, 2023, from https://techcrunch.com/2022/09/08/bloomingdales-metaverse-virtual-store/

Hayden, S. (2021, July 30). Social VR platform “engage” generated over $1.4m in revenue in first half of 2021. Road to VR. https://www.roadtovr.com/engage-vr-education-revenue-h1-2021/

Hayward, A. (2023, March 14). Meta cuts 10,000 more workers after scrapping NFT plans - Is the metaverse still on? Decrypt. Retrieved May 6, 2023, from https://decrypt.co/123477/meta-layoffs-nft-plans-metaverse-ai

Herrington, J. (2019, August 26). “Face Filters for Instagram and Snapchat Are the New Frontier of Surrealist Art”. Retrieved April 5, 2023, from https://onezero.medium.com/the-power-of-face-filters-as-augmented-reality-art-for-the-masses-65a95fb4a577

Howarth, J. (2023, January 26). How Many People Own Smartphones (2023-2028). Retrieved April 06, 2023, from https://explodingtopics.com/blog/smartphone-stats

Huang, K. (2022, November 10). Why Did FTX Collapse? Here’s What to Know. The New York Times. Retrieved December 07, 2022, from https://www.nytimes.com/2022/11/10/technology/ftx-binance-crypto-explained.html

IBM. (n.d.). What is blockchain technology. Retrieved May 6, 2023, from https://www.ibm.com/topics/blockchain

IHR Insights. (2019, July). Gamification Market by Deployment, Enterprise Size, End User, and Geography - Global Forecast Up To 2025. Research and Markets. Retrieved April 06, 2023, from https://www.researchandmarkets.com/reports/4832651/gamification-market-by-deployment-on-premises

ImagineAR. (2021, December 29). 3 challenges of augmented reality development. https://imaginear.com/blog/ar-development-challenges

Investopedia. (2022, October 23). Web 3.0 Explained, Plus the History of Web 1.0 and 2.0. Retrieved April 7, 2023, from https://www.investopedia.com/web-20-web-30-5208698

Ipsos. (2022, January 24). “38% report familiarity with the metaverse, but less than one in five Americans (16%) can correctly define the term.” Retrieved from https://www.ipsos.com/en-us/news-polls/metaverse-opinion

Iqbal, M. (2023). Pokémon Go Revenue and Usage Statistics. Business of Apps. Retrieved from https://www.businessofapps.com/data/pokemon-go-statistics/

Javornik, A. (2016). The mainstreaming of augmented reality: A brief history. Harvard Business Review.  https://hbr.org/2016/10/the-mainstreaming-of-augmented-reality-a-brief-history

Jiaxin, L., & Gongjing, G. (2022). Socializing in the metaverse: The innovation and challenge of interpersonal communication. Advances in Social Science, Education and Humanities Research. https://doi.org/10.2991/assehr.k.220504.385

Jin, X. (2022). Research on the application of virtual reality in mass communication. Advances in Social Science, Education and Humanities Research. https://doi.org/10.2991/assehr.k.220105.124

Jovanovic, B. (2023). 37 virtual reality statistics that prove the future is now. Dataprot.Retrieved January 31, 2023, from https://dataprot.net/statistics/virtual-reality-statistics/

Kshetri, N. (2022). Policy, ethical, social, and environmental considerations of Web3 and the metaverse. IT Professional, 24(3), 4–8. https://doi.org/10.1109/mitp.2022.3178509

Lawrie, E. (2020). What went wrong with virtual reality? BBC News. https://www.bbc.com/news/business-50265414
Lau, Grace. (2023). How AR Gamification Marketing Can Capture Customer Attention. Blippar. https://www.blippar.com/blog/2023/01/09/how-ar-gamification-marketing-can-capture-customer-attention

Levy, A. (2023, February 1). Meta lost $13.7 billion on Reality Labs in 2022 as Zuckerberg’s metaverse bet gets pricier. CNBC. https://www.cnbc.com/2023/02/01/meta-lost-13point7-billion-on-reality-labs-in-2022-after-metaverse-pivot.html

Lopez, G. (2016, August 5). Pokémon Go, explained. Vox. Retrieved April 5, 2023, from https://www.vox.com/2016/7/11/12129162/pokemon-go-android-ios-game

Lorena. (2022, May 3). How the direct-to-consumer (DTC) business model works. OptimoRoute. Retrieved April 8, 2023, from https://optimoroute.com/direct-to-consumer-model/

Mac, R., Frenkel, S., & Roose, K. (2022, October 9). Skepticism, confusion, frustration: Inside Mark Zuckerberg’s metaverse struggles. The New York Times. https://www.nytimes.com/2022/10/09/technology/meta-zuckerberg-metaverse.html

Media Rating Council. (2022). Intrinsic In-Game Advertising Measurement Guidelines 2.0. Internet Ad Bureau. Retrieved March 4, 2023, from https://www.iab.com/wp-content/uploads/2022/06/In-Game-Advertising-Measurment-Guidelines_Public-Comment-June-2022-2.pdf

Maheshwari, S., & Holpuch., A. (2023, April 26). Why Countries Are Trying to Ban TikTok. The New York Times. Retrieved from https://www.nytimes.com/article/tiktok-ban.html

National Research Group. (2022, April 20). Beyond reality: Is the VR revolution on the horizon https://www.nrgmr.com/our-thinking/the-vr-revolution-might-finally-be-on-the-horizon/

Naysmith, C. (2022, November 29). Apple's VR Headset Might Be Its Biggest Flop in Decades— Here's Who the Real Winners Will Be. Yahoo!Finance. Retrieved December 8, 2022, from https://finance.yahoo.com/news/apples-vr-headset-might-biggest-143954024.html

Nix. (2023). Web 3.0: The New Generation of Internet. Nix. Retrieved February 4, 2023 from https://nix-united.com/blog/web-3-0-new-generation-of-internet/

Osterland, A. (2020, May 4). Coronavirus could be catalyst to reinvigorate virtual reality headsets. CNBC. https://www.cnbc.com/2020/05/02/coronavirus-could-be-catalyst-to-reinvigorate-virtual-reality-headsets.html

Pennington, A. (2022, November 28). What consumers want in AR experiences. NAB Amplify. https://amplify.nabshow.com/articles/ic-what-we-can-expect-from-ar-experiences/

Peterson, B., Bonelli, F., & MacSweeney R. (2022, October 10). How meeting customers in the metaverse can unlock lasting value. EY. https://www.ey.com/en_gl/consumer-products-retail/meet-customers-in-the-metaverse-to-unlock-lasting-value

Petrenko, V. (2021). Augmented Reality in Entertainment Industry. WE/AR Studio. https://wear-studio.com/augmented-reality-in-entertainment/

Rozema, R. (2022, January 13). How virtual concerts in the metaverse can inspire brands. Candid Platform. Retrieved April 7, 2023, from https://www.candidplatform.com/en/news/platform-news/all-platform-news/marketing/how-virtual-concerts-in-the-metaverse-can-inspire-brands.html

Sharma, R. (2023, April 6). Non-fungible token (NFT): What it means and how it works. Investopedia. Retrieved April 8, 2023, from https://www.investopedia.com/non-fungible-tokens-nft-5115211

Sheremetov, D. (2022, December 7). How virtual reality is changing the entertainment industry. Onix Systems. Retrieved May 6, 2023, from https://onix-systems.com/blog/revolutionizing-movie-industry-through-vr-movie-apps

Shopify [@Shopify]. (2020). Interactions with products having 3D/AR content showed a 94% higher conversion rate than for products without AR/3D [Tweet]. Twitter. https://twitter.com/Shopify/status/1306973590814949376?s=20&fbclid=IwAR2q1rlQnhPogvHoL0hBw1oBDfRjOfFRFBhjhej_o7CjxBmr6vRFjoJEdQo

Snap, Inc. (2021). Snap Consumer AR Global Report 2021. https://downloads.ctfassets.net/inb32lme5009/4Jh1ODwYalSM5VtORhSC9B/8e6ec4bf98015f47d762846b4e5e1170/Snap_Consumer_AR_Research_Global_Report.pdf

Snuggs, N. (n.d.). 10 inspirational tech quotes. Industry Insights. Retrieved February 5, 2023, from https://blog.kerridgecs.com/10-inspirational-tech-quotes

Spangler, T., & Wallenstein, A. (2022, April 28). Snap, Live Nation Ink Deal for Snapchat AR Experiences at Concerts and Festivals. Variety. Retrieved April 7, 2023, from https://variety.com/2022/digital/news/snap-live-nation-ar-concerts-festivals-1235242722/

Sprigg, S. (2021, December 14). Spatial to focus on becoming a metaverse platform for cultural events and announces $25M in new funding. Auganix.org. https://www.auganix.org/spatial-to-focus-on-becoming-a-metaverse-platform-for-cultural-events-and-announces-25m-in-new-funding/

Stackpole, T. (2022). What is Web3? Harvard Business Review. Retrieved December 7, 2022, from https://hbr.org/2022/05/what-is-web3

Statista. (2022a). AR&VR Market Report. Retrieved March 02, 2023, from https://www-statista-com.cmu.idm.oclc.org/study/125081/arandvr-market-report/?locale=en

Statista. (2022b). Virtual reality (VR). Retrieved March 03, 2023, from https://www-statista.com.cmu.idm.oclc.org/study/29689/virtual-reality-vr-statista-dossier

Statista. (2022c). Augmented reality (AR). Retrieved March 03, 2023, from https://www-statista com.cmu.idm.oclc.org/study/38227/augmented-reality-ar-statista-dossier/

Statista. (2023a). Metaverse Market Report. Retrieved March 02, 2023, from https://www-statista-com.cmu.idm.oclc.org/study/132822/metaverse-market-report/?locale=en

Statista. (2023b). AR Advertising - Worldwide. Retrieved April 06, 2023, from https://www.statista.com/outlook/amo/ar-vr/ar-advertising/worldwide

Statista. (2023c). VR Advertising - Worldwide. Retrieved March 04, 2023, from https://www.statista.com/outlook/amo/ar-vr/vr-advertising/worldwide#revenue

Takahashi, D. (2022, September 8). KPMG: 78% of U.S. adults will socialize with friends in the metaverse. VentureBeat. Retrieved April 7, 2023, from https://venturebeat.com/metaverse/kpmg-78-of-u-s-adults-are-ready-to-move-into-the-metaverse/

The Drum. (2019). Burger King: Burn that ad by David SP. Retrieved May 6, 2023, from https://www.thedrum.com/creative-works/project/david-sp-burger-king-burn-ad

Thomas, O. (2023, March 30). Hollywood turns the page on the metaverse – and Disney just got the memo. Retrieved on April 5, 2023, from https://www.thewrap.com/disney-metaverse-vr-layoffs-hype-cycle/?utm_source=newsletter

Vanian, J. (2022, December 28). Metaverse off to ominous start after VR headset sales shrank in 2022. CNBC. Retrieved May 6, 2023, from https://www.cnbc.com/2022/12/28/metaverse-off-to-ominous-start-after-vr-headset-sales-shrank-in-2022.html

Virtual Reality Society. (2017). What is virtual reality? Retrieved February 4, 2023, from https://www.vrs.org.uk/virtual-reality/what-is-virtual-reality.html

Wright, G. (2023). Augmented reality gaming (AR gaming). Retrieved April 5, 2023, from https://www.techtarget.com/whatis/definition/augmented-reality-gaming-AR-gaming

XR Today. (2022, January 10). Metaverse meaning - What is this new world everyone's talking about? Retrieved February 5, 2023, from https://www.xrtoday.com/mixed-reality/metaverse-meaning/

XRM Media. (n.d.). About Us. Retrieved November 17, 2022, from https://www.xrmmedia.com/site/about

Zhao, L. (2022). What’s metaverse film? Sci-fi, DAO or digital installation? Revista FAMECOS, 29(1). https://doi.org/10.15448/1980-3729.2022.1.43354