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| Hey Insiders, Welcome to today's Metaverse issue! We've got some exciting stories lined up, including a new report by EY and Nokia, an analysis of Meta's Reality Labs' operating losses, and a surge in mixed reality Google searches. As you scroll down, you'll also find our upcoming events, followed by the Knowledge Hub. Your feedback and input are invaluable, so don't hesitate to share what topics you'd like to see more of in future issues! Happy reading, Vildana
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| 1 | | A study by Nokia and EY reveals a strong interest in and adoption of metaverse solutions in enterprise and industrial settings. Most surveyed business leaders report the presence of metaverse services in their workplaces, focusing on verticals such as automotive, industrial goods and manufacturing, transportation, supply chain and logistics, and power and utilities. More: - The U.S., U.K., and Brazil lead in metaverse deployment and piloting of use cases, with the U.S. at 65%, the U.K. at 64%, and Brazil at 63%.
- Germany has an enterprise metaverse representation of 53%, while Japan and South Korea report 49% each.
- 58% of firms have deployed or piloted at least one metaverse-related use case, and 95% have metaverse journey plans in the next two years.
- The report highlights potential benefits, including a 15% reduction in capital expenditure, a 10% reduction in sustainability impact, and a 9% improvement in safety.
- Cloud computing, AI/ML, private and public 5G/6G, and fiber broadband are identified as essential technologies for enterprise metaverse success.
- Training/onboarding and upskilling are promising use cases, and immersive R&D is recognized to enhance product design meetings.
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What the numbers say: Reality Labs, a division of Meta encompassing augmented and virtual reality hardware, software, and content, recorded operating losses of an eye-watering ~$13.7B in 2022, marking a 34% rise in losses from the previous year, according to Meta's Annual Report for the fiscal year ended Dec. 31, 2022. In 2019, the company reported a ~$4.5B operating loss. Relevance: Meta Chief Executive Mark Zuckerberg has said he views the metaverse as the next frontier for computing technology. The Reality Labs division generated $2.1B in revenue in 2022, a 5% decrease from the previous year's $2.21B. However, in Q1 2023, it incurred a $3.99B operating loss, following a $13.72B loss in the previous year. Other competitors like Microsoft have also struggled to get consumers to buy into VR programs. Impact: Meta reduced its user base targets for "Horizon Worlds" from 560,000 to 280,000 in late 2021. Despite aiming for 300,000 active users in February 2022, the actual number by the end of the year was below 200,000. Meta's "Horizon Worlds" VR app had just over 200,000 users as of February before the company decided to open it up to teenagers as young as 13. | | | |
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| 3 | | Jiangning district in China's Nanjing City unveiled a metaverse development plan to train professionals and attract companies. The three-year plan aims to attract 200 metaverse companies and generate annual revenue of 20B yuan ($2.8B) by 2025. More: - Jiangning plans to train 10,000 metaverse professionals through collaboration between local enterprises and academic institutions.
- The district aims to establish 50 research centers and laboratories focusing on metaverse technologies such as blockchain, artificial intelligence (AI), virtual reality, and brain-computer interface.
- The joint summit on metaverse and AI-generated content unveiled 16 metaverse-related projects in the Jiangning High-tech Development Zone, with a total investment of 8.1B yuan ($1.13B).
- Jiangning's initiatives are part of Nanjing's broader ambition to become a metaverse hub in China, with a target of annual revenues exceeding 135B yuan ($19.13B) by 2025.
Zoom Out: - Chinese cities including Beijing, Shanghai, and Hangzhou also have designs on leading the country's metaverse development.
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| 4 | | Following the announcement of Apple's Vision Pro headset, google searches for "VR," "mixed reality," and "augmented reality" surged by 300%, 1,130%, and 545%, respectively. According to findings by Digital-adoption.com, Apple's announcement of Vision Pro has captured audiences at the right time, when new AI technologies, like ChatGPT, have become accessible to almost anyone. More: - The timing of Apple's announcement coincided with a peak in online interest in AI, with searches for AI experiencing a 619% increase since 2004.
- This year has witnessed a significant rise in AI-related searches, reaching a volume of 42 million in May, more than doubling from 17 million in January.
- The accessibility of AI technologies like ChatGPT and Google Bard has contributed to the surge in interest and adoption.
Zoom Out: - Apple's announcement also triggered a surge in searches to "Buy Apple stock," with a global increase of 1,482% in the last seven days.
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| 5 | | Improbable, a London-based metaverse start-up, will sell its unprofitable defense business to NOIA Capital. The company will transfer around 70 engineers and modelers, as well as ongoing contracts with the U.K.'s Ministry of Defense, to a group of investors led by NOIA Capital. More: - The defense sector of Improbable has been unable to turn a profit, with losses totaling £149M ($186.5M) in 2021.
- The sale follows layoffs in December 2022 and Improbable's focus on the metaverse.
- The metaverse is estimated to generate $627B in revenue by 2030, with a compound annual growth rate of 33% between 2020 and 2030.
- The use of the metaverse in the defense sector offers benefits in personnel training, recruitment, soldier modernization, and supply chain management.
Zoom Out: - Microsoft's Hololens IVAS (integrated visual augmentation system) will be delivered to U.S. soldiers in the field this year.
- The Korean Military Academy works with local tech firms to develop AR and VR combat training programs for its army cadets.
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| 6 | | Aditya Birla Capital has introduced OneVerse, a virtual metaverse lounge for its customers, in collaboration with Hexaware. This innovative initiative marks the first virtual lounge in the Indian non-banking financial sector, providing users with an immersive VR experience accessible through various platforms. More: - The virtual lounge, named OneVerse, offers customers an extraordinary journey through solutions related to protecting, investing, financing, and advising.
- Customers can conveniently access digital self-service channels, such as a user-friendly WhatsApp bot and a web portal, for service inquiries and product purchases.
- Aditya Birla Capital agents engage with customers through personalized "digital twins," animated representations created from customer selfies.
- Aditya Birla Capital and Hexaware will collaborate further to enhance customer engagement by launching virtual meeting rooms, enabling virtual relationship managers to provide personalized financial planning and bespoke services.
Zoom Out: | | | |
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- What Apple's entry into virtual reality means for the future of Meta Platforms and the metaverse.
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