Mastercard hosted an event celebrating Pride Month in metaverse platform Decentraland last year. PHOTO: MASTERCARD
A survey of 903 executives conducted by research firm Forrester in January and February reveals that 46% of consumer brand marketers intend to increase their metaverse budgets this year, while only 12% say they will spend less.
Marketers’
continued interest in the metaverse contrasts with recent developments:
Microsoft shut down a social VR platform, Walt Disney Co. closed its
metaverse strategy division, and Meta shifted its focus to AI, WSJ
reports.
- Roblox is on track to double the number of branded worlds it hosts in 2023 after recording about 100 in 2022.
- The cost of building sponsored games in Roblox ranges from $100,000 to $300,000.
- Brands can create a line of virtual goods on the platform for a low five-figure sum.
- Shiseido
Co. has found that consumers are more willing to engage with brands in
the metaverse than on traditional social platforms.
- Many marketers see greater short-term value in using metaverse campaigns to collect consumer data.
- Marketers
said that metaverse campaigns’ potential value could outweigh their
modest price tags, even when less effective than envisaged.
- Mastercard
spends a relatively small amount on marketing campaigns in multiple
metaverse platforms to ensure that it won’t miss out whenever one
eventually reaches a significant scale.
Zoom Out:
- The
metaverse campaigns are built mainly to raise awareness or improve
consumer perceptions of brands. Few are currently making a profit from
the sale of virtual goods.
