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| • | Parallel universe. Video games and virtual concerts already offer opportunities for us to experience alternative digital worlds. That repertoire may soon expand into a vast virtual universe where we work, shop, and socialize with others around the world—or rather, our digital avatars do. Before the metaverse can be fully realized, though, technology leaders say that we need to improve our current computer systems. [WSJ] | | | | • | More FOMO? Fear of missing out can be especially exacerbated by social-media sites where everyone from strangers to your parents share photos of themselves doing fun and amazing things without you. Technology companies working on the creation of the metaverse—a unification of various emerging technologies already happening online, including augmented reality (AR) and virtual reality (VR)—are counting on this to entice future users. [NYT] | | | | • | Why it matters. AR and VR—two spectrums of immersive technology that could one day replace mobile computing and constitute the best part of the metaverse—are expected to grow into a $95 billion market by 2025. Demand for these technologies is mostly from creative industries such as gaming, live events, and video entertainment, and they’re becoming more integral parts of the platforms we use to consume content. But industries as diverse as healthcare, education, and real estate are also finding ways to apply them. | | | | • | What’s next. As businesses embrace immersive technologies, they’ll need to look beyond engagement and consider user satisfaction and well-being. As user engagement increases, we spend more of our leisure time on digital devices, but nonscreen activities are more clearly linked to happiness. For more on how AR and VR affect the creative economy and recommendations for user-centered design, see our article in partnership with the World Economic Forum. | | | | — Edited by Justine Jablonska | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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