Neil Barbour is a research analyst in the Kagan media research group within S&P Global Market Intelligence. He leads video game coverage for the consumer technology team. Neil also tracks connected video devices and streaming operating systems. Prior to this role, Neil covered telco broadband and multichannel as well as direct broadcast satellite technologies. Neil’s recent area of concentration is on consumer-focused applications in the emerging metaverse, the long-term vision for the next phase of the internet as a shared 3D virtual space. Before joining S&P Global Market Intelligence, his work experience included editing and copy editing for print and digital media outlets. Neil holds a bachelor’s degree in journalism from Pennsylvania State University.
Metaverse hubs are emerging as the current draw for gaming/entertainment billion-dollar investments and a massive user base, such as with Roblox and Fortnite. These ecosystems differ from what might be considered a traditional vision of the metaverse, but both have their place on the evolutionary curve.
Investments into Epic Games and Magic Leap lifted the segment, reflecting growing interest around augmented reality/virtual reality hardware and metaverse hubs.
The ebb and flow of metaverse movements continues. The drive into industrial metaverse has strengthened with cloud APIs, and media and entertainment giants are cutting deals in the consumer space. Additionally, Saudi Arabia has opened another facet of its metaverse strategy.
Key metaverse vendors such as Epic Games, Roblox and Siemens continued to refine their offerings in virtual 3D spaces, and their diligence resulted in a 6.2% increase in 2023 revenue to $19.26 billion.
Several developments are impacting the direction of the metaverse, all tucked in with further GenAI moves. Disney's investment in Epic's Fortnite almost eclipsed the long-awaited Apple Vision Pro headset release.
Magic Leap picked up a $590 million round of funding to start 2024, which may signal a turnaround for the metaverse after investments fell 35% in 2023.
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