04 May 08:00 AM
Young people are said to be at the forefront of a mass movement into the metaverse, spending increasing amounts of time and money in virtual environments. Two recently published surveys by Deloitte and Piper Sandler shed more light on the media consumption behavior of young generations and their attitude towards what is labelled the “metaverse”.
A key insight in both reports is that gaming is rapidly becoming the preferred entertainment channel for Gen Zs and Millennials at the cost of streaming video on demand. Young consumers wish to have more flexibility in subscription choices regarding content and pricing options. This indicates that young customers are not only attracted by alternative channels such as gaming. The ongoing fragmentation may be actively pushing them in the direction of adopting new media consumption habits.
Nevertheless, Piper Sandler writes that half of Gen Zs surveyed were unsure, or had zero intention, of purchasing a virtual-reality device. Moreover, less than 10% of teens had bought NFTs and just 11% had traded cryptocurrencies. These numbers demonstrate the need for a more differentiated perspective on the shift towards new channels. Currently, the term “metaverse” is used interchangeably for a variety of platforms such as gaming environments, virtual sports venues, or augmented reality tools for athletes. Channel adoption will most certainly vary across these areas.
More insights about the fragmentation of sports channels were discussed in a panel of experts on the subject. Watch the panel discussion here.
You can read the full article here.
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