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| 1 | | Mark Zuckerberg unveiled Meta's next mixed-reality headset, the Quest 3, priced at $499 for the 128GB model, positioning it as the first mainstream headset with high-res color mixed reality. This puts Meta in direct competition with Apple, which is set to release its own pricier mixed-reality headset. More: - The Quest 3 will be 40% thinner than the previous Quest 2 model and feature a next-gen Qualcomm chipset and other upgraded features.
- Compatibility with the entire Quest 2 library and additional titles will enhance the Quest 3 user experience.
- Apple's rumored Reality Pro headset, expected to cost around $3,000, will be unveiled at the Worldwide Developers Conference.
- Meta will provide further details about the Quest 3 headset at its Connect conference on Sept. 27.
Zoom Out: - Meta's employees generally aren't using the headsets – especially not for work meetings, according to 11 current and former employees.
- Meta's Quest 2 headset was released in the fall of 2020 at a starting price of $299.
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| 2 | | What the numbers say: In a survey by Vorhaus Advisors, approximately 50% of U.S. adults associated the term "metaverse" with Facebook or Mark Zuckerberg, while VR was chosen by 26% of respondents as the next closest association. The survey included 1,158 participants who were 18 years or older, with each participant allowed to provide only three responses. Relevance: Interest in the idea of the metaverse leaped in 2021-2022, prompted in part by Facebook's decision to rebrand itself as "Meta." According to YouGov, most consumers in both the U.S. and the U.K. are aware of the metaverse, with young adults having a higher level of awareness. | | |
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| 3 | | Neal Stephenson, the "Snow Crash" author who coined the term "metaverse," sees recent advancements in VR, AR, and XR as prerequisites for building the metaverse. Stephenson broadened the metaverse definition to include a three-dimensional shared environment encompassing AR. More: - Analyst Olivier Blanchard doubts the mainstream adoption of VR, AR, and XR without clear benefits for users.
- Meta and Apple are investing in metaverse-related products, but the 2021 metaverse hype has reportedly faded.
- The Web3 movement faces challenges like scams and vulnerabilities.
- Lamina1 aims to enhance metaverse tooling through partnerships and blockchain technology.
Zoom Out: - BlackRock believes the metaverse will take years to come to fruition but sees potential now for investments in companies that build the underlying technologies.
- According to a McKinsey report, more than $120B was invested in building metaverse-related technologies during 2022, more than double the previous year.
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| 4 | | Apple is set to introduce its VR hardware product, hoping to outperform Meta and generate mainstream interest in VR. Analysts highlight the need for compelling experiences in the metaverse to drive widespread adoption and the importance of clear user benefits. More: - Despite initial excitement surrounding the metaverse, interest has waned, with technology investors turning their attention to trends like artificial intelligence (AI).
- Companies like Disney and Microsoft have shuttered metaverse projects, and metaverse-related start-ups raised significantly less venture capital.
- Companies like Roblox and Epic Games continue to pursue their metaverse visions, leveraging their large user bases, user-generated content, and digital economies.
- Meta (formerly Facebook) has faced challenges with its high-end Quest Pro headsets, resulting in low sales and significant losses within its hardware division.
- Despite recent setbacks, the metaverse concept still holds potential, with ongoing growth and interest in immersive online experiences.
Zoom Out: - In 2022, Reality Labs recorded an operating loss of $13.72B on $2.16B in sales, underscoring how VR and AR technologies have yet to reach the mainstream.
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| 5 | | Emerge has signed a strategic multi-year engagement with Disney to bring its multi-sensory communication platform, focusing on touch feedback, to the home. This partnership aims to create a new paradigm for emotional connection across distance and time, leveraging beloved Disney content to provide users with shared multi-sensory experiences. More: - Emerge's technology enables users to physically feel and interact with virtual experiences, such as a "virtual high five" or experiencing favorite superpowers, without the need for gloves or controllers.
- The company's anchor product, Emerge Wave-1, emits ultrasonic waves to create a mid-air field of interaction.
- Emerge is building a multi-sensory communication platform that incorporates sight, touch, sound, and brain activity, powered by emotion AI.
- The partnership with Disney signifies a significant step forward in Emerge's mission to address the disconnection experienced in a world increasingly reliant on digital communication.
- Emerge plans to expand its platform to support smart TVs and VR/AR headsets, transforming how viewers interact with digital content.
Zoom Out: - In March, Disney eliminated its 50-person metaverse team.
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| 6 | | According to Future Market Insights (FMI), the global virtual tourism market is projected to reach $12.3B by 2023, with long-term estimates suggesting it could reach around $26B by 2033. Virtual tourism is emerging as an alternative to physical travel, offering consumers a genuine preview of tourist sites and attractions and potential value propositions. More: - Virtual tourism experienced a boost during the pandemic as people sought ways to escape boredom and isolation.
- This led to increased online bandwidth and enhanced features for a more appealing tour experience.
- AR is identified as a growth driver for the virtual tourism sector, providing opportunities for expansion and reaching more people through modern smartphones.
- The virtual tourism sector faces technological shortcomings that must be addressed for future growth and development.
- Various governments, such as Greece and Italy, have implemented initiatives to promote virtual tourism.
- India also focuses on digital experiences and connectivity improvements to enhance the virtual tourism industry.
- Virtual tourism appeals to a wide range of age groups, with those between 18 and 34 more likely to engage in virtual experiences as a precursor to actual tours.
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- A new report from Activate, a tech and media consulting firm, lays out the future of the metaverse, including which companies will benefit and what use cases will succeed.
- By the time Howard Rheingold's "Virtual Reality" was published in 1991, the Sensorama was already a "slowly deteriorating" relic stashed away in a cabana at its inventor's Los Angeles home.
- Industry conversation on the Metaverse and XR has also fueled discussions across the Augmented World Expo (AWE) USA 2023.
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| | Vildana Bijedic Freelance | | This newsletter was curated by Vildana. You can reach her at [email protected] or connect with her on Twitter or LinkedIn. | | This newsletter was edited by Aaron Crutchfield |
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