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Virtual Reality Evolves: Metaverse Takes Center Stage
From:
Richard Gottlieb -- Toy Industry Expert Richard Gottlieb -- Toy Industry Expert
For Immediate Release:
Dateline: New York, NY
Wednesday, January 25, 2023

 

By Philippe Guinaudea – Brand Trends

Virtual reality has been around for a long time. However, teenagers are now starting to realize that virtual reality is more than just a fantasy now that it can be used as a practical place for social connection.

According to the most recent “Kids Digital & Media Lives” report from the BrandTrends Group, 32% of American families with children aged 3 to 18 have a Virtual Reality (VR) headset, such as the Oculus Rift or Playstation VR. And given that 25% of individuals say they want one, the likelihood of purchasing one in the upcoming term is also high! VR is not just about gaming As shown in the graph below, kids between the ages of 10 and 18 spend more time on VR than just playing games or viewing videos and movies. In fact, 18% of them claim to use virtual reality (VR) formeducation, while 18% use it for social media and 18% use it to explore their environment. VR is therefore growing. However, it is also true that gaming is still kids’ primary use of virtual reality, with 45% of American teenagers reporting that they do so.

Fig 1 – Usage of the Virtual Reality among American teenagers 10 to 18 who used VR.


An impressive 31% of kids from homes with VR headsets said they have never had a virtual reality experience yet. Yet, for all its possibilities, VR is still an incredibly hard technology to get right and until recently there were few products out there that really convinced consumers to buy into the world of VR. In fact, still 25% of the American teenagers 10 to 18 years old are very dissatisfied with the experiences while using VR. We may, however, anticipate a significant shift in how teenagers view this as a wave of new

reasonably priced headsets launches this year, encouraged by interest from companies like Facebook/Meta and Google that have been heavily investing in the technology, and complemented by the popularization of the metaverse. In route to the metaverse Specifically focusing on the metaverse in the VR universe, it is a brand-new form of virtual reality experience that gives the impression of being within a video game. It’s enjoyable, captivating and
engaging.


• The vast majority of American teenagers know about the metaverse: The vast majority of
American teenagers do not know of the Metaverse: only 22% of those aged 10 to 18 declare they never heard of it. However, they have a limited understanding of what this is, as 59% of all American teenagers have heard of it but that is all they are aware of. In conclusion, only 20% of young Americans had heard of the Metaverse and intend to use it more.


• Teenagers in China, however, are even more eager to connect in the metaverse: 86 percent
of Chinese youths are aware of the metaverse; more significantly, only 10% of them areUnit 103, Building A2 – Dubai Silicon Oasis – Dubai – UAE P a g e | 3
extremely dissatisfied with it, whereas 33% are quite satisfied. This demonstrates the patterns that the world will embrace.


• It’s a still concept for affluent American households though: Affluent households are more likely to be aware of the metaverse; our “Kids Digital & Media Lives” research shows that 42% of households with an annual income of less than US$30,000 are totally unaware of the metaverse, compared to 9% of households with an annual income of US$140,000 or more.

Similar occurrences can be found in other countries like China or Germany.
Philippe Guinaudeau, CEO, commented: ‘At the BrandTrends Group, we are not particularly surprised by the Chinese teenagers’ enthusiasm in the Metaverse. The idea of the Metaverse first became widely discussed online, particularly on Douyin, about two years ago. It was viewed as the potential for new innovations, the new arena of competition for major tech firms, and the new path to success.

Even while this initial zeal has somewhat subsided, big companies like Tencent and even local governments are supporting the growth of the Metaverse. Beijing, Shanghai, Guangzhou, and other cities have all released official documents to guide and promote its development.’

Therefore, it is not surprising that American youths are following the same trends. So it seems like the Metaverse is going to be a big thing in the future; even if parents still don’t fully understand what the metaverse is. Teen tech use is growing, though, and it won’t stop any time soon, whether it’s for school, homework, or simply hanging out with pals.

Simply expressed, the metaverse will encompass users’ desire to interact as a result of new VR technology and devices. These will be virtual communities where actual people may trade, shop, and hang out using avatars.

Licensees should be aware of the metaverse since it is a place where they will conduct business at some point, perhaps sooner rather than later. But licensors as well, with the additional benefit that millions of people will see and trade their brands at once.


In conclusion, the research conducted by the BrandTrends Group leaves no room for doubt – virtual reality and the metaverse are the future. American teenagers are no longer viewing VR as just a form of entertainment, but as a practical tool for education, social media, and exploring their environment. The metaverse, in particular, is gaining immense popularity among young people and is expected to revolutionize the way we interact and connect. With the launch of new and affordable VR headsets, and heavy investment from major technology companies, it is clear that virtual reality and the metaverse are not just a passing trend – they are here to stay. Don’t be left behind, embrace the future and join the virtual revolution today!


ABOUT THE REPORT

The current report provides a detailed analysis of key trends and KPI’s relating the ways kids currently consume their time on screen-based devices, Entertainment, videogaming (including metaverse gaming), socializing with friends on social media, reading news … From the Entertainment and social media channels to the devices they use to consume digital content on, how much, where and when
.

ABOUT BRANDTRENDS GROUP
The BrandTrends Group is a global full-service supplier of marketing research with a focus on brand, lifestyle, and attitudinal trends as well as specializing on children, youth and families (but not only!). The BrandTrends Group monitors up to 53 markets each year.Thanks to BrandTrends Group’s in-depth knowledge, expertise and unique, proprietary analytics, clients are able to identify the best opportunities in retail activation, consumer attitudes & behavior, competitive environment, and brand line design.

The BrandTrends Group clients are renowned global companies, spanning from consumer package goods corporations, Entertainment studios, retailers, and industry bodies. More? Visit http://www.brandtrends.com

# # #
If you would like more information about this topic, please contact

Philippe Guinaudeau – BrandTrends

at philippe.guinaudeau@brandtrends.com.

Richard Gottlieb

Global Toy Experts / Global Toy News

646 675 3019

richard@globaltoyexperts.com

 

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Name: Richard Gottlieb
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Group: Richard Gottlieb and Associates, LLC
Dateline: New York, NY United States
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