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Reuters

The metaverse could contribute as much as US$760 billion or about 2.4 per cent to US annual gross domestic product (GDP) by 2035, according to a study commissioned by Facebook owner Meta Platforms.
The concept of the metaverse includes augmented and virtual reality technologies that allow users to immerse themselves in a virtual world or overlay information digitally on images of the real world, according to the report by consulting firm Deloitte.
Economic gains may come from the use of the technologies in the defence, medical and manufacturing sectors, plus entertainment use cases such as video games and communication, the report said.
Social media giant Meta, which pivoted its focus on building metaverse technologies in 2021, has forecast the tech would eventually replace mobile as the main computing platform.
The Sandbox gears up for new growth amid fizzling metaverse hype
Investors have questioned Meta’s large investments in its metaverse project, sceptical of the returns at a time when a downturn in the advertising sector pressured the company’s revenue growth.
In a separate report, Meta said the European Union may see an increased economic opportunity of up to 489 billion euros (US$538.29 billion) in annual GDP by 2035 or about 1.3 per cent – 2.4 per cent of its total GDP.
The metaverse could contribute between C$45.3 billion (US$33.88 billion) and C$85.5 billion to Canada’s annual GDP by 2035, Deloitte said.
The regional projections follow a global economic impact report that Meta commissioned to consulting firm Analysis Group last year, which estimated that metaverse adoption would contribute US$3.01 trillion by 2031.


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Metaverse

Metaverse could make up 2.4 per cent of US economy by 2035, Meta-commissioned study says

An employee wears a Meta Platforms Oculus Quest 2 virtual reality headset to demonstrate an immersive experience of BPI banking services inside the Banco BPI SA ‘All in One’ concept bank branch in Lisbon, Portugal, on April 17, 2023. Photo: Bloomberg

LinkedIn shuts down last China app amid global job cuts, ending a platform that trailed far behind domestic rivals

LinkedIn announced that it is cutting more than 700 jobs worldwide and shutting down its remaining app in China, InCareer. Photo: Reuters

LinkedIn launched InCareer in December 2021 after ending service for its main social network in the country earlier that year. Photo: iOS App Store

TikTok owner ByteDance scales back Chinese real estate operations by divesting bricks-and-mortar property unit as market remains weak

ByteDance has sold subsidiary Fujian Haofang, which runs about 200 offline brokerages in the southeastern city of Fuzhou, to a unit of Chinese real estate services provider Maitian. Photo: Shutterstock

ByteDance’s move to step back from China’s property market comes at a time when the industry remains in recovery mode after Beijing initiated a slew of measures to bail out the sector. Photo: Shutterstock

Two women are seen walking past the headquarters of Chinese tech unicorn ByteDance in Beijing on August 7, 2020. Photo: AP

Zhejiang province, home to Alibaba, eyes 200 billion yuan metaverse industry by 2025

A man visits the Digital Art Fair Xperience 2022 in Hong Kong, October 21, 2022. Photo: EPA-EFE

A shopper looks at a metaverse themed window display on Regent Street, London, Nov. 29, 2022. Photo: Bloomberg

Chinese state newspaper warns of metaverse ‘fever’ after Meta announces major job cuts

Visitors at the Digital Art Fair Xperience 2022 in Hong Kong, October 21, 2022. Photo: EPA-EFE

Wuhan backtracks on metaverse industry plan to support NFTs as cryptocurrencies remain a no-go in China

Visitors at the Digital Art Fair Xperience 2022 in Hong Kong, where people can buy NFTs. Photo: EPA-EFE

The Chinese city of Wuhan seen along the Yangtze River. Photo: SOPA Images

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The metaverse could contribute as much as US$760 billion to US GDP, according to the report from Deloitte and commissioned by Facebook owner Meta Platforms
Economic gains may come from use in defence, medical and manufacturing sectors, plus entertainment use cases such as video games and communication


The metaverse could contribute as much as US$760 billion to US GDP, according to the report from Deloitte and commissioned by Facebook owner Meta Platforms.
