A relatively substantial 20% of brand and agency media decision-makers are already investing in the metaverse for marketing in some shape or form, and another 36% are considering such investments, according to the Interactive Advertising Bureau’s just-released 2023 outlook survey.
Still, 44% report that they are not even considering the metaverse as an advertising or marketing channel, at present.
Among those who are currently investing or considering such investment (124 out of the 223 total executives surveyed between Oct. 18 and Nov. 7), more than half (52%) report that they currently view the metaverse as an upper-funnel opportunity: that is, a means of building brand awareness and recognition.
Nearly as many, however, also view it as a new way of engaging existing customers (48%), boosting brand perception (46%) or reaching audiences not found or hard to find elsewhere.
Among the 99 respondents not investing or considering it, reasons cited include that metaverse advertising is “too nascent” or not a good fit for the brand or its audience, or lack of budget, strategy, measurement objectives or industry standards.