Tech, media and telco leaders are excited about the opportunity of the metaverse, but few are taking action.

59% believe the metaverse will have a huge impact on business and consumers.

53% are investing in metaverse staffing and resources.

Investing in the metaverse is expected to have a big impact on digital transformation, innovation and customer engagement.

Leaders are looking to the metaverse to drive revenue and profit.

61% believe they would see an increase of over 55% in revenue and profit margins.

57% have plans to implement augmented reality tools.

Top desired outcomes: improved customer experience, product innovation and revenue growth.

The gap between action and capability is the main challenge for organisations in adopting the metaverse.

Almost Two-thirds of companies feel unprepared for designing metaverse experiences and processes.

Proper technology and skill sets are the primary barriers to metaverse adoption and planning.

60% of tech, media and telco leaders believe metaverse success depends on increased customer demand.

Only one-quarter of tech, media and telco businesses are highly prepared for the metaverse.

At least Two-thirds of respondents agree that hiring talent for the metaverse is a big priority.

Setting and tracking KPI and metaverse pilot projects will help companies build on their early success.

Highly prepared companies are investing more in the metaverse and are more likely to anticipate those investments having a big impact.

Leaders in the technology, media and telco (TMT) industries across Australia and globally, are excited about the metaverse – but their expectations are not yet matched by action.

KPMG commissioned a survey of 767 TMT executives to understand their preparedness for the metaverse. The survey shows many are trying to balance investing in an unknown future to avoid being blindsided by a metaverse pioneer, while making sure they don’t invest in projects that later become redundant.

Download report: Understanding the value of the metaverse

3 key takeaways for TMT businesses

There’s plenty of excitement around the potential of the metaverse, including high hopes that successful implementation can boost bottom lines for TMT companies.
But where to start? Our report shares three approaches highly prepared organisations have taken.

1. Begin your metaverse journey at home

There’s opportunity to pilot metaverse initiatives and develop capabilities for the long-term within your own organisation. The benefits of this include lower costs, lower risk (less client exposure), improved efficiencies, knowledge growth and tapping into existing capabilities.

2. Think big, start small, move fast

Closely monitor the progress of the metaverse and be nimble. Our survey showed highly prepared organisations have ambitious expectations for the metaverse, but also anticipate investing twice as much as their competitors. For the near term, investment can be channelled into innovation labs and centres of excellence for incremental learning rather than large-scale execution.

3. Focus on real business and customer value

Let business value drive the conversation rather than the technology. Have a well-developed plan and clear, measurable expectations. This includes defining realistic KPIs early. Revenue, for instance, is more likely to be a 2028 KPI, not a 2023 target.
Focus on developing your skills, knowledge, and preparedness internally while waiting for the metaverse to gain widespread adoption. This will not only enhance employee retention and communication but also equip you with valuable experience and a competitive edge when the opportune moment arrives. It is worth remembering that the internet originated as an internal communication network for the US government, with an aim to explore its potential as an enterprise tool. This laid the groundwork for a technology that now permeates every aspect of our lives.

How KPMG can help

As the world continues to change, TMT organisations must be ready to explore future opportunities like the metaverse, and adapt accordingly.
KPMG Futures is a service group within KPMG Australia providing insights around global change and trends. Backed by our Innovation Lab, the KPMG Future Technology Program and our broader set of offerings, our clients can access a diverse range of perspectives and subject matter expertise.
Drawing on our deep experience, we offer consulting and strategy services to help TMT organisations harness evolving technologies and develop innovative strategies which we support through to targeted results.

Metaverse opportunities for organisational challenges

We’ve listed some examples of metaverse opportunities to help you consider new ways to solve common organisational challenges.

How can we enhance customer engagement?

A metaverse approach could be to use Co-creation. This is a digital platform offering product co-creation with users and fans.

How do we reduce customer acquisition costs?

A metaverse approach might be to use loyalty assets. This includes incorporating digital assets or experiences designed to promote loyalty.

How do we foster product innovation?

A metaverse approach might be to use physical goods. These are the integration of physical and digital goods for a better customer experience.

How do we enhance our training and onboarding processes?

A metaverse approach could be to consider mixed reality training for sales, customer service and diversity and inclusion.

How do we improve identity and data management processes?

In the metaverse, consider data sovereignty. This is a blockchain based self-sovereign identity (rather than relying on third parties) and includes data monetisation and data portability.

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