By Deeksha Khatwani, MBA student and Arunabha Mukhopadhyay, Faculty, IIM Lucknow In 2023, the market size of metaverse advertising reached US$1.5 billion. Moreover, metaverse is expected to grow significantly at a CAGR of 24.
82% between 2023 and 2030 creating a market volume of $7.5 billion by 2030. Organisations across industries in India as well as globally are increasingly using Metaverse to market their brand and provide unique experiences to users.
In 2022, Tata Tea hosted a Holi party in Metaverse in 2022 where the users played Holi and enjoyed a live performance by the famous composer duo Sachet-Parampara. Joining the bandwagon was Gujarat Titans, the IPL team that launched its new logo in Metaverse. In the banking sector Kotak Mahindra and ICICI bank have invested in metaverse application like Konaverse and Decentraland.
Lately, the number of brands leveraging metaverse for various use cases specifically advertising and publicity has increased. Among the companies setting foot in Metaverse are some big established brands including Gucci, Nike, Samsung as well as growing brands like Farzi Cafe. H&M, a renowned name in the fashion industry opened a virtual showroom in Metaverse where one can explore their virtual collection and dress their avatars in the trendiest of outfits making a fashion statement.
Indian companies also exhibited excitement and faith in the opportunity presented by technology. Tanishq, an aspirational fine jewelry brand from India launched its weddi.