Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Tech Meta

Younger generations aren't adopting VR technology fast enough for Meta (CFOTO/Future Publishing via Getty Images)

By Tyler Hummel Leaders Staff

Tyler Hummel

Tyler Hummel

Tyler Hummel is a news writer for Leaders Media. He was the Fall 2021 College Fix Fellow and Health Care...

Full bio


Learn about our editorial policy

Apr 6, 2023

Gen Z Rejects the Metaverse 

A new study shows that the younger generation is not embracing virtual-reality (VR) technology in the way that big-tech firms are serving it up. 

Key Details

  • The 45th Semi-Annual Generation Z Survey from investment bank Piper Sandler samples 5,600 U.S. teens on subjects including spending habits, political opinions, and social media usage. 
  • One of the findings was that adolescent adoption rates for VR are low, with nearly one-third of respondents owning VR devices but only 4% using them daily. 
  • The usage of these devices has declined, with weekly users dropping from 17% to 14%.  
  • These numbers are notable compared to the high usage of smartphones (95%) and gaming consoles (80%), Fortune reports.

Why It’s Important 

The slow adoption rate of VR has been broadly reflected in the market. As we previously reported, Meta Platforms has slowly begun to shift its company focus away from its namesake metaverse and VR projects as sales have declined and usage rates remain low. CEO Mark Zuckerberg’s delve into VR now appears to be a secondary consideration. 

The move is a setback for the entire VR market. Apple is rumored to have scheduled to reveal its own VR headset later this year and could debut its new device onto a dwindling market unless continued investment and growth can improve sales in the longterm.  

Backing Up A Bit 

Zuckerberg previously shifted the direction of his umbrella company in October 2021 by changing the name of the company from Facebook to Meta Platforms—reflecting both the relative decline of the world’s largest social network and his hopes of transforming the company into the face of VR technology. 

With his company’s propriety research company Reality Labs having lost nearly $14 billion last year and the $36 billion investment into VR proving underwhelming, the VR market may soon lose its leading voice. 

Notable Quote 

“The AR/VR market has been taking slow but sure steps in recent years and is poised to take longer strides in the years to come. Recently announced and upcoming hardware from major brands showcase clear improvement from first-generation devices. The result: a maturing market ready to thrive for consumers and commercial users alike,” IDC research director Ramon T. Llamas tells Fortune.

Home / News / Gen Z Rejects the Metaverse 
Share
FacebookTweetEmailLinkedIn

Related Stories

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
Markets

Oct 23, 2023

Chevron Gas Deal

Chevron is acquiring Hess Corp. for $53 billion, the second significant oil producer acquisition this month as crude prices climb.

Key Details

  • Chevron is purchasing Hess in an all-cash deal worth $53 billion, including debt and preferred stock redemption.
  • This comes just weeks after ExxonMobil announced its $59.5 billion purchase of Pioneer Natural Resources.
  • With oil over $80 per barrel, major producers are using their windfall profits to acquire smaller players and boost payouts to shareholders.
  • Chevron expects the deal to close in H1 2023 pending regulatory approvals and Hess shareholder vote.
  • Hess CEO John Hess will join Chevron's board once the acquisition is complete.

Go deeper

FacebookTweetEmailLinkedIn
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff
netflix building
Entertainment

Oct 19, 2023

Netflix Hiking Prices While Adding Millions of Subscribers

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com