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1、ACTIVATE TECHNOLOGY&MEDIA OUTLOOK 2022 1Continued 14 Takeaways from the Activate Technology&Media Outlook 2022Consumer Spend:Increased consumer time spent with technology and media has been sustained coming out of the pandemic.As the entire growth curve has shifted upwards,more consumer time will le

2、ad to new opportunities to grow and build businesses.Cryptocurrency:There will be a massive runway ahead as the number of consumers trading crypto will double in the next 12 months.Consumers will move from buying cryptocurrency for investment to using cryptocurrencies for payments and transfers.Alth

3、ough Bitcoin and Ethereum dominate,innovation will take place in Altcoins.Crypto will power a broad set of sectors including eCommerce,video gaming,data,and NFTs.NFTs:NFTs create a unique value proposition for owners of digital assets,with a broad set of applications.Buying,collecting,and trading no

4、n-fungible tokens will become a mainstream behavior.Many industries are creating NFTs,including art,fashion,sports,video games,and consumer products.Every technology and media company will need an NFT strategy.Video Games:Video games are the next technology paradigm,leading to the metaverse.Most dig

5、ital activities(e.g.search,social,shopping,events,banking)will increasingly take place inside of video games.The major technology platforms have recognized the importance of video games and will build out their presence in the gaming stack.We expect a wave of mergers in the sector.Metaverse:Games ar

6、e the most viable path to the metaverse as they already have many of the foundational elements (e.g.social and non-game experiences,users as creators,VR/AR functionality,in-game economies).Pursuit of the metaverse will drive technology and media companies to make extensive technology and experience

7、investments,while impacting the full set of digital and physical activities into the future.Super Users:Not all users are equal in terms of focus for technology and media companies.Super Users 26%of all users account for the majority of time and money spent on eCommerce,VR,music,and video games,and

8、super-serving them will be critical to drive growth.eCommerce:New technologies are breaking down barriers for even the most expensive and complicated categories to move online.By 2025,10%to 15%of all automobiles will be sold online,adding over$150B a year to eCommerce revenues.Other expensive catego

9、ries,such as jewelry and furniture,will also accelerate their moves online.214 Takeaways from the Activate Technology&Media Outlook 2022Video:Social and streaming growth will reshape the video landscape.Competition among streaming services will intensify as the average subscriber will pay for almost

10、 six services by 2025 and 47M homes in the U.S.will have broadband without Pay TV.Sports and Sports Tech:Following the pandemic,fans are returning to sports,but their modes of experiencing sports will now be different,as an even greater number of games move to streaming platforms.New rights deals fo

11、r 2022-23 will increase the availability of games on streaming.Sports technology innovation will deliver new digital sports experiences and deepen fan engagement.Sports Betting and iGaming:Sports betting and iGaming will bring considerable new revenues to technology and media companies,as legalizati

12、on continues to spread to more states.Betting operators will forge partnerships with media companies,while technology innovators enter the space.iGaming will boom in the U.S.Esports:By 2025,over 700M people will watch esports,up from 550M today.Most importantly,esports will be the gateway to a full

13、set of technology and media experiences,including VR/AR,cryptocurrency,podcasts,sports gambling,and video games.Audio:Audio will continue to be one of the fastest growing media behaviors,driven by digital audio.Consumers are increasing the number of music services they use,both paid and free.TikToks

14、 impact on music discovery will be profound.Social/live audio will become a mainstream behavior and social platforms and streaming services will follow Clubhouses lead.Podcasts will grow to reach 166M users in the U.S.Digital Consumer Finance:Digital consumer finance is at the inflection point as in

15、vesting,borrowing,and online-only payment methods will become dominant digital behaviors.Consumers will increasingly see financial solutions embedded in consumer goods,retail,and technology offerings.Data Solutions and Enterprise Automation:A set of new companies,delivering infrastructure,tools,and

16、applications,will enable all enterprises to operate and innovate as if they were major technology CONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at

17、the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Socia

18、l and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Socia

19、l Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough CCONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at

20、 the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Soci

21、al and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Soci

22、al Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities1872021E2025E$2.5T$2.1TWe forecast significant growth ahead for global internet and media businesses,which will add almost$400B growth dollars between 2021 and 2025 5INTERNET AND MEDIA REVE

23、NUES1,GLOBAL,2021E VS.2025E,USDCONSUMER SPEND1.“Internet and media revenues”include radio subscription and licensing fees,recorded music,magazine publishing,newspaper publishing,video games,filmed entertainment,book publishing,TV subscription and licensing fees,internet access,digital advertising,an

24、d traditional advertising on these platforms.Sources:Activate analysis,Dentsu International,eMarketer,GroupM,IBISWorld,Newzoo,Omdia,PricewaterhouseCoopers,Statista,Zenith Media$390BGROWTH DOLLARS2021E-2025E CAGR:4.3%ACTIVATE FORECASTCost of internet access3Paid content2Advertising revenueGlobal adve

25、rtising will be the primary driver of growth 6INTERNET AND MEDIA REVENUE GROWTH BY SEGMENT1,GLOBAL,2021E VS.2025E,USDCONSUMER SPEND1.“Internet and media revenues”include radio subscription and licensing fees,recorded music,magazine publishing,newspaper publishing,video games,filmed entertainment,boo

26、k publishing,TV subscription and licensing fees,internet access,digital advertising,and traditional advertising on these platforms.Figures do not sum due to rounding.2.“Paid content”includes radio subscription and licensing fees,recorded music,magazine publishing,book publishing,newspaper publishing

27、,video games,TV subscription and licensing fees,and filmed entertainment.3.“Internet access”includes fixed broadband,wireless,and mobile internet access.Sources:Activate analysis,Dentsu International,eMarketer,GroupM,IBISWorld,Newzoo,Omdia,PricewaterhouseCoopers,Statista,Zenith Media2021E2025E$2.5T$

28、2.1T$61B$119B$209B243.8%231.9%211.0%33%35%33%30%34%36%2.2%3.8%6.9%Driving half of the growth2021E-2025E CAGR:ACTIVATE FORECASTSubscription revenueSingle transactions2021E2025E$1.6T$1.4T$44B$136BIn terms of global consumer spending,subscriptions will add$136B growth dollars and single transactions wi

29、ll add$44B 7CONSUMER INTERNET AND MEDIA REVENUE GROWTH BY REVENUE MODEL1,GLOBAL,2021E VS.2025E,USDCONSUMER SPEND21%79%21%79%ACTIVATE FORECAST3.5%2021E-2025E CAGR:2.9%1.“Consumer internet and media revenue”includes radio subscription and licensing fees,recorded music,magazine publishing,newspaper pub

30、lishing,video games,filmed entertainment,book publishing,TV subscription and licensing fees,and internet access.Sources:Activate analysis,Dentsu International,eMarketer,GroupM,IBISWorld,Newzoo,Omdia,PricewaterhouseCoopers,Statista,Zenith MCONTENTSPAGE$390 Billion Global Technology and Media Growth D

31、ollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Meta

32、verse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting a

33、nd iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Activates Attention Clock:Our analysis of cons

34、umer technology and media activity shows that multitasking leads to a 32-hour day for the average American;over 13 hours are spent using technology and media 96:38 Sleep7:13 Other Non-Work Activities cooking&housework,personal&household care,leisure,fitness,eating&drinking,community&other activities

35、5:22 Work&Work-Related6:3813:11 Consumer Technology&Media Activity7:135:221:482:425:281:291:4432:24 Average Day Length per Adult AVERAGE DAY BY ACTIVITY PER ADULT AGED 18+1,U.S.,2020,HOURS:MINUTES1.Behaviors averaged over 7 days.2.“Other”includes media activities outside of listed categories,such as

36、 browsing websites,reading,and attending live events.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),AudienceNet,CareerBuilder,Edison Research,eMarketer,Gallup,GWI,Interactive Advertising Bureau,National Sleep Foundation,Nielsen,Pew Research Center,Pricewate

37、rhouseCoopers,U.S.Bureau of Labor Statistics,YouGovCONSUMER ATTENTIONAudioGamingOther2Messaging&Social MediaVideoVideo at 5.5 hours a day continues to dominate consumers time spent with technology and media 10 AVERAGE DAILY TECHNOLOGY AND MEDIA ATTENTION PER ADULT AGED 18+1,U.S.,2020,15-MINUTE INTER

38、VALSAudioGamingMessaging&Social MediaVideoOther21.Behaviors averaged over 7 days.2.“Other”includes media activities outside of the listed categories,such as browsing websites,reading,and attending live events.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),A

39、udienceNet,Edison Research,eMarketer,GWI,Music Business Association,Nielsen,Pew Research Center,PricewaterhouseCoopers,U.S.Bureau of Labor StatisticsCONSUMER ATTENTIONAn average 13-hour technology and media day in 15-minute intervals 11AVERAGE DAILY TECHNOLOGY AND MEDIA ATTENTION PER ADULT AGED 18+1

40、,U.S.,2018-2021E,HOURS:MINUTES2018201920202021E 1113:101.9%1.2%-0.1%YOY CHANGE:111.Behaviors averaged over 7 days.2.“During the COVID-19 outbreak”refers to the period since the start of the COVID-19 outbreak and subsequent social distancing measures(i.e.since Mar.2020).Sources:Activate analysis,Acti

41、vate 2021 Consumer Technology&Media Research Study(n=4,018),AudienceNet,Edison Research,eMarketer,GWI,Music Business Association,Nielsen,Pew Research Center,PricewaterhouseCoopers,U.S.Bureau of Labor StatisticsCONSUMER ATTENTIONDuring the COVID-19 outbreak,consumers significantly increased their tim

42、e with technology and media,adding over 45 minutes a day;we expect that this growth will be largely sustained12:1612:2413:111.2%6.1%Time spent with technology and media jumped during the COVID-19 outbreak2We forecast that gaming and audio will together add over 20 minutes a day of user time and atte

43、ntion over the next four years 12AVERAGE DAILY TECHNOLOGY AND MEDIA ATTENTION PER ADULT AGED 18+1,U.S.,2021E VS.2025E,HOURS:MINUTES2021E2025E13:1013:235:212:471:531:281:405:132:552:071:291:402021E-2025E CAGR:0.4%-0.2%0.4%2.8%1.1%-0.7%ACTIVATE FORECAST1.Behaviors averaged over 7 days.2.“Other”include

44、s media activities outside of the listed categories,such as browsing websites,reading,and attending live events.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),AudienceNet,Edison Research,eMarketer,GWI,Music Business Association,Nielsen,Pew Research Center,P

45、ricewaterhouseCoopers,U.S.Bureau of Labor StatisticsCONSUMER ATTENTIONAudioGamingMessaging&Social MediaOther2VideoTOTAL TIME:CONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13D

46、igital Consumer Finance at the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for

47、 Faster Growth98Video:Social and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Stream

48、ing Services,Live,and Social Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Our consumer research shows that Super Users spend over 7 more hours per day consuming technology and media than all other users 14AVERAGE DAILY TIME SPENT WITH

49、 MEDIA PER USER1,U.S.,2021E,%ADULTS AGED 18+/HOURS:MINUTESSUPER USERS26%SUPER USERS 68M U.S.Adults74%ALL OTHER USERS 190M U.S.AdultsUser Population 258M U.S.Adults17:11 TOTAL HOURS9:27 TOTAL HOURS1.Includes time spent watching video,playing video games,listening to music,listening to podcasts,and us

50、ing messaging/social media services.Does not account for multitasking.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),AudienceNet,Edison Research,eMarketer,GWI,Music Business Association,Nielsen,Pew Research Center,PricewaterhouseCoopers,U.S.Bureau of Labor

51、StatisticsVideoGamingMusicPodcastsMessaging&Social MediaTime:Super Users spend significantly more time with media across all formats than all other users 15AVERAGE DAILY TIME SPENT PER USER BY MEDIA TYPE,U.S.,2021E,HOURS:MINUTESSuper UsersAll Other Users17:11 Total Hours19:27 Total Hours1Super Users

52、All Other Users1.“Total hours”do not account for multitasking.Figures do not sum due to rounding.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),AudienceNet,Edison Research,eMarketer,GWI,Music Business Association,Nielsen,Pew Research Center,PricewaterhouseC

53、oopers,U.S.Bureau of Labor StatisticsSUPER USERS6:484:503:151:242:481:412:000:232:191:0920%80%26%74%58%42%Super Users consistently spend more dollars on technology and media than all other users;in gaming and audio,Super Users account for the vast majority of all spend 16MONTHLY DOLLAR SPEND BY MEDI

54、A TYPE,U.S.,2021E,%ADULTS AGED 18+/%TOTAL SPEND BY MEDIA TYPE/USD PER USERSUPER USERS74%26%SUPER USERSALL OTHER USERSUser PopulationTotal Video Spend1Total Gaming Spend2Total Music&Podcast Spend3$29/USER$59/SUPER USER$1/USER$16/SUPER USER$4/USER$33/SUPER USER1.Includes money spent on all videos and

55、video services,including traditional/virtual Pay TV,video streaming subscription services,and from video stores/rental services.2.Includes money spent on video games and other video gaming purchases(e.g.in-app purchases)across all devices.3.Includes money spent on music,music services,podcasts,and p

56、odcast services(excluding donations).Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),BMO Capital Markets,eMarketer,Newzoo,PricewaterhouseCoopers,U.S.Census BureauIn eCommerce,Super Users account for the great majority of total spend,heavily over-indexing on

57、all major consumer categories 17ECOMMERCE SPEND,U.S.,2021E,%ADULTS AGED 18+/%TOTAL ECOMMERCE SPENDSUPER USERSSuper Users over-index on eCommerce spend across a number of key categories74%26%SUPER USERS30%70%User PopulationTotal eCommerce Spend5.2xELECTRONICS4.2xAPPAREL,SHOES,&ACCESSORIES6.9xFURNITUR

58、E3.1xGROCERY7.1xHOUSEHOLD PRODUCTSSources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)ALL OTHER USERSECOMMERCE SPEND COMPARISON BY CATEGORY,U.S.,2021E,SUPER USERS INDEXED TO ALL OTHER USERSAre aged 18-34Have a household income of$100K or greaterAre the sole or pr

59、imary earner for their householdHold an associate degree or higher41%56%26%25%57%86%55%45%18USER DEMOGRAPHICS,U.S.,2021,%ADULTS AGED 18+%Super Users%All Other UsersSUPER USERSSources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Super Users are younger and more aff

60、luent,with a higher level of educationSuper UsersAll Other Users28%12%60%85%19SUPER USERS1.“Unlimited”as reported by consumers.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)MOBILE DATA PLAN ACCESS,U.S.,2021,%ADULTS AGED 18+3%12%Connectivity:The vast majorit

61、y of Super Users subscribe to unlimited mobile data plansNo mobile data planMobile data plan with data limitUnlimited1 mobile data plan 20TENDENCY TO BUY/USE NEW SERVICES/DEVICES/TECHNOLOGIES BEFORE ANYONE ELSE,U.S.,2021,%ADULTS AGED 18+TENDENCY TO ALWAYS OR OFTEN KEEP INFORMED ON NEWS ABOUT THE LAT

62、EST TECHNOLOGY AND MEDIA PRODUCTS/SERVICES,U.S.,2021,%ADULTS AGED 18+Super Users All Other Users7%53%SUPER USERS+46ppSuper Users All Other Users24%68%+44ppSources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Keeping informed on news about the latest products and s

63、ervicesBuying/using new services and devices before anyone elseEarly Adopters:Super Users are significantly more likely to be early adopters;they buy and use products and services before anyone else and are up to date on trends in technology and mediaTalk about technology and media products/services

64、 with othersShow technology and media products/services to othersRecommend technology and media products/services to others 21TENDENCY TO AMPLIFY EXPERIENCES WITH TECHNOLOGY AND MEDIA PRODUCTS/SERVICES,U.S.,2021,%ADULTS AGED 18+Sources:Activate analysis,Activate 2021 Consumer Technology&Media Resear

65、ch Study(n=4,018)19%15%17%72%69%69%ALWAYS OR OFTENSUPER USERSAdvocacy:Super Users are significantly more likely to be brand amplifiers,sharing their experiences with technology and media and recommending products and services%Super Users%All Other Users 22AVERAGE NUMBER OF PAID VIDEO STREAMING SUBSC

66、RIPTIONS OWNED PER USER,U.S.,2021,#SUBSCRIPTIONSPAY TV SUBSCRIBER1 STATUS,U.S.,2021,%ADULTS AGED 18+Super UsersAll Other Users3%Cord Cutter294%Pay TV Subscriber112%Cord Never317%Cord Cutter271%Pay TV Subscriber1SUPER USERSSuper Users All Other Users2.47.03%Cord Never3Video:Super Users subscribe to m

67、ore video streaming services while maintaining their Pay TV subscriptions1.“Pay TV subscriber”is defined as an adult aged 18+whose household has a traditional/virtual Pay TV subscription.2.“Cord cutter”is defined as an adult aged 18+whose household used to have a traditional/virtual Pay TV subscript

68、ion and no longer does.3.“Cord never”is defined as an adult aged 18+whose household has never had a traditional/virtual Pay TV subscription.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),Activate 2021 Consumer Video Research Study(n=2,014)Virtual Reality:Su

69、per Users are massive users of Virtual Reality and will lead the way with new VR headsets and VR experiences 23VIRTUAL REALITY USAGE,U.S.,2021,%ADULTS AGED 18+Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Have never usedUse less than weeklyUse weekly or mor

70、e59%4%Super UsersAll Other Users81%28%16%13%3%59%SUPER USERSLive Events:Super Users will lead the charge back to in-person live events and have already attended significantly more virtual live eventsCONCERTS AND MUSIC FESTIVALSTHEATER PERFORMANCESLIVE PROFESSIONAL SPORTING EVENTSCOMEDY SHOWSLIVE COL

71、LEGE SPORTING EVENTSLIVE ESPORTS EVENTS 24INTENT TO ATTEND MORE LIVE EVENTS1 IN THE NEXT 12 MONTHS THAN BEFORE THE COVID-19 OUTBREAK2,U.S.,2021,%ADULTS AGED 18+4%6%7%8%9%13%49%49%50%50%50%51%Super Users%All Other UsersSuper UsersAll Other Users63%IN THE LAST 12 MONTHSSuper UsersAll Other Users59%EXP

72、ECTED IN THE NEXT 12 MONTHSONLINE CONCERT ATTENDANCE,U.S.,2021,%ADULTS AGED 18+SUPER USERS8%11%1.Refers to live events in large venues(e.g.theaters,stadiums,festival grounds).2.“Before the COVID-19 outbreak”refers to the 12-month period before the start of the COVID-19 outbreak and subsequent social

73、 distancing measures(i.e.before Mar.2020).Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Super Users have led the move to telemedicine and will continue to prefer digital access to healthcare versus in person 25TELEMEDICINE1 USAGE IN THE LAST 12 MONTHS,U.S.,

74、2021,%ADULTS AGED 18+PREFERENCE FOR TELEMEDICINE1,U.S.,2021,%ADULTS AGED 18+WHO HAVE USED TELEMEDICINE1 IN THE LAST 12 MONTHSSuper UsersAll Other Users34%79%PREFER USING TELEMEDICINE1 TO SEEING A HEALTHCARE PROVIDER IN PERSONvs.Super Users2All Other Users286%33%SUPER USERS1.“Telemedicine”is defined

75、as speaking to a healthcare provider over video.2.Among those who have used telemedicine in the last 12 months.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)The overwhelming majority of Super Users use and prefer connected fitness devices versus going to a

76、gym 26CURRENT AT-HOME CONNECTED FITNESS EQUIPMENT1 USAGE,U.S.,2021,%ADULTS AGED 18+PREFERENCE FOR AT-HOME CONNECTED FITNESS EQUIPMENT1,U.S.,2021,%ADULTS AGED 18+WHO USE AT-HOME CONNECTED FITNESS EQUIPMENT165%PREFER USING AT-HOME CONNECTED FITNESS EQUIPMENT1 TO GOING TO THE GYM IN PERSONvs.Super User

77、s2All Other Users293%83%5%Super UsersAll Other UsersSUPER USERS1.“Connected fitness equipment”is defined as exercise equipment that connects to a digital fitness subscription to allow users to take classes using the equipment.2.Among those who use at-home connected fitness equipment.Sources:Activate

78、 analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)27AWARENESS OF CRYPTOCURRENCY,U.S.,2021,%ADULTS AGED 18+USAGE OF AND INTEREST IN CRYPTOCURRENCY,U.S.,2021,%ADULTS AGED 18+SUPER USERSCryptocurrency:Super Users are early adopters of cryptocurrency1.Includes adults aged 18+who k

79、now what cryptocurrency is,have not bought or sold it in the last 12 months,and are extremely or very interested in using/acquiring it in the next 12 months.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Do not know what cryptocurrency isKnow what cryptocurr

80、ency isSUPER USERSALL OTHER USERS4%18%6%43%32%68%62%38%Do not know what cryptocurrency isKnow what cryptocurrency isHave bought or sold in the last 12 monthsAre interested in using/acquiring in the next 12 months1 28AWARENESS OF NFTS,U.S.,2021,%ADULTS AGED 18+USAGE OF AND INTEREST IN NFTS,U.S.,2021,

81、%ADULTS AGED 18+SUPER USERSNFTs:Super Users are also significantly more likely to know about NFTs,and many have already purchased or are likely to purchase an NFT in the near future1.Includes adults aged 18+who know what NFTs are,have not bought or sold them in the last 12 months,and are extremely o

82、r very interested in acquiring them in the next 12 months.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Do not know what NFTs areKnow what NFTS areSUPER USERSALL OTHER USERS43%57%86%14%Do not know what NFTs areKnow what NFTs are23%26%1%1%Have bought or sold

83、 in the last 12 monthsAre interested in acquiring in the next 12 CONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Inflection Point29Cryptocurre

84、ncy:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Streaming Growth Reshape th

85、e Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive Growth170Data Solutions a

86、nd Enterprise Automation:Technology Advances Create Breakthrough Capabilities187BORROWING&CREDIT MANAGEMENTIn 2018,Activate identified the inflection point in Digital Consumer Finance;since then,a massive amount of value has been created 30DIGITAL CONSUMER FINANCE1.Excludes companies that are primar

87、ily cryptocurrency platforms.2.2018 valuation reflects 2018 or most recent valuation prior to 2018.2021 valuation reflects 2021 or most recent valuation.Excludes B2B companies.Excludes companies founded before 2018 that do not have a 2018 or prior valuation publicly available.Sources:Activate analys

88、is,Company filings,Company press releases,PitchbookEXAMPLE U.S.-BASED CONSUMER FINANCE COMPANIES FOUNDED SINCE 20071ESTIMATED VALUATION2 OF U.S.-BASED CONSUMER FINANCE COMPANIES FOUNDED SINCE 20071,U.S.,2018 VS.2021,BILLIONS USDINVESTING&WEALTH MANAGEMENTActive Trading(Stocks&ETFs)Wealth Management&

89、RetirementBANKING&PERSONAL FINANCEChecking&SavingsInsuranceBudgetingPAYMENTS&TRANSFERSConsumer Payments&TransfersPayments Processing&NetworksBORROWING&CREDIT MANAGEMENTLendingPOS LendingCredit20182021$550B$85BGROWTH 6.5xINVESTING&WEALTH MANAGEMENTBANKING&PERSONAL FINANCEPAYMENTS&TRANSFERSInvesting,b

90、orrowing,and online-only payment methods will become dominant digital behaviors,while banking will be slower to move entirely online 31ONLINE VS.OFFLINE ACTIVITY PARTICIPATION1,U.S.,2021,%ADULTS AGED 18+WHO PARTICIPATE IN ACTIVITY1.Figures do not sum to 100%due to rounding.2.Neo banks”are defined as

91、 banks that do not have any physical branches and are founded in 2000 or after.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)CATEGORYPARTICIPATIONINSIGHTINVESTING&WEALTH MANAGEMENTTrading AssetsConsumers currently trade stocks and ETFs online but are more l

92、ikely to go in person for budgeting and financial adviceBudgetingReceiving Financial AdviceBANKING&PERSONAL FINANCEChecking Account BalanceConsumers check account balances online but do most other banking activities hybrid or in person,a barrier for Neo bank2 growthOpening AccountsDepositing into Ac

93、countsGetting Cashiers ChecksPAYMENTS&TRANSFERSTransferring Between AccountsConsumers primarily use digital means for payments and transfersPaying Recurring BillsSending MoneyBORROWING&CREDIT MANAGEMENTPaying Off Credit CardsConsumers pay off credit cards and loans online but are more likely to open

94、 credit cards and apply for loans in personPaying Off LoansOpening Credit CardsApplying for Loans31%23%20%17%22%18%14%58%33%35%17%32%31%19%33%28%21%19%30%25%24%24%38%33%25%41%32%23%37%50%59%64%49%57%61%18%29%32%59%28%37%58%Online only(through a website or mobile app)Both online and offlineOffline on

95、ly(in person,via mail,via telephone)DIGITAL CONSUMER FINANCE8%10%7%8%10%12%14%14%15%32%Traditional Brokerages(founded 2001 or before)New Digital Brokerages(founded after 2001)Investing:Although new players,such as Robinhood and Acorns,have been disruptive in equities trading,traditional players(e.g.

96、Fidelity and Schwab)have adapted and will continue to win most consumers 32Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)ONLINE VS.OFFLINE PARTICIPATION IN INVESTING,U.S.,2021,%ADULTS AGED 18+WITH INVESTMENT ACCOUNTSTOP TEN BROKERAGES USED,U.S.,2021,%ADULTS

97、 AGED 18+WHO ONLY ACCESS INVESTMENT ACCOUNTS ONLINEInvesting19%23%58%Online only(through a website or mobile app)Both online and offlineOffline only(in person,via mail,via telephone)Traditional players such as Fidelity have successfully adapted to the online-first futureDIGITAL CONSUMER FINANCEEase

98、of useLow feesReferral from friendAsset varietySecurityReal-time account info4Transfer speeds/costTerm transparency Best execution5Used by brokerCustomer serviceLow interest marginInvestment resourcesAdvanced functionalityUsed by employer11%8%10%6%21%13%8%12%9%11%22%14%11%31%27%EXAMPLESInvesting:Con

99、sumers will continue to choose traditional investment platforms over new digital platforms because of customer service and perceived security 33REASONS1 FOR USING PRIMARY BROKERAGE,U.S.,2021,%ADULTS AGED 18+WHOSE PRIMARY BROKERAGE ACCOUNT IS NEW DIGITAL VS.TRADITIONAL1.Consumers were asked to select

100、 up to three top reasons for using their primary brokerage.2.Founded after 2001.3.Founded 2001 or before.4.Real-time account information(no delayed reporting).5.Getting the best execution for purchases and sales of securities(e.g.lowest possible price on purchases,highest possible price on sales).So

101、urces:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)NEW DIGITAL BROKERAGES2TRADITIONAL BROKERAGES3DIGITAL CONSUMER FINANCETable stakesDifferentiatorDifferentiator4%10%11%11%11%12%12%13%14%15%16%19%20%25%34%Banking:Consumers will remain resistant to adopting Neo ban

102、ks due to the convenience of branches/ATM locations of traditional banks,superior customer service,and minimal perceived advantages in fees or ease of use 341.Consumers were asked to select up to three top reasons for using their primary bank for checking/savings.2.Neo banks”are defined as banks tha

103、t do not have any physical branches and are founded in 2000 or after.3.“Traditional banks”are defined as banks with physical branches or founded before 2000.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Ease of useLow feesCustomer serviceAttractive termsGoo

104、d bill pay functionFriend recommendedConvenient branch/ATM locationTerm transparencyReferral from friendFriendly in-person staff25%5%9%47%15%18%10%23%32%30%0%12%15%15%15%19%19%25%37%44%NEO BANKS2TRADITIONAL BANKS3DIGITAL CONSUMER FINANCEEXAMPLES 11%of U.S.adults have a Neo bank2 account Only 46%of U

105、.S.adults with a Neo bank2 account use it as their primary bank account 78%of U.S.adults have a traditional bank3 account 98%of U.S.adults with a traditional bank3 account use it as their primary bank accountREASONS FOR USING PRIMARY BANK1,U.S.,2021,%ADULTS AGED 18+WHOSE PRIMARY BANK ACCOUNT IS A NE

106、O BANK2 VS.TRADITIONAL BANK3NAUnbanked:5.6%of Americans remain unbanked;although many are unable to open an account(due to lack of funds or limited access),the top reason is distrust of banks 35BANKED VS.UNBANKED1 POPULATION,U.S.,2021,%ADULTS AGED 18+1.“Unbanked”includes adults aged 18+who do not ha

107、ve access to checking/savings accounts,investment accounts,debit cards,or credit cards.2.Consumers were asked to select up to two top reasons.3.Reflects unbanked adults who opted to answer why they do not have a bank account.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research

108、Study(n=4,018),U.S.Census Bureau3%5%6%14%15%17%19%21%I do not trust banksI do not think I have enough money to open a bank accountI am worried about bank fees and overdraft feesThere is no bank near meI only work for cash and do not need a bankI do not know how to open a bank accountMy friends and f

109、amily do not have bank accountsI do not have the documents needed to open a bank accountREASONS2 FOR BEING UNBANKED,U.S.,2021,%UNBANKED1 ADULTS AGED 18+WHO PROVIDED REASON35.6%of U.S.adults are unbanked1BANKED 94.4%=14.5M U.S.ADULTSDIGITAL CONSUMER FINANCEPayments:Younger consumers are much more lik

110、ely to use digital services for P2P payments;age is not a big differentiator for C2B payments,indicating slower growth ahead 361.Using digital services to send/give money to or receive money from friends and family.2.Using digital services to make in-store or online purchases from businesses.Sources

111、:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)33%66%74%33%38%40%TOP 5 SERVICES:USAGE OF DIGITAL SERVICES FOR P2P VS.C2B PAYMENTS IN THE LAST 12 MONTHS,U.S.,2021,%ADULTS AGED 18+DIGITAL CONSUMER FINANCEAged 18-34Aged 35-54Aged 55+Aged 18-34Aged 35-54Aged 55+Use Dig

112、ital Services for Peer-to-Peer Payments1Use Digital Services for Consumer-to-Business Payments21234512345All Adults Aged 18+=37%All Adults Aged 18+=56%SHOPIFY CASE STUDY:EMBEDDED FINANCEFINANCIAL SOLUTIONS IN CONSUMER GOODS/TECHNOLOGYConsumers will increasingly see financial solutions embedded in th

113、e consumer goods and technology industries 37Sources:Activate analysis,A,Company press releases,Company sitesDIGITAL CONSUMER FINANCEShopify Balance Account is a merchant checking account for sales deposits with no fees and no minimum balanceShop Payis a one-click checkout solution for customers on

114、Shopify stores and has expanded to U.S.merchants selling on Facebook,Instagram,and Google in 2021Shopify Capital is a business finance program offering loans or cash advances to Shopify merchantsSHOP PAYSHOPIFY BALANCE ACCOUNTSHOPIFY CAPITALSHOP PAY INSTALLMENTSShop Pay Installments is a partnership

115、 with Affirm to give merchants and shoppers a Buy Now,Pay Later experienceIN ADDITION TO ITS ECOMMERCE CAPABILITIES,SHOPIFY PROVIDES A ROBUST FINTECH STACK TO ITS MERCHANTS:Shopify Balance Card is a debit card that merchants can use to access their money in Shopify Balance and has cash back and disc

116、ounts on business spending like shipping and marketingSHOPIFY BALANCE CARDUber Wallet has Uber Cash,which allows users to add funds for their next ride or Eats order,and is home to the Uber Visa Debit Card(partnership with Go2Bank),which allows drivers to cash out up to 5x per dayUBERApple Card is a

117、 credit card from Apple in partnership with Goldman Sachs optimized for use with Apple devices and Apple PayTarget partners with the digital payment service PayPal,as well as with the Buy Now,Pay Later service Affirm to provide point-of-sale financingTARGETSTARBUCKSStarbucks has its Starbucks Card f

118、eature,which allows users to add funds for Starbucks purchases and earn CONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Inflection Point29Cryp

119、tocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Streaming Growth Res

120、hape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive Growth170Data Solu

121、tions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Total Fees to Transfer Value:2.5%Total Fees to Transfer Value:0.2%Cryptocurrencies will likely disrupt industries that rely on transferring value(e.g.consumer finance,video gaming)just as the internet did for tran

122、sferring information 39CRYPTOCURRENCY1.This example is a proof-of-work blockchain(e.g.Bitcoin,Ethereum).Many blockchains are moving to a proof-of-stake model(i.e.a different validation method).Source:Activate analysisTRANSFERRING VALUE ON THE INTERNETTRANSFERRING VALUE ON A BLOCKCHAINVALUE SENDER(e.

123、g.person,customer)VALUE RECEIVER(e.g.person,merchant)CARD ASSOCIATION Charges 0.1%fee,guarantees against fraud/other risksPAYMENT PROCESSER Charges 0.2%fee,point-of-service solution chosen by receiverACQUIRING BANK Charges 0.6%interchange feeISSUING BANK Charges 1.6%interchange feeTotal Time to Tran

124、sfer Value:1-10 MINUTESCryptocurrencies drive down the cost of transferring value,just as the internet did with information Existing institutions risk being disrupted and disintermediated Incumbents that innovate will find a way to stay on top,just as we have seen historically in digital consumer fi

125、nanceThe INTERNET revolutionized INFORMATION just as CRYPTOCURRENCIES will revolutionize VALUEAfter 2-3 Business DaysTotal Time to Transfer Value:2-3 DAYSVALUE RECEIVER(e.g.person,merchant)CRYPTOCURRENCY MINERS1 Solve complex problems to receive cryptocurrency in return each time they do,they valida

126、te a“block of transactions added to the“chain of previous blocks in a completely decentralized processDISTRIBUTED LEDGERDIGITAL WALLETDIGITAL WALLETVALUE SENDER(e.g.person,customer)VS.Significantly less time and lower costs for transferring valueBought or soldSent or receivedMinedTransacted1Traded f

127、or another2Borrowed using crypto as collateralStaked3ADVANTAGES OF CRYPTOCURRENT HEADWINDSLOWER FEES on transactions(especially on low dollar transactions)Today,fees on transactions with crypto are comparable to other methods due to high fees from crypto intermediaries(e.g.BitPay)and network congest

128、ionFASTER SPEEDS on settlement of transactionsThough crypto settles faster,it appears slower to consumers because payment solutions(e.g.credit cards)are seemingly instantIMPROVED SECURITY and reduced riskThough no cryptocurrency has been hacked directly to date,early and current intermediaries in th

129、e space are hacked somewhat frequently,eroding trustANONYMITY and privacy within transactionsAnonymity creates challenges with preventing money laundering and terrorist financing,and makes regulation compliance difficultDECENTRALIZED AUTHORITY with no single fail point”The computationally intensive

130、proof-of-work mining process(most common decentralized validation method)raises environmental concernsUntil now,consumers have primarily used cryptocurrency for trading rather than payments or other crypto use cases;many of the promised use cases of cryptocurrency have faced headwinds limiting adopt

131、ion 401.Paid for a product/service with cryptocurrency.2.Traded one cryptocurrency for another.3.“Staking”refers to the process of committing crypto assets to support a blockchain network and verify transactions.It is available in cryptocurrencies that use a proof-of-stake model to process transacti

132、ons and results in a reward for those participants that stake their currency(i.e.they generate passive income in the form of that cryptocurrency).Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018),Company sitesPOTENTIAL ADVANTAGES AND CURRENT HEADWINDSHOW CONSU

133、MERS USE CRYPTOCURRENCY TODAYParticipation in Cryptocurrency,U.S.,2021,%Adults Aged 18+1%2%4%4%5%12%17%CRYPTOCURRENCYNever heard of cryptocurrencyNot at all interested in using/acquiring cryptocurrency in the next 12 months1At least slightly interested in using/acquiring cryptocurrency in the next 1

134、2 months1Have used/acquired cryptocurrencyThe number of consumers trading crypto has the potential to double in the next 12 months although many will remain hesitant due to fears of safety,volatility,and a lack of understanding 411.Includes adults aged 18+who have heard of cryptocurrency but have ne

135、ver used/acquired cryptocurrency.2.Consumers were asked to select up to three top concerns.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)CURRENT PARTICIPATION AND FUTURE INTEREST IN USING/ACQUIRING CRYPTOCURRENCY,U.S.,2021,%ADULTS AGED 18+CONCERNS ABOUT ACQ

136、UIRING/USING CRYPTOCURRENCY2,U.S.,2021,%ADULTS AGED 18+WHO ARE NOT INTERESTED IN ACQUIRING/USING CRYPTOCURRENCY IN THE NEXT 12 MONTHS110%44%24%22%3%3%4%5%7%8%13%20%31%34%42%Not safeNot understoodValue too volatileNot legitimateNot accepted by vendorsToo expensiveNot accepted by friendsUnsure which c

137、oin to buyEnvironmental concernsUnsure when to buyTax concernsCRYPTOCURRENCYCOINFOUNDEDMARKET CAPITALIZATION11-YR GROWTHKEY DIFFERENCES AND USE CASES20094.2xHas the most liquidity and adoption among consumers to date as the first cryptocurrency20158.8xOffers the ability to code smart contracts(inclu

138、ding NFTs)and promises future innovation through Ethereum 2.0201723.8xUses an alternate mining method(proof-of-stake)that is more environmentally friendly20141.0 xIs a Stablecoin2 that has faced regulatory scrutiny in the U.S.201713.7xIs an exchange-based token created by Binance(largest global cryp

139、to exchange),now on its own blockchain20124.1xRuns digital payments platform RippleNet,which enables high-speed,global money transfers201845.8xImproves decentralized app(DApp3)creation and scale of alternative mining methods(proof-of-history/-stake)20167.3xMakes different blockchains interoperable,a

140、pplying beyond crypto(e.g.NFTs,DApps)20181.0 xIs a Stablecoin2 offered by Centre Consortium,which holds a reserve of cash and short-term treasuries201382.7xWas originally founded as a joke has since been adopted by speculators and has an active community 42TOP TEN CRYPTOCURRENCIES BY MARKET CAPITALI

141、ZATION,U.S.,SEPT.2021,BILLIONS USDTOP ALTCOINS4$30B$30B$30B$31B$44B$47B$69B$72B$359B$820BCRYPTOCURRENCY1.Market capitalization as of 8 pm on Sept.30,2021.2.“Stablecoin”is a class of cryptocurrency that is pegged to a fiat currency(e.g.is always worth one dollar)and often backed by a reserve asset(e.

142、g.U.S.dollars,treasury bonds).3.“DApp”is an application that runs on a decentralized computing system.4.“Altcoins”are cryptocurrencies other than Bitcoin and Ethereum.Sources:Activate analysis,CoinMarketCap,Company sitesThough Bitcoin and Ethereum remain dominant,innovation will come from Altcoins t

143、hat focus on solving a range of problems such as faster and lower-cost payments and environmental concernsCOINCentralized Financial Exchanges are rapidly expanding into new crypto products and services;Decentralized Financial Exchanges are gaining scale and will carve out a meaningful part of the ma

144、rket 43FINANCIAL EXCHANGES THAT SUPPORT THE CRYPTOCURRENCY ECOSYSTEM1.As of Sept.2021.2.In addition to decentralized exchanges,there is a broad ecosystem of decentralized finance that includes a number of non-exchange financial services(e.g.peer-to-peer lending,asset management,infrastructure develo

145、pment,digital identity,digital insurance,payments solutions).Sources:Activate analysis,Coin Gecko,CoinMarketCap,NomicsCRYPTOCURRENCYGLOBAL DAILY TRADING VOLUME12.3%97.7%CENTRALIZED FINANCIAL EXCHANGESDECENTRALIZED FINANCIAL EXCHANGES2Platforms to buy and sell cryptocurrencies and other crypto servic

146、es(e.g.digital wallets,advanced trading tools,borrowing/lending)Distributed networks not managed by any one company(though often supported by a foundation);as a result,they are more difficult to regulateFinancial exchanges are pushing into new financial products and services(e.g.lending),though are

147、facing regulatory scrutiny and push-back Centralized exchanges offer consumers trust in an organization but are criticized for being against the decentralized nature of crypto as a central authorityAs decentralized organizations,decentralized exchanges have largely avoided regulatory enforcement as

148、a result they offer more innovative services Today,the average consumer has challenges learning about and understanding how to use decentralized exchanges,but decentralized exchanges are true to the decentralized ethos of the crypto community SushiSwapThe BIGGEST BARRIER for institutions is regulato

149、ry compliance and uncertaintyUNITED STATES Currently debating and writing a regulatory framework for cryptoCHINA Actively trying to stifle and ban crypto as an existential monetary threatEUROPE Leading the world in fostering an ecosystem of innovation for cryptoTraditional financial institutions ent

150、ering crypto have fueled recent growth;there is more growth to be unlocked once there is greater certainty about U.S.and international government regulation 44MAJOR CURRENT OR POTENTIAL CRYPTO PARTICIPANTSSources:Activate analysis,Company press releases,Company sites,U.S.Securities and Exchange Comm

151、issionBUY-SIDE INSTITUTIONSSELL-SIDE INSTITUTIONSASSET MANAGERSFINTECH PLATFORMSNiche crypto funds are no longer the only ones trading crypto traditional hedge funds have started to test strategies Family offices and endowments are increasingly entering crypto as a long-term investment Traditional f

152、unds get exposure by investing in crypto companies Large banks are looking to serve their clients in the changing crypto landscape with their own trading and custody platforms New B2B partners(e.g.NYDig,Galaxy)have emerged to serve these institutions Banks often start with solutions for their high-n

153、et-worth clients Asset managers will take advantage of a crypto ETF(if and when it is approved by regulators)Already,crypto-focused funds(e.g.Grayscale)offer trusts based on crypto futures that track cryptocurrency prices Many asset managers have already filed for crypto ETFs with the SECPlatforms a

154、re creating new entry points for consumers into crypto with the security of a long-standing and recognizable brand Though they offer ways to invest today,the real value is in new crypto use cases core to their product in the futureCRYPTOCURRENCYCUSTODY&DIGITAL WALLETSPAYMENTS&TRANSFERSGAMINGMININGDA

155、PPS&SMART CONTRACTS(Decentralized applications)NFTs(Non-Fungible Tokens)The cryptocurrency ecosystem is rapidly evolving with potentially disruptive new companies exploring new use cases and applications 45EXAMPLE CRYPTOCURRENCY ECOSYSTEM PARTICIPANTSCRYPTOCURRENCYCONTENTSPAGE$390 Billion Global Tec

156、hnology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Pa

157、radigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes

158、Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Activate Point of Vi

159、ew on NFTs:as more consumer time migrates to digital experiences and interest grows in the metaverse,we believe that every technology and media company will need an NFT strategy 47NFTS1.As of September 10,2021.2.“Mint/gas fees”are defined as the computational costs required to add an NFT to the bloc

160、kchain.Source:Activate analysisWhy now:NFTs have exploded onto the scene with total sales exceeding$8B in 2021 YTD1What does“NFT”meanNFTs,or non-fungible tokens,are unique blockchain-based digital assets such as artworks,videos,games,recordings,etc.Who is playing:In addition to well-known memes/one-

161、offs,many major companies are entering the space and experimenting with NFTs,whether the use case is collecting,betting,trading,gaming,or displaying This diverse list includes Coca Cola,Dolce&Gabbana,Gucci,Marvel,Mattel,NBA,Nike,TikTok,and WWE to name a fewCurrent market:NFTs could be experiencing a

162、 speculative bubbleLooking forward:Nevertheless,NFTs have the potential to succeed and prove useful moving forward:NFTs tap into existing consumer behaviors such as collecting,betting,and supporting content creators NFT users significantly over-index on these behaviors Creators/companies benefit fro

163、m a new revenue source and the potential to further monetize existing IP Every technology and media company will need an NFT strategy,in part to prepare for a potential metaverse relying on NFTsRequirements for NFTs to see mainstream adoption:Requirements include:Authenticity solutions,providing a d

164、egree of verification on the initial creation of NFTs Standards for storage of underlying metadata(unique attributes beyond ownership)Sustainable energy footprint to add NFTs to the blockchain Future regulation that is friendly to NFT development(e.g.no high taxes,trading restrictions,emissions rest

165、rictions)Ability to buy and transfer NFTs across platforms,especially social media/video gaming Low costs to create NFTs(in the form of mint/gas fees2)Participation at scale in NFTs from companies holding major IP(e.g.Disney,Warner Bros.)NFTs provide a unique value proposition for owners of digital

166、assets,with broad applications across all IP,including art,videos,and video gaming 48PATH OF AN NFT:HOW NFTS ARE CREATED,SOLD,AND DEPLOYEDNFTSSource:Activate analysisConsumers can deploy,use,or display NFTs across a variety of use cases(e.g.art,fashion,music,video gaming)Content creators,ranging fro

167、m artists,athletes,musicians,social media stars,game developers,and companies,generate digital content2Creators then“tokenize”or“mint”their content,either directly on the blockchain or through a third-party interface53Creators can sell this token either through a third-party marketplace(e.g.OpenSea,

168、Rarible)or directly to consumers4Consumers store NFTs in a digital/hardware wallet,akin to cryptocurrency1CREATETOKENIZESELLSTOREDEPLOYNFT Value PropositionNFTs can be used to validate the ownership and authenticity of digital assets NFTs can contain and interact with programs(i.e.smart contracts)th

169、at enable downstream royalties for creators every time an NFT changes hands2021 was the breakout year for NFTs,with major increases in both interest and purchase activity;73%of U.S.NFT buyers made their first purchase this year 49NFTS1.Google Trends captures interest in a topic on a scale of 1-100 o

170、ver time,with 100 representing the peak interest.2.As of September 15,2021.3.“NFT buyers”are defined as adults aged 18+who have made an NFT purchase in the last 12 months.Sources:Activate analysis,Activate 2021 Consumer NFT Research Study(n=1,040),Google TrendsGOOGLE SEARCH INTEREST IN NFTS1,U.S.,JA

171、N.2021-SEPT.20212,INDEXED TO PEAK INTERESTFIRST NFT PURCHASE BY TIME PERIOD,U.S.,2021,%NFT BUYERS373%of NFT buyers made their first purchase in 2021Prior to Jan.2021Apr.2021-June 2021Jan.2021-Mar.2021July 2021-Sept.2021213%17%43%27%0255075100Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Interest spiked in Q1

172、with the multi-million dollar Beeple sale and the release of NBA Top ShotInterest surged again in Q3 with increased popularity of NFT projects Ether Rocks,Bored Ape Yacht Club,and CryptoPunksEther Rock2021A broad set of industries are now creating and testing NFT products:Art and Fashion 50NFTSART E

173、XAMPLESJPEG file of 5,000 images created over 13 years sold for$69.3M on Christies to be collected and displayedNine pixelated portraits from Larva Labs platform released to fans to be collected or displayedDigital artwork collection sold to art collectors through Nifty Gateway marketplace in partne

174、rship with SothebysFASHION EXAMPLESNine-piece digital fashion collection linked to physical creations or fully virtual designs to be displayed or worn in virtual worldsThree-channeled video loop inspired by its Fall/Winter 2021 collection sold on Christies as a collectible“CryptoKicks”(patented in 2

175、019)digital shoes to be worn in virtual worlds and also linked to physical Nike shoesEXAMPLE ARTISTS AND COMPANIES OFFERING NFTS BY INDUSTRYBEEPLES“EVERYDAYS”CRYPTOPUNKSPAKS“THE FUNGIBLE”COLLECTIONDOLCE&GABBANAGUCCINIKESources:Activate analysis,Company press releases,Company sites,The Fashion Law,Th

176、e New York Times,The Next Web,TechCrunch,Vogue,Wonderland Magazine 51NFTSSources:Activate analysis,Coindesk,Company sites,PCMagMUSIC EXAMPLES“When You See Yourself”album launched as a series of NFTs for users to listen to and engage with accompanying audiovisual artArtist avatars and digital wearabl

177、es sold to fans as collectibles and memorabiliaStreaming platform enabling artists to sell music NFTs to customers,allowing fans to support and share in royaltiesSPORTS EXAMPLESMarketplace for“digital video trading cards”featuring NBA moments to be collected,traded,and displayedLimited-edition colle

178、ctibles featuring moments from The Undertakers and John Cenas WWE careersDigital sports memorabilia platform featuring star athletes(e.g.Tiger Woods,Naomi Osaka,Derek Jeter)co-founded by Tom BradyEXAMPLE ARTISTS AND COMPANIES OFFERING NFTS BY INDUSTRYKINGS OF LEONSHAWN MENDESROCKINBA TOPSHOTWWEAUTOG

179、RAPHA broad set of industries are now creating and testing NFT products:Music and Sports 52NFTSSources:Activate analysis,Company press releases,Company sites,Decrypt,GlossyVIDEO GAMING EXAMPLESGame featuring monster-like creatures as NFTs to be collected,traded,or bred to battle other creatures(mode

180、led after Pokmon)Trading game where players compete in duels using fantasy cards and earn tokenized in-game assets that can be monetizedGame where each pet is an NFT to be collected,raised,and used to battle with other petsCONSUMER BUSINESS EXAMPLESA NYX Cosmetics digital look made into an NFT and u

181、nveiled during the“Meta Gala”virtual fashion show of Crypto Fashion WeekTaco-themed GIFs,short video clips,and images,which appealed to meme culture,sold as limited-edition collectiblesDigital Hot Wheels collectibles feature 3 vehicles from“The First Editions”vehicle collectionAXIE INFINITYGODS UNCH

182、AINEDBATTLE PETSNYX PROFESSIONAL MAKEUPTACO BELLMATTELS HOT WHEELSEXAMPLE COMPANIES OFFERING NFTS BY INDUSTRYA broad set of industries are now creating and testing NFT products:Video Gaming and Consumer BusinessesNFTs have seen explosive growth in global sales,from less than$100M in 2020 to over$8B

183、in 2021 YTD;our research shows that the majority of those participating plan to continue in the next year 53NFTS1.Includes primary and secondary market sales.2.As of September 10,2021.3.Figures do not sum due to rounding.4.“Aware of NFTs”is defined as consumers who know what NFTs are and can identif

184、y the correct definition.Sources:Activate analysis,Activate 2021 Consumer NFT Research Study(n=1,040),CryptoSlam,DappRadar,GlobeNewswire,NonFungible20192020YTD SEPT.2021$0.90B$0.07B$0.02B$8.1BSports NFTs in particular have seen massive growth through projects such as:NBA Top Shot(over$700M in sales)

185、Topps MLB(total sales on first release day totaled$1.4M)Tom Bradys NFT on DraftKings Marketplace(sold out immediately in August 2021)2INTEREST IN PURCHASING NFTS IN THE NEXT 12 MONTHS3,U.S.,2021,%ADULTS AGED 18+AWARE OF NFTS4TOTAL SALES OF NFTS1,GLOBAL,2019-YTD SEPT.20212,BILLIONS USD24%14%20%6%19%2

186、5%24%69%Extremely InterestedVery InterestedSomewhat InterestedSlightly InterestedNot at All Interestedof those who have purchased an NFT in the last 12 monthsof those who have not purchased an NFT in the last 12 months94%42%6%Extremely or very interestedExtremely or very interestedMajor brands and t

187、ech companies are entering into the space and will expand their NFT strategies 54TIMELINE OF COMPANIES ENTERING THE NFT SPACE1,U.S.,JAN.2021-OCT.20212NFTS1.Order of NFTs within month and size of timeline lines are for illustrative purposes,not indicative of exact launch dates or importance.Timeline

188、is not exhaustive.2.As of October 4,2021.3.Instagram is experimenting with NFT integration into its app.4.Eternal,an NFT marketplace featuring Twitch streamer clips as NFTs,received backing from Mark Cuban and Coinbase.5.The NFL announced a deal with Dapper Labs to create digital video highlights as

189、 NFTs on September 29,2021.6.ViacomCBS announced a deal with RECUR to create a fan-focused platform around buying,collecting,and trading NFTs on October 13,2021.Sources:Activate analysis,AdAge,ARTnews,Business of Fashion,Company press releases,Company sites,Fashion Network,Forbes,Glossy,The Informat

190、ion,Markets Insider,OpenSea,TechCrunch,Variety,The Verge,Vogue BusinessJAN.MAR.APR.MAYJULYJUNEAUG.FEB.SEPT.Announced5OCT.Eternal Marketplace4Instagram3Art Beauty CPG(Consumer Packaged Goods)Fashion&Apparel Finance Food&BeverageVideo Gaming Media&Entertainment Social Media Sports ToysAnnounced6TheNFT

191、market isstillinitsinfancy:only 25%of U.S.adults arefamiliarwithNFTs,and only 7%are active users 55NFTS1.“Aware of NFTs”is defined as consumers who know what NFTs are.2.“NFT market participants”are defined as adults aged 18+who research/discuss,browse,bid on,purchase,sell,or create NFTs.3.“Active NF

192、T users”are defined as adults aged 18+who purchase,sell,or create NFTs.Sources:Activate analysis,Activate 2021 Consumer NFT Research Study(n=1,040),Activate 2021 Consumer Technology&Media Research Study(n=4,018)NFT AWARENESS AND ADOPTION,U.S.,2021,%ADULTS AGED 18+ACTIVE USER PARTICIPATION IN NFT MAR

193、KET BY ACTIVITY,U.S.,2021,%ACTIVE NFT USERS37%17%25%30%53%85%Aware of NFTs1NFT Market Participants2Active NFT Users3Purchase NFTsSell NFTsCreate NFTsCurrently,NFTs are a subset of cryptocurrency,with investment as the top reason behind purchasing in fact,89 percent of NFT buyers are also cryptocurre

194、ncy users 56NFTS1.Figures do not sum to 100%due to rounding.2.“Blockchain purchasers”are defined as adults aged 18+who have purchased NFTs in the last 12 months or have ever purchased cryptocurrency.3.Consumers were asked to select up to two top reasons.Sources:Activate analysis,Activate 2021 Consum

195、er NFT Research Study(n=1,040),Activate 2021 Consumer Technology&Media Research Study(n=4,018)InvestmentInnovativeness/noveltyCollect digital itemsDisplay digital itemsSupport favorite artists/athletesHedge against inflationLack of middlemen/intermediaries(e.g.banks)Privacy/anonymitySecurity10%11%12

196、%16%BLOCKCHAIN PURCHASING USE CASES1,U.S.,2021,%BLOCKCHAIN PURCHASERS2Cryptocurrency 69%NFTs 3%27%Both Cryptocurrency and NFTs100%=All Blockchain Purchasers%NFT Purchasers%Cryptocurrency PurchasersTOP REASONS3 FOR PURCHASING NFTS/CRYPTOCURRENCY,U.S.,2021,%BLOCKCHAIN PURCHASERS223%76%32%76%0pp+9ppAdd

197、itional Reasons for Purchasing CryptocurrencyAdditional Reasons for Purchasing NFTs12%14%18%Consumers are likely to participate in NFTs moving forward because they tie into existing behaviors such as collecting,betting,and supporting content creators 57NFTS1.“Collecting”includes luxury goods,art,com

198、ic books,trading cards,coins,stamps,or music collectibles.2.“Betting/bidding”includes sports betting,esports betting,and bidding on online auctions.3.“Supporting artists/fan culture”includes sending money to artists,creators,or athletes.4.“NFT market participants”are defined as adults aged 18+who re

199、search/discuss,browse,bid on,purchase,sell,or create NFTs.5.“NFT active users”are defined as adults aged 18+who purchase,sell,or create NFTs.Sources:Activate analysis,Activate 2021 Consumer NFT Research Study(n=1,040),Activate 2021 Consumer Technology&Media Research Study(n=4,018),CoinDesk,CryptoPun

200、ks,SB NationPARTICIPATION IN SELECT BEHAVIORS,U.S.,2021,%ADULTS AGED 18+89%80%NFT Market Participants%NFT Active UsersBETTING/BIDDING2COLLECTING1SUPPORTING ARTISTS/FAN CULTURE388%79%COLLECTING,TOPPS BASEBALL CARDSSPORTS BETTING,DRAFTKINGSCOLLECTING,CRYPTOPUNKSBIDDING,NBA TOP SHOTARTWORK,VAKSEEN-HIS

201、ROYAL AIRNESS4560%44%36%Adults Aged 18+42%Adults Aged 18+29%Adults Aged 18+MEMBERSHIPS FOR CREATORS,PATREONNFT EQUIVALENT EXAMPLESWe expect to see NFT growth across a broader set of industries,driven by consumer interest 58CONSUMER PARTICIPATION IN NFTS BY INDUSTRY INVOLVEMENT1,U.S.,2021,INDUSTRY IN

202、DEXED TO NFT ACTIVE USERS2 BY INVOLVEMENTNFTS1.“Industry involvement”is defined as being“extremely”or“very”actively involved in the industry over the last 12 months.2.“NFT active users”are defined as adults aged 18+who purchase,sell,or create NFTs.Sources:Activate analysis,Activate 2021 Consumer Tec

203、hnology&Media Research Study(n=4,018),AdAge,Billboard,Bloomberg,CoinDesk,Company press releases,Company sites,Esports News,Forbes,LA Times,Variety,The Verge,Vogue5.3x4.0 x3.5x3.4x3.3x2.6x2.5x2.0 xMUSICSPORTSVIDEO GAMINGFINANCE&INVESTINGARTFASHIONESPORTSCRYPTOCURRENCYAdults Aged 18+Average:1.0 x(7%)E

204、xample Companies with NFTsExtremely or very active cryptocurrency participants are more than 5x as likely to be active participants in NFTsNFTs will become a mainstream behavior,while creating value for consumers and IP owners;every technology and media company will need an NFT strategy 59NFTSSource

205、s:Activate analysis,Forbes,Wunderman Thompson1234The line between physical and virtual experiences is blurring spaces and exhibits with a mix of physical and digital content are growing,and over 80%of consumers believe a brands digital presence is equally as important to its in-store presenceConsume

206、rs are increasingly interacting with companies and brands in fully digital environments especially in video gaming through“skins”and other virtual items As more consumer time migrates to digital experiences/the metaverse,technology and media companies will all need an NFT strategy to future-proof th

207、eir content,or risk becoming less relevantNFTs can become a way for companies with large amounts of IP to unlock new and potentially lucrative revenue streams by offering unique items and engaging top fans there is significant liquid value in the market todayCompanies will need to approach NFTs with

208、 a long-term point of view to avoid speculative bubbles and scams,which ultimately could harm their brand5The winners in the NFT space are far from decided;new players,technologies,and use cases will continue to emerge 60NFTSNote:Company list is not exhaustive.Companies are categorized according to

209、their primary category.As of October 4,2021.1.“Creators”include individuals and companies who have launched and announced NFTs.2.“Corporate token partners”are defined as companies providing technology to enable partners to launch NFT products.3.“Blockchain protocols”are defined as the underlying tec

210、hnology that NFTs are minted on.4.“NFT dapps,platforms,&projects”are defined as platforms that enable users to participate in and build the NFT ecosystem.Sources:Activate analysis,AdAge,ARTnews,Barrons,Billboard,Bloomberg,Business of Fashion,Coin Market Cap,CoinDesk,Company press releases,Company si

211、tes,DappRadar,Deal Room,Esports News,Fashion Network,Forbes,The Information,LA Times,Ledger Insights,Markets Insider,The New York Times,NonFungible,OpenSea,Variety,The Verge,Vogue,WonderMAJOR COMPANIESCREATORS1INDIVIDUALS/SMALL GROUPSARTISTSMUSICIANSATHLETESSOCIAL MEDIA STARSEND-USE CASESSPORTS&ESPO

212、RTSVIDEO GAMESFINANCEMEDIA&ENTERTAINMENTFOOD&BEVERAGEFASHIONNFT-FIRST MARKETPLACESTRADITIONAL ECOMMERCE MARKETSUSER-POWERED MARKETSAUCTION HOUSESCRYPTO EXCHANGESVIRTUAL WORLDS/SOCIAL PLATFORMSDISPLAYS/VIRTUAL MUSEUMSVIDEO GAMINGMUSIC STREAMINGVIRTUAL WORLDSSOCIALINFRASTRUCTURECORPORATE TOKEN PARTNER

213、S2BLOCKCHAIN PROTOCOLS3NFT DAPPS,PLATFORMS,&PROJECTS4STORAGE&MANAGEMENTWALLETSASSET MGMTEther RocksPPL PLSRGrimesSteve AokiPatrick MahomesShawn MendesLineal by Tyson FuryTom Brady AutographLogan PaulNathan ApodacaBart BakerO2 EsportsAnnouncedMARKETPLACESExpectedAnnouncedRequirements for NFTs to succ

214、eed going forward,from speculation to mainstream adoption 61NFTS1.“Mint/gas fees”are defined as the computational costs required to add an NFT to the blockchain.Sources:Activate analysis,Company sites,OpenSeaMOVING TO RESOLUTIONPROGRESS MADE BUT UNCERTAIN HIGHLY UNCERTAINKey requirements for NFT suc

215、cess:Current status:PARTICIPATION OF IP HOLDERSCompanies holding major IP will participate at scale in NFTs(e.g.Disney,Warner Bros.)Companies across industries are embracing NFTs,with many media companies developing long-term strategies LOW COST TO CREATORSMint/gas fees1 for NFTs do not serve as a b

216、arrier to entryWhile Ethereum gas fees1 fluctuate widely,several alternative protocols offer creators lower fee alternatives(e.g.Tezos,Near)CROSS-PLATFORM USABILITYNFTs can be bought and transferred across platforms,especially social media/video gamingOf the leading social media platforms(e.g.Facebo

217、ok,Instagram,TikTok,Twitter,Snapchat)and video gaming platforms(e.g.Fortnite,League of Legends,Dota II),only TikTok and Twitter currently enable users to buy NFTs or transfer them between platformsSTORAGE OF UNDERLYING DATAStandards arise for the storage of NFT metadata(unique attributes beyond owne

218、rship),either on-chain or off-chainOn many platforms,NFT buyers purchase a link that refers to the digital asset rather than the asset itself;users must rely on the company hosting the website to stay in business to prove authenticity long term.While there are solutions emerging(e.g.IPFS,Freezing),t

219、hey are not the default and are not seen in all major NFT projectsAUTHENTICITY SOLUTIONS/PROVENANCEPlatforms/technology companies are able to provide a degree of verification on the initial minting of NFTs and avoid problems with IP lawsThe burden of proving the authenticity of the underlying digita

220、l asset is on the owner,which leaves consumers vulnerable LOW ENERGY USAGENFTs can be minted on the blockchain with a sustainable energy footprintThe vast majority of NFTs are minted on the Ethereum blockchain,which leverages an energy-intensive proof-of-work model;Ethereum has claimed to be moving

221、to proof-of-stake model(which has lower energy requirements)for several years but has yet to complete this transitionREGULATORY ALLOWANCEFuture regulation does not significantly stifle the creation,selling,or purchase of NFTs(e.g.high taxes,trading restrictions,emissions restrictions)Regulatory fram

222、eworks governing cryptocurrency and NFTs are still very CONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Inflection Point29Cryptocurrency:Massi

223、ve Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Streaming Growth Reshape the Strateg

224、ies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive Growth170Data Solutions and Enterp

225、rise Automation:Technology Advances Create Breakthrough Capabilities187The global video game industry will grow across all major platforms,with mobile gaming continuing to represent the largest and fastest growing portion of the market 63CONSUMER VIDEO GAME REVENUE BY PLATFORM1,GLOBAL,2017 VS.2021E

226、VS.2025E,BILLIONS USDGAMING1.Excludes hardware and device sales,augmented reality/virtual reality content,and advertising.Figures do not sum due to rounding.2.”Mobile”is defined as smartphones and tablets.3.Nintendo Switch is included in“Console.”Sources:Activate analysis,Newzoo,PricewaterhouseCoope

227、rs20172021E2025E$221B$165B$110B$127B$91B$50B$47B$36B$28B$47B$39B$32BCONSOLE3MOBILE2PC2017-2021E CAGR:2021E-2025E CAGR:16%6%5%11%9%7%5%8%ACTIVATE FORECASTThe number of gamers has significantly increased while average spend per gamer has continued to grow 64GAMING1.“Gamers”are defined as adults aged 1

228、8+who currently play video games.2.Excludes hardware and device sales,augmented reality/virtual reality content,and advertising.Sources:Activate analysis,Activate 2019 Consumer Technology&Media Research Study(n=4,006),Activate 2021 Consumer Technology&Media Research Study(n=4,018),Newzoo,Pricewaterh

229、ouseCoopers,U.S.Census BureauGAMING POPULATION,U.S.,2019 VS.2021,MILLIONS GAMERS120192021151M124M20192021$19.93$19.042019-2021 CAGR:2%2019-2021 CAGR:10%AVERAGE MONTHLY VIDEO GAME DOLLAR SPEND2 PER GAMER1,U.S.,2019 VS.2021,USD PER MONTHThe average gamer plays most of the days in a week and multiple t

230、imes a day 65GAMINGIN THE LAST 12 MONTHS,THE AVERAGE GAMER PLAYED 4.5 DAYS PER WEEK AND 3.0 SESSIONS PER DAY AVERAGE GAMING FREQUENCY BY DEVICE,U.S.,2021,DAYS BY GAMERS1 USING DEVICE FOR GAMING1.“Gamers”are defined as adults aged 18+who currently play video games.2.Reflects frequency of adults aged

231、18+who spend any time playing video games on smartphones or tablets.3.Reflects frequency of adults aged 18+who spend any time playing video games on a desktop/laptop computer.4.Reflects frequency of adults aged 18+who spend any time playing video games on a game console.Nintendo Switch is included a

232、s a console.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)Mobile Gaming2PC Gaming3Console Gaming4DAYS PER WEEK5.0 DAYS4.4 DAYS4.0 DAYS2019 The average multi-platform gamer1 spent 47%more time gaming than the average single-platform gamer2021 The average mul

233、ti-platform gamer1 spent 51%more time gaming than the average single-platform gamerMulti-platform gamers spend significantly more time gaming than single-platform gamers 66SINGLE PLATFORM VS.MULTI-PLATFORM GAMERS1,U.S.,2021,%GAMERS2GAMING1.“Multi-platform gamers”include any gamers who play across tw

234、o or more platforms(i.e.mobile,PC,console).2.“Gamers”are defined as adults aged 18+who currently play video games.Sources:Activate analysis,Activate 2019 Consumer Technology&Media Research Study(n=4,006),Activate 2021 Consumer Technology&Media Research Study(n=4,018)67%OF GAMERS ARE MULTI-PLATFORM G

235、AMERS1Multi-platform franchises dominate 67TOP-EARNING PAID PC AND CONSOLE VIDEO GAME TITLES,GLOBAL,2020,BILLIONS USDGAMINGSources:Activate analysis,Company sites,SuperDataCALL OF DUTY:MODERN WARFARE$1.91BFIFA 20$1.08BGRAND THEFT AUTO V$0.91BCALL OF DUTY:BLACK OPS COLD WAR$0.68BANIMAL CROSSING:NEW H

236、ORIZONS$0.65BNINTENDO SWITCHNBA 2K20$0.77BDOOM ETERNAL$0.45BNBA 2K21$0.89BTHE SIMS 4$0.46BCYBERPUNK 2077$0.61BPLAYSTATIONXBOXPERSONAL COMPUTER Local and online co-op Bonuses for playing via social media platforms(e.g.Facebook,WhatsApp)Bonuses for linking to social media accounts(e.g.Facebook)In-game

237、 rewards for inviting friends Ability to invite others to specific servers Increasing in-game payouts based on engagementCoin Master$1.1BRoblox$1.1BOn mobile,top-earning titles encourage gamers to interact with friends through social features,in-game benefits,and rewards 68TOP-EARNING1 MOBILE2 GAME

238、TITLES,GLOBAL,20203,BILLIONS USDGAMING1.Top-earning mobile games on the Google Play Store and Apple App Store.Excludes third-party app stores.2.”Mobile”is defined as smartphones and tablets.3.Between Jan.1,2020 and Dec.14,2020.Sources:Activate analysis,Company sites,Sensor Tower Ability to send in-g

239、ame gifts to others Bonuses based on tiered“Friendship Levels”TOP MOBILE GAMES OFFER PLAYERS SOCIAL FEATURES TO INTERACT WITH OTHER PLAYERSMonster Strike$1.0B Cooperative play with 5 people Integrations with social/messaging platforms(e.g.WeChat,QQ)Ability to share highlights and results via chat Ab

240、ility to invite/compete with players from same regionPUBG Mobile$2.6BHonor of Kings$2.5BPokmon Go$1.2BTo pass time/relieve stress-19ppTo challenge myself+1ppTo play games within video game series/franchises that I enjoy+1ppTo play and socialize with people I already know+10ppTo express my creativity

241、+5ppTo compete against other players+4ppTo play games related to non-gaming content I enjoy/follow outside of gaming(e.g.TV,movies)+10ppTo meet and interact with new people and communities+9ppTo play games that I follow in esports+5ppTo learn about and engage with new technologies+7ppMobile gamers s

242、eek more diverse experiences and tap into social behaviors when they play 69GAMING5%8%4%3%12%13%9%24%41%77%12%13%13%13%16%18%19%25%42%58%MobileNon-Mobile%DIFFERENCESocial motivations Mobile gamers play to interact with friends and strangers21.Respondents were asked to select up to 3 primary reasons

243、for playing video games.2.”Mobile gamers”are defined as adults aged 18+who spend any time playing video games on smartphones or tablets.3.“Non-mobile gamers”are defined as adults aged 18+who spend any time playing video games on game consoles and/or desktop/laptop computers,but not on smartphones or

244、 tablets.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)TOP REASONS1 FOR GAMING BY MOBILE AND NON-MOBILE GAMING PARTICIPATION,U.S.,2021,%MOBILE2 VS.NON-MOBILE3 GAMERS3Virtual recreations of social/life events within gamesIn-game movies,TV shows,and previewsS

245、ocializing/meeting new people in gamesLive in-game concertsShopping at virtual recreations of stores/marketplacesAttending meetingsTraveling to digital versions of real-world locationsInvesting/lending in-game currency within a gameBetting in-game currency within a gameAttending educational classesT

246、he majority of gamers participate in non-gaming activities within games highlighting the criticality of games in the metaverse 70GAMING 1.The list of surveyed in-game activities and events has been updated from previous years.“Non-gaming activities or events”includes activities inside of video games

247、 that are not an essential component of gameplay.2.“Gamers”are defined as adults aged 18+who currently play video games.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)11%13%13%13%14%17%20%22%27%28%PARTICIPATION IN NON-GAMING ACTIVITIES OR EVENTS WITHIN VIDEO

248、 GAMES IN THE LAST 12 MONTHS1,U.S.,2021,%GAMERS260%of gamers have participated in non-gaming activities within games in the last 12 monthsPARTICIPATION IN NON-GAMING ACTIVITIES OR EVENTS WITHIN VIDEO GAMES IN THE LAST 12 MONTHS1,U.S.,2021,%GAMERS2Foundation for The MetaverseGaming is the new technol

249、ogy paradigm 71GAMINGWill fundamentally change how people interact with each otherMost digital activities will take place inside of gamesWill reshape the order and power structure in technology Source:Activate analysisGiven the overwhelming importance of video gaming to the future of technology,the

250、major technology companies are building out their capabilities across the full gaming stack 72GAMINGELEMENTS NEEDED FOR A COMPREHENSIVE GAMING STACKSTACK ELEMENTDEFINITIONGAME PUBLISHERCapabilities to develop in-house gaming titles(e.g.Amazon Games,Valve)VIRTUAL WORLDTools and infrastructure to crea

251、te virtual spaces(e.g.Minecraft,Facebook Horizon)CONSOLEHardware to operate and display video games(e.g.Xbox,PlayStation)AR/VR DEVICEHardware to display digital content in AR/VR(e.g.Oculus,PlayStation VR)CLOUDInfrastructure and services to stream video game content over an internet connection (as op

252、posed to local hardware)(e.g.Google Stadia,Amazon Luna)APP STOREMarketplaces to purchase gaming titles and content(e.g.Steam,Apple App Store)SUBSCRIPTION SERVICESubscriptions to allow access to gaming titles,content,and/or additional features (e.g.Xbox Game Pass,PlayStation Plus)GAMING AS VIDEOPlatf

253、orms to host and serve gaming media(e.g.Twitch,YouTube)Sources:Activate analysis,Company sitesEach of the technology companies will either acquire or build their way to become full-stack gaming players1.Information as of Oct.6,2021.Does not include areas in which the company is a majority stakeholde

254、r.2.Facebook does not offer a standalone cloud service but allows streaming of select games through Facebook on Android and web.3.Only available through a bundle with Xbox Game Pass Ultimate.4.On a game-by-game basis,not as a subscription or service.5.Engine created by Valve and game eventually publ

255、ished by Valve,but independently developed by Garry Newman and Facepunch Studios.6.Expected to be released in Dec.2021.7.Excludes devices with a primary purpose other than gaming(e.g.Apple TV).Sources:Activate analysis,Company sites 73SELECT COMPANIES PRESENCE IN GAMING1GAMINGNETFLIXNINTENDOVALVEGAM

256、E PUBLISHERVIRTUAL WORLDCONSOLE7AR/VR DEVICE(rumored)CLOUDNintendo Cloud Streaming4Steam Cloud Play(beta)APP STORESUBSCRIPTION SERVICENetflixGAMING AS VIDEOEGAME35*New Since October 2020*2*36TECHNOLOGY COMPANIESWe expect technology giants to pursue acquisitions of todays top gaming companies,as they

257、 broaden their capabilities across the gaming stack 74MARKET CAPS OF VIDEO GAME COMPANIES AND TECHNOLOGY COMPANIES1,GLOBAL,2021,USDGAMING2VIDEO GAMING COMPANIES PRIVATEPRIVATE$6B$14B$21B$40B$55B$61B$2.5T$0.1T$0.3T$0.6T$0.9T$1.7T$1.9T$2.4T1.Not exhaustive.Market capitalizations as of Oct.28,2021.2.Ne

258、tflix acquired game developer/publisher Night School Studio in Sept.2021.Sources:Activate analysis,Bloomberg3M10M12M13M23M26M46MGaming Subscription ServiceCloud Gaming Service&Subscription Gaming ServiceThere is substantial demand for gaming subscriptions and cloud gaming services 75GAMING1.Gaming s

259、ubscription services and cloud gaming services are not mutually exclusive.“Gaming subscription service”is defined as a gaming service with a subscription pricing plan(e.g.monthly subscription for access to a game library,online multiplayer mode).“Cloud gaming service”is defined as a gaming service t

260、hat allows users to play video games by streaming from another device(e.g.a server through the cloud).2.Ultimate Bundle includes cloud gaming functionality as of Oct.18,2021.3.Across all formats(e.g.PC,Console).4.Estimate.5.Indicative of members across paid and free tiers.Sources:Activate analysis,C

261、ompany press releases,IHS Markit3452USAGE OF SELECT CLOUD GAMING SERVICES AND GAMING SUBSCRIPTION SERVICES1,GLOBAL,2021,MILLIONS SUBSCRIBERSCONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Dig

262、ital Economy13Digital Consumer Finance at the Inflection Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down t

263、he Barriers for Faster Growth98Video:Social and Streaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Au

264、dio:More Streaming Services,Live,and Social Drive Growth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Conversation and news about the metaverse have reached a fever pitch in the last 12 months 77METAVERSE HEADLINES:2020 AND 2021METAVERSESources:Ac

265、tivate analysis,Company sitesWHAT IS THE METAVERSEHowever,the conversation about the potential of the metaverse in technology and media has been taking place for many years,going back over 15 years 78METAVERSE HEADLINES:2006-2008Sources:Activate analysis,Company sitesMETAVERSEMany of the foundationa

266、l elements for the metaverse are already here 79DIGITAL TWIN OF THE PHYSICAL WORLD FIRST STEPS:EVOLVING TODAY Large-scale crowds Multi-platform Sophisticated gameplay and experiences Interoperability primarily through third-party applications Virtual ownership SOCIAL AND NON-GAME EXPERIENCES INSIDE

267、OF GAMESUSERS AS CREATORS AR AND VR:BRIDGE BETWEEN THE PHYSICAL AND DIGITAL WORLDS SOCIAL (e.g.messaging,dating,relationships,life events)ENTERPRISE(e.g.workplace and productivity,learning,content creation)MEDIA (e.g.events,video,music,games,gambling)ECONOMY (e.g.shopping and marketplaces,NFTs,tradi

268、ng and finance)VR-enabled experiences inside of digital worlds AR-enabled connection between physical and digital worlds Fully interconnected spaces Persistent identity/avatar Interoperability across platforms Sophisticated social mechanics Digital ownership and virtual possessions Extensive economi

269、es User participation as avatars User-generated content (e.g.activities and games inside games)Creation and trading in virtual goods and skins Help shaping environment/worldsVISION OF THE FUTURESource:Activate analysisMETAVERSEPursuit of the metaverse will drive companies to make extensive technolog

270、y and experience investments Gaming is the most viable path towards the metaverse and is increasingly the next technology paradigm for all digital activities“Metaverse activities”beyond gaming are already taking place inside of games,including social interactions,avatars,media,economies,and messagin

271、g VR enables user involvement inside of metaverse experiences;AR bridges the gap between physical and digital worlds“Interoperability”will be a significant challenge and will not be resolved any time soon;third-party applications(e.g.messaging,payments,audio)will provide functionality and experience

272、s across metaverse platforms There will not be one metaverse platform No one company will own the metaverseOur point of view on the metaverse 80Source:Activate analysisMETAVERSEDevelopment of technologies,experiences,and activities leading to the metaverse have been underway for the last 20 years 81

273、Sources:Activate analysis,Company press releases,Company sites2000-20052006-20102011-20162017-2018201920202021 AND BEYONDMETAVERSE EVENTS/PLATFORMSTECHNOLOGY INNOVATIONSFIRST NFTsIPOFORTNITE CONCERTFORTNITE CONCERTROBLOX CONCERTAR DEVELOPMENT KITONE HEADSETRAISES$1B TO FUND METAVERSE VISIONLAUNCHES

274、SOCIAL AUDIONBA TOPSHOT BECOMES MAINSTREAMMETACASTVIVE PRO 2 HEADSETRAISES$139M FOR GAME/BLOCKCHAIN DEVELOPMENTAR GLASS(RUMORED)METAVERSEMany games already at scale(e.g.massive,engaged user bases)Games already providing experiences for consumers to participate in several behaviors indicative of a me

275、taverse(e.g.sense of presence,digital goods ownership,live events,personalization)Existing elements of user-created content(e.g.user-generated activities,games,virtual goods,environments/worlds)Ability to create new user behaviors through attachment to game IP (e.g.established titles serve as a fami

276、liar hook for users to try new virtual experiences within these games)Technology requirements to build a metaverse already being developed through capabilities of existing leaders in gaming(e.g.game mechanics,concurrency,AR/VR integration,security,content moderation)Games are the starting point and

277、most viable path towards the metaverse 821.“Gamers”are defined as adults aged 18+who currently play video games.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)59%of U.S.adults are gamers160%GAMES ARE THE FOUNDATION TO AN EXPANSIVE DIGITAL WORLDVIDEO GAMES AR

278、E A MAINSTREAM CONSUMER BEHAVIOR of gamers1 participated in non-gaming activities within games in the last yearMETAVERSEWe have already begun to see extensive participation in metaverse activities inside of games 83PARTICIPATION IN METAVERSE ACTIVITIES WITHIN VIDEO GAMES,U.S.,2021,%METAVERSE PARTICI

279、PANTS11.“Metaverse participants”are defined as adults aged 18+who have engaged in one or more media,social,or economic activities within a video game in the last 12 months.Sources:Activate analysis,Activate 2021 Consumer Technology&Media Research Study(n=4,018)72%28%33%34%38%44%Purchasing skins,emot

280、es,and in-game personalization contentShopping at virtual recreations of stores/marketplacesTrading items with other playersInvesting/lending in-game currency within gamesCompleting jobs in games in exchange for real money69%30%50%64%Virtual recreations of social/life events within gamesSocializing/

281、meeting new people within gamesTraveling to digital versions of real-world locations65%MEDIA EXPERIENCEIn-game movies,TV shows,and premieresLive in-game concertsBetting in-game currency within games31%50%66%Of those who have participated in a social activityOf those who have participated in a media

282、experienceOf those who have participated in an economic activitySOCIAL ACTIVITYECONOMIC ACTIVITYMETAVERSEMajor video game titles are morphing into metaverse platforms and are beginning to show us what it is like to be in the metaverse 84Sources:Activate analysis,Company sitesMETAVERSE 85Source:Activ

283、ate analysisSOCIALENTERPRISECommunicationSocial NetworksMessaging Workplace and ProductivityBrowsingSearchTelephonyDating/RelationshipsShopping and MarketplacesEvents/Performances/ExhibitsLearningExperience and Content CreationSex and PornographyNFTs and Other Digital GoodsReal Estate and Land Owner

284、shipVideoMusicVideo GamesAdvertising/Sponsorships/PartnershipsTrading and FinancePayments and CurrencyGamblingNewsSportsECONOMIESMEDIA EXPERIENCESwwwWe expect to see an expansive set of metaverse activities;eventually all digital behavior and many daily activities will take place on metaverse platfo

285、rmsMETAVERSESocial experiences and functionality will take place in the virtual world Messaging/communication Spending time with friends Making new connections based on shared interests Dating/forming relationships Celebrating life events (e.g.weddings,births)Playing games Hosting parties Future of

286、metaverse social experiences:Spontaneous social interactions Ambient communication Extensive simulated presenceSocial experiences,communications,and functionality will increasingly take place in metaverse platforms 86METAVERSE:SOCIAL SourceSources:Activate analysis,Company sitesSourceHOST BIRTHDAY P

287、ARTIES WITHIN ROBLOXSPEND TIME WITH FRIENDS IN FORTNITES“PARTY ROYALE”HANGOUT MODE EXPLORE,PLAY GAMES,AND HANG OUT WITH FRIENDS IN THE REC ROOM PLATFORMPLAY GAMES OF PICKUP BASKETBALL IN NBA 2K22“THE NEIGHBORHOOD”CONNECT WITH OTHERS IN NOWHERE,A VIRTUAL SOCIAL NETWORK WITH 3D ROOMSCELEBRATE A VIRTUA

288、L WEDDING IN ANIMAL CROSSING ACTIVATE PERSPECTIVEEARLY STAGES OF METAVERSE SOCIAL INTERACTIONS Enterprise metaverse will evolve to include:Workflow and productivity tools Real-time collaboration Meetings Intuitive interfaces Learning/trainingEnterprise Metaverse:Most enterprise metaverse application

289、s will build on those developed in consumer 87METAVERSE:ENTERPRISE Sources:Activate analysis,Company sitesACTIVATE PERSPECTIVEWORK VIRTUALLY WITH VR USING FACEBOOK HORIZON WORKROOMS COLLABORATE WITH TEAM MEMBERS USING GATHERS VIRTUAL OFFICEENHANCE ENTERPRISE PERFORMANCE USING NVIDIA OMNIVERSES REAL-

290、TIME SIMULATION PLATFORM FOR 3D PRODUCTION PIPELINESNTH FLOOR VIRTUAL WORKSPACE AND COLLABORATIONEARLY STAGES OF METAVERSE ENTERPRISE APPLICATIONSThere will be seamless,real-time connection between physical and digital experiences/events(e.g.in-person concert with a“digital twin event”in the virtual

291、 world)Future metaverse media experiences:Simultaneous participation in fully immersive events Ability to interact with other event-goers and share the experience with friends Media Experiences:Early media experiences show the potential of shared virtual events and entertainment 88METAVERSE:MEDIA EX

292、PERIENCES ACTIVATE PERSPECTIVEEARLY STAGES OF METAVERSE MEDIA EXPERIENCES ATTEND AN ARIANA GRANDE CONCERT IN FORTNITE EXPLORE VIRTUAL EXHIBITS FROM THE NATIONAL MUSEUM OF NATURAL HISTORYVISIT ENTAINS VIRTUAL“SPORTS CLUB”FOR AN IMMERSIVE SPORTS GAMBLING EXPERIENCE WATCH THE SHORT NITE SCREENING PREMI

293、ERE IN FORTNITEVIEW NFL GAMES FROM THE SIDELINES OR PLAYERS PERSPECTIVES WITH VR GAMBLING SPORTSEXHIBITSMOVIE PREMIERESCONCERTSSources:Activate analysis,Company sites Building blocks of the metaverse economy:Digital Goods/Services(e.g.skins for avatars,virtual fashion,visiting a virtual barber shop)

294、eCommerce(e.g.shopping for physical goods in a virtual environment)Advertising and Sponsorship Real Estate and Property Ownership Users will create and engage with content/experiences that further sustain this economy NFTs will play a critical role in metaverse economies as a means of authenticating

295、 ownership of digital goods The future of shopping in the metaverse:Purchases in the physical world(e.g.a designer handbag)will come with a digital twin for your virtual avatar to wear,and purchases in the digital world will result in a tangible item delivered in the physical worldEconomies:Metavers

296、e economies will be enabled by a robust set of marketplaces where traditional retailers as well as digital-native brands can transact both virtual and physical goods/services 89Sources:Activate analysis,Company sitesACTIVATE PERSPECTIVEEARLY STAGES OF METAVERSE ECONOMIESPURCHASE VIRTUAL FASHION BY D

297、RESSXREDEEM A VIRTUAL ROBLOX VERSION OF A REAL-LIFE NERF TOY GUN PURCHASEBROWSE AND SHOP AT THE VIRTUAL BURBERRY STORE IN COLLABORATION WITH ELLE DIGITAL JAPANACQUIRE DIGITAL FURNITURE NFTS BY ANDRS REISINGEROBTAIN BOTH A DIGITAL AND PHYSICAL VERSIONS OF THE ITEM FOR SALE WITH THE BOSON PROTOCOL AND

298、 CRUCIBLE SHOWCASEREISINGER STUDIO DIGITAL GOODS&SERVICESDIGITAL GOODS&SERVICESECOMMERCE:VIRTUAL SHOPPING EXPERIENCE FOR PHYSICAL GOODSDIGITAL TWINS OF PHYSICAL GOODSDIGITAL TWINS OF PHYSICAL GOODSMETAVERSE:ECONOMIESEconomies:NFTs will play a critical role in metaverse economies as a means of authen

299、ticating ownership of digital goods 90NFT IN VIRTUAL WORLDSSources:Activate analysis,Company sitesDECENTRALAND NFT ART DISPLAYED IN PICTURE FRAMESMYMETAVERSE REAL ESTATE MINECRAFT NFTSNFT-INTEGRATED GTA 5 ONLINE SERVERPLAYDAPP TOWN NFT SHOPPING WORLD IN ROBLOXMETAVERSE:ECONOMIESEconomies:early brand

300、 participation,through collaborations and sponsorships,demonstrates the potential of the metaverse to build awareness,engage users,and drive purchases 91BRAND COLLABORATIONS THE NORTH FACE X GUCCI X POKMON GOJOHN DEERE/BLOCKWORKS+MINECRAFTRALPH LAUREN X SNAPCHAT BITMOJI1ADVERTISINGCOCA-COLA IN GRAND

301、 THEFT AUTOWENDYS IN FORTNITEMONSTER ENERGY IN DEATH STRANDINGMETAVERSE:ECONOMIES1.Shoppable Bitmoji merchandise by Ralph Lauren can be worn by Bitmoji digital avatars outfits have been tried on over one billion times.Sources:Activate analysis,Company sitesEconomies:The digital real estate market an

302、d ownership of virtual spaces will expand the metaverse economy real estate ownership in games is already taking shape 92Sources:Activate analysis,Company sitesEARLY EXAMPLES OF DIGITAL REAL ESTATE MARKETS$900K USD:Cost of the most expensive single plot of virtual land,sold in Decentraland$8.6M USD:

303、Total cost of virtual land sold in Sandbox from April 2021 to June 20211M:Number of unique virtual properties sold in Uplands digital real estate market Digital spaces can be bought,inhabited,built upon,enjoyed,and sold by their owners The buying and selling of digital real estate as an investment v

304、ehicle will continue to fuel metaverse economies By creating a virtual analog of the physical world,virtual space can take on the features of physical counterparts but with infinite detail and the ability to expandMETAVERSE:ECONOMIESUser creation and agency are lynchpins of participation in the meta

305、verse;user content created within some games already accounts for increased activity and engagement 93EXAMPLES OF EARLY METAVERSE USER-GENERATED ECONOMIESSourceRoblox revolves around users programming and playing games 9.5M developers on the Roblox platform Over half of in-game currency spend is bei

306、ng spent on user-generated content More than 1,250 developers made at least$10,000 last year via in-game sales;more than 300 developers earned$100K or moreRec Rooms integrated game creation system allows users to make their own games inside of the game Of the 15M people who have used Rec Room,2M hav

307、e made content of some kind On average,creators are adding 20K“rooms”per daySources:Activate analysis,Backlinko,CNBC,TechCrunch,Venture BeatMETAVERSEVirtual reality will enable users to enter the metaverse,closing the gap between physical and digital realities 94Sources:Activate analysis,Company sit

308、esVIRTUALLY IMMERSIVE ENVIRONMENTS AND VIRTUAL VERSIONS OF PHYSICAL LOCATIONSEXAMPLE APPLICATIONS OF VR IN THE METAVERSE:VIRTUALLY IMMERSIVE ENVIRONMENTSSPORTS&EVENTSSHOPPINGSEX&INTIMACY EDUCATION&LEARNINGUsers will be able to feel an actual“sense of presence”as they step into live events like sport

309、s,concerts,and performances using VR the metaverse will allow digital twin events for any real-world media experienceVirtual versions of physical stores(as well as digital-native stores)will become the norm for shopping experiences users will be able to enter,browse,and effortlessly try on products

310、using their digital avatarAs VR accelerates,expect the gap from digital to physical sensations to close,making it difficult to distinguish the real from the virtual worlds metaverse sex and intimacy will be an immersive experience VR will enable education,learning,and workplace environments to be in

311、teractive and engaging experiences students and professionals will be able to enter and participate in simulated situations that mimic the physical world EARLY EXAMPLESFULL-BODY SENSORY FEEDBACK FROM RASPBERRY DREAM LABS OSSO VR IMMERSIVE SURGICAL TRAININGVIRTUAL REALITY 360 FIGHTS FROM UFCWALMART V

312、IRTUAL REALITY SHOPPING EXPERIENCE AT SXSWMETAVERSEAdvances in AR will continue to enable the creation of multiplayer virtual experiences mapped to the physical worldMixed reality allows objects (e.g.holograms)to be shared virtually or placed within physical settings AR overlays on real-world object

313、s and locations provide unique,interactive visual experiences 95EXAMPLE IMPLICATIONS OF AR IN THE METAVERSE:SHARED DIGITAL EXPERIENCESSources:Activate analysis,Company sitesWith the introduction of new device functionality,augmented reality connects the physical world with metaverse activitiesMETAVE

314、RSEInteroperability between metaverse platforms is not likely to happen anytime soon;third parties,however,will be the first to integrate across metaverse platforms 96POTENTIAL THIRD PARTIES FOR METAVERSE INTEGRATIONS METAVERSENote:Not exhaustive.Sources:Activate analysis,Company sitesCompanies buil

315、ding the metaverse will participate in an extensive ecosystem 97METAVERSENote:Not exhaustive.Sources:Activate analysis,Company sitesWEIBOTELEGRAM EXAMPLES OF COMPANIES POWERING THE THE METAVERSE ECOSYSTEM DIGITAL PROPERTY&NFTs CRYPTO&PAYMENTS ECOMMERCE AR/VRMEDIADEVELOPERS/PUBLISHERSCOMMUNICATION&CO

316、MPUTINGDECENTRALANDFACEBOOKFACEBOOKSNAP INC.SOCIAL&MESSAGINGPINDUODUOGAMES&VIRTUAL SPACESCONTENTSPAGE$390 Billion Global Technology and Media Growth Dollars Up for Grabs4Consumer Technology and Media Time and Attention8Super Users Will Drive the Digital Economy13Digital Consumer Finance at the Infle

317、ction Point29Cryptocurrency:Massive Runway Ahead38NFTs Will Become a Mainstream Behavior46Video Gaming:The New Technology Paradigm Leading to the Metaverse62Metaverse:Users and Companies Will Build the Future76eCommerce:New Technologies Break Down the Barriers for Faster Growth98Video:Social and Str

318、eaming Growth Reshape the Strategies of Technology and Media Companies116Sports and Sports Tech:Fans Rebound as Sports Goes Digital139Sports Betting and iGaming:New Growth Engine for Technology and Media151Esports:The Global Sport of the Future160Audio:More Streaming Services,Live,and Social Drive G

319、rowth170Data Solutions and Enterprise Automation:Technology Advances Create Breakthrough Capabilities187Globally,eCommerce is at an important inflection point:over the next four years,eCommerce will add more absolute dollars than physical retail 99RETAIL SALES BY CHANNEL1,GLOBAL,2021E VS.2025E,TRILL

320、IONS USDECOMMERCE1.Figures do not sum due to rounding.Excludes travel and event tickets,food and drink services,and vice goods and activities.Sources:Activate analysis,Digital Commerce 360,eMarketer,Research and Markets2021E2025E$27$24$24.3TCAGR:13%$30.4TCAGR:4%21%28%2021E-2025E CAGR:6%$2.9T$19.1T$2

321、2.0T$5.1T$3.3T$8.5TeCommercePhysical RetaileCommerce Share of Total Retail SalesThe 10 largest eCommerce players make up over 60%of global online gross merchandise volume 100ONLINE GROSS MERCHANDISE VOLUME(GMV)1,GLOBAL,2020,%TOTAL ONLINE GMV1.Excludes the combination of individual merchants using eC

322、ommerce enablement platforms(e.g.Shopify).2.Each company accounts for between approximately 1%and 2%of the total online GMV.Sources:Activate analysis,Company filings,Company press releases,Company sites,Digital Commerce 360,eMarketer,U.S.Internal Revenue Service,Research and MarketsRest of the WebPI

323、NDUODUO2020 TOTAL ONLINE GMV:$4.2T6%26%9%13%25%39%2%ECOMMERCE 101Source:Activate analysisECOMMERCECONSUMER PAIN POINT WHEN SHOPPING ONLINEHOW ECOMMERCE WILL SOLVELimited ability to discover and search for products(primarily text-based,some audio-enabled)Visual search(supported by text and audio)Risk

324、 due to inability to test products before purchasing(especially for more costly and complex product categories,such as auto,furniture,and jewelry)Virtual try on and visualizationLong delivery wait times(typically 1 day or more)Ultrafast delivery(2 hours or less)New technologies will break down the b

325、arriers to higher eCommerce adoption;even the most expensive and complex product categories will now shift to onlineWe forecast that by 2025,10%to 15%of cars will be purchased online and fulfilled via delivery(up from 2%today);despite the fact that auto has historically been one of the slowest produ

326、ct categories to move to eCommerce 102CAR PURCHASES COMPLETED ONLINE AND FULFILLED VIA DELIVERY,U.S.,2021E VS.2025E,%TOTAL CAR PURCHASES1,2ECOMMERCE2021E2025ETotal Car Purchases Completed Online1 and Fulfilled via Delivery2%10%-15%FORECASTACTIVATE850K6M-10MSales from car purchases completed online1

327、and fulfilled via delivery will surpass$150B annually by 20251.“Completed online”is defined as having set up the full car deal online,including the down payment,monthly payment,and trade-in.2.“Total car purchases”includes both new and used cars.Sources:Activate analysis,Company filings,Company press

328、 releases,Company sites,Comscore,Cox Automotive,eMarketer,Federal Reserve Bank of St.Louis,IBISWorld,IHS Markit,Khaveen Investments,U.S.Bureau of Economic Analysis,U.S.Census Bureau,Wells FargoThis transformation in auto will be enabled by improvements to the online car shopping experience 103IMPROV

329、EMENTS TO THE ONLINE CAR SHOPPING EXPERIENCE THAT ARE ENABLING HIGHER ECOMMERCE PENETRATION FOR THE AUTO CATEGORYECOMMERCESources:Activate analysis,Company press releases,Company sitesVISUAL SEARCHNEXT-DAY DELIVERYVIRTUAL VISUALIZATIONExterior and InteriorVisual search will be the next frontier for

330、product discovery,allowing consumers to find products by scanning an item in person or using an image 104Sources:Activate analysis,Company press releases,Company sitesEXAMPLE PLAYERS OFFERING VISUAL SEARCHECOMMERCEEXAMPLE APPLICATIONS OF VISUAL SEARCHTo engage with customers and create another way o

331、f selling products,a significant number of retailers will participate in livestream shopping 105LIVESTREAM SHOPPING EVENT EXAMPLE:JULY 2021 BACK-TO-SCHOOL EVENTSources:Activate analysis,Adweek,Chain Store Age,CNBC,Company press releases,Company sites,Digiday,Forbes,Glossy,Medium,ModernRetail,TechCru

332、nch,Vogue,Womens Wear Daily,Yahoo!LifeEXAMPLE RETAILERS THAT HOSTED THEIR FIRST U.S.LIVESTREAM SHOPPING EVENT IN THE LAST 12 MONTHSECOMMERCEShoppers have the ability to interact with brand representatives and other shoppers in real timeLIVEShoppers are able to browse and purchase products without le

333、aving the livestream eventLivestream shopping sales will experience substantial growth,fueled by the large set of enabling services that make it simple for both retailers and individual sellers to host livestream shopping events 106Sources:Activate analysis,Company press releases,Company sites,Coresight ResearchEXAMPLE LIVESTREAM SHOPPING ENABLING SERVICESECOMMERCE20202021E2024E$35B$11B$6BLIVESTRE