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The last few years have been designated the year of the metaverse or AR鈥攐nly to fizzle or at least fail to meet expectations. Even so, we estimate AR already counts over 90 million users with most engaging with social media AR lenses on their smartphones. The arrival of several innovative immersive media devices in 2024 may spur innovation that will spill into the broader immersive media landscape.

Snapchat, Meta, and TikTok are leaning into AR. Snap has deployed several virtual try-on solutions over the years, which it claims drive engagement and conversion. But now, Meta has joined the AR bandwagon, rolling out AR ad formats in Reels and Facebook Stories. Meanwhile, TikTok鈥檚 Effect House AR studio exited beta earlier this year. Meta and TikTok are pushing toward in-app checkout.

Really quickly on that point, I mean they announced them, but they announced them before Meta said, hey, check out these Orion AR glasses. And then they had some other glasses that they, a concept pair that they were talking about looking to put out further down the road. Does this kill Spectacles dead in the water?

Retailers are experimenting with generative AI (genAI) across various use cases, from personalized marketing to conversational search. But the strategic risks of being an early adopter of genAI versus waiting for established players to set standards remain unclear.

Go further: Read our new report on how AR and VR Are Reshaping the Future of Consumer Engagement.