The Rise of AI Executives and Fall of the Metaverse
Businesses are rapidly hiring artificial intelligence officers and investing in AI technology, while interest and jobs related to the metaverse have declined significantly over the past year.
Summary
- Advertising company Publicis Groupe hired a digital lion avatar named Leon as "chief metaverse officer" in mid-2022, but his role disappeared just months later as interest shifted to AI.
- Several executives who previously had metaverse-focused roles at companies like Disney, P&G, and CAA have left those positions. Some are now working in AI jobs.
- Businesses are urgently looking to hire AI leaders, with compensation packages over $1 million on average. Accenture and GE Healthcare recently made AI executive hires.
- The number of mentions of "metaverse" on S&P 500 earnings calls dropped sharply last quarter compared to a year earlier. Apple didn't use the term at all in announcing its new mixed reality headset.
- Meta's Mark Zuckerberg has shifted focus from the metaverse to generative AI after spending billions on metaverse initiatives that haven't panned out so far.
- Some companies still have metaverse leadership roles but executives' responsibilities encompass multiple emerging technologies like blockchain.
- Firms may still want to explore metaverse uses but are more likely to work with consultants than hire dedicated C-suite leadership for it.