Chief Metaverse Officers Are Getting Million-Dollar Paydays. So What Do They Do All Day?
Advertising giant Publicis Groupe SA introduced the newest member of its C-suite at a technology conference in Paris this year. He goes by Leon. He's the chief metaverse officer.
Publicis wants Leon to help blue-chip clients like Walmart Inc., UBS Group AG and Nestle SA understand what the blockchain, NFTs and a more immersive internet experience could mean for their businesses. The stakes are potentially big: McKinsey & Co. consultants estimate that annual global spending related to this virtual landscape could reach as much as $5 trillion by 2030.
Leon has a LinkedIn profile, an email address and a French accent. But he doesn't get a paycheck: Leon is a lion-esque digital avatar.
While Leon isn't human, companies are increasingly hiring real people to help them navigate the so-called “meta-jungle.” Firms as varied as consumer-products giant Procter & Gamble Co., talent manager Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, luxury-goods maker LVMH and wedding-registry retailer Crate & Barrel have all decided they need a chief metaverse officer.
Though a recent tech-sector downturn has hit metaverse stalwarts like Meta Platforms Inc. and Roblox Corp. particularly hard, it hasn't stopped firms from doling out million-dollar paydays to new executives as a down payment to secure their digital future. Gartner Inc. analysts say one in four people will spend at least an hour a day in the metaverse within a few years. What we'll be doing there isn't clear, but P&G, for one, hopes it will involve engagement with Crest toothpaste or Herbal Essences shampoo.
“Brands need to get closer to their customers, and the metaverse is a channel to do that,” said Hamza Khan, a McKinsey partner who co-leads the
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