A few factors might explain this phenomenon:
- With everyone having a platform on social media, suddenly, everyone’s an expert on everything.
- The media’s hunger for sensational headlines drives them to extreme positions and comments.
- The public’s attention span is getting shorter and shorter, feeding into the points above.
In technology, this trend is even more pronounced as the field itself evolves at lightning speed, with hype cycles sometimes lasting as little as a year.
Take, for example, a recent study by the renowned consulting firm Gurke and Blind titled “Stop Killing My Tech.” They highlight how virtual and augmented reality are particularly prone to these rapid cycles. Just look at the metaverse: seemingly overnight, the buzzword took over websites, feeds, blogs, and even mainstream media. Reputable brands and companies rushed to invest in virtual spaces, eager to be first movers. Self-appointed experts popped up everywhere, offering consultancy on building experiences that left real experts torn between laughter and horror at the poor execution. When the hype inevitably collapsed, these same experts and enthusiastic media pivoted to mock what they had recently championed.
This isn’t much different from the multiple “deaths” of Virtual Reality reported in various media, such as Forbes in 2020, declaring VR headsets on the brink of extinction. Yet, despite the naysayers, Meta’s Quest 2 has sold over 20 million units and counting. VR use cases are expanding into industry and services, and the recent Vision Pro hype (currently in a downturn, awaiting the next cycle) has thrust the field back into the spotlight.
Artificial Intelligence isn’t immune to these hype cycles either. Investors are beginning to wonder where to place their money next as AI fails to deliver the immediate returns promised by newly minted “experts”—many of whom are just recycled from the last tech wave. You’ve probably seen the meme.
Yes, this might sound cynical. But here’s the good news: despite these wild hype cycles, the technology endures. More and more companies are developing genuinely useful applications that are making our lives easier and more enjoyable.
Hype may come and go, but innovation persists. The key is not to get caught up in the noise but to focus on the long-term value these technologies bring. The metaverse, VR, and AI aren’t going anywhere—they’re just waiting for the next round on the hype cycle.
BY Egli HAXHIRAJ, Anamaria MESHKURTI, Jonida GJUZI and Franck Milet
© All Rights Reserved Moneys Media Ltd Geneva, Switzerland.
