Metaverse and Society 5.0: Pivotal for Future Business Model Innovation

Abstract

The area of interest is future business model innovation in Society 5.0. This is important as the transition from Society 4.0 to Society 5.0 is happening at an exponential pace driven by the Metaverse. Thus, the research question is: how should companies think and do business model innovation in the Society 5.0 / Metaverse space? The method is conceptual, where the business model characteristics of Society 1.0 to 4.0 are empirically stated for inductive arguments for equivalent characteristics of Society 5.0. This is framed with Society 5.0 theory, Metaverse theory, and Osterwalder and Pigneur’s nine business model building blocks from their iconic Business Model Canvas (BMC). The contribution is a framework cross-tabulating Society 1.0 to Society 5.0 with the nine BMC elements. Finally, a discussion is provided with findings and implications for managers regarding business model innovation, new businesses, outcome logic, ecospheres, and currencies.