The metaverse represents a novel customer channel that disrupts business models and operations. This creates a variety of questions to managers and researchers, such as whether and when the addition of this new customer channel creates value for firms. This study uses event study methodology to examine the impact of 508 metaverse announcements on the stock market returns of 65 publicly traded firms across six industries. It also explores the moderating effect of different types of metaverse offerings. As research on metaverse benefits from an investors' perspective is scarce, this study provides insight into investors' perceptions of metaverse value propositions to firms. The study considers how certain offerings may utilize or be constrained by metaverse technologies, indicated by investor evaluations. It proposes important future research directions to understand metaverse implications for firms, preparing for the rapidly changing channel that will likely impact business models and operations in the coming years.