This study contributes to the emerging literature on the metaverse by analyzing metaverse-related announcements made by publicly traded companies in the U.S. We compile announcement data through a comprehensive search of major newspapers in the Nexis database, the RavenPack news analytics platform, and metaverse-focused news outlets. Our event study finds that, overall, metaverse announcements have a positive impact on firm value, with the effect varying based on factors such as the level of immersion, product type, branding strategy, and the diversity of marketing channels used.