Zuckerberg continues to bet on metaverse a lot of opposition recently
Mark Zuckerberg emphasizes that his company Meta remains committed to building the metaverse. The metaverse consists of all kinds of apps for work and leisure that come together in virtual reality. This week, Meta received criticism from shareholders who question the investments in the metaverse. Meta saw its share fall sharply as a result.
Meta and the Metaverse
When you think of Meta, you may first associate the company with the social media apps Facebook, WhatsApp and Instagram. Yet CEO Mark Zuckerberg has been preaching his focus on the metaverse for some time now. In virtual reality (VR), apps for work and leisure have to come together and the company has already invested billions in it.
The financial data the company shares shows that Meta has already invested $3.7 billion in developments for the metaverse this quarter alone. It spent $9.7 billion this year and Meta’s stock plunged 20 percent after the company released its quarterly earnings.
“Very important”
Still, Mark Zuckerberg emphasizes that Meta will continue to invest in long-term projects for the foreseeable future and that the losses of the so-called Reality Labs industry will also increase next year. “We expect Reality Label’s losses to increase significantly in 2023 compared to a year earlier,” the company said in its press release.
CEO Mark Zuckerberg says he remains firmly convinced that the metaverse will be big for the company in the long term. “Look, I understand that a lot of people don’t agree with the investment, but I think this is going to be very important. People are going to look at this again after 10 years and discuss the importance of this work that we are doing today.”
Meta is therefore increasingly faced with a breach of trust among its shareholders. On Androidworld they recently discussed the metaverse at length with all its expectations and challenges. Do you expect to be talking to friends or doing meetings with VR glasses on? Let us know in the comments.
Image: Mark Zuckerberg F8 2019 Keynote, Anthony Quintano, (CC BY 2.0)
