Metaverse Still Takes Center Stage in Zuckerberg’s Business Plan
Mark Zuckerberg, the CEO of Meta (formerly known as Facebook), has reaffirmed his commitment to the metaverse, calling it a major technology wave that Meta is focused on.
The metaverse is a virtual world that people can enter and interact with in various ways using technologies such as VR and AR.
However, Meta’s metaverse division, Reality Labs, has been struggling, with losses of $4 billion in the first quarter of this year and nearly $14 billion in 2022.
The division’s losses are expected to increase in 2023. This has led to criticism from shareholders, who are concerned about Meta’s spending on the metaverse and want the company to focus on its core businesses like Facebook and Instagram.
In contrast, Meta’s “Family of Apps” business, including Facebook, Instagram, Messenger, and WhatsApp, has performed well. It beat analysts’ estimates by reporting $28.6 billion in revenue for the fiscal quarter ending in March.
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Horizon Worlds, Meta’s flagship metaverse offering, has been struggling to gain traction, with the total number of users barely exceeding 200,000. In comparison, the Roblox platform, which is also a multiplayer virtual world, attracted an average of 65 million daily users in January of this year.
Zuckerberg had promised to launch a web version of Horizon Worlds by the end of 2022, but as of nearly five months into 2023, Meta has yet to deliver. Despite these setbacks, Zuckerberg remains committed to the metaverse, calling it a long-term project that Meta is focused on.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
