Only 20 percent of Meta’s Focus is currently in the Metaverse: Mark Zuckerberg
Mark Zuckerberg, despite facing huge losses in the metaverse of Meta, reiterated his belief in next-generation technology. The Meta Manager has decided to give five to ten years before the metaverse blossoms into a promising industry that looks like the current times. Currently, only 20 percent of Meta’s operations are focused on developing hardware and software to support the metaverse ecosystem, Zuckerberg noted in a recent speech. On the other hand, 80 percent of Meta’s focus is still on the family of social networks – Facebook, Instagram, and WhatsApp.
Zuckerberg, 38, was speaking at the New York Times DealBook Summit where he noted that his company needs to work more effectively to develop metaverse technology on a wider scale. The tech mogul said that metaverse technology makes communication more interactive and richer overall.
Zuckerberg joined American journalist Andrew Ross Sorkin in a dynamic setting, where avatars of both discussed Meta’s future plans to make on-screen interactions “more immersive and feel less human”.
Before an interview about the company’s challenges and its future, Meta CEO Mark Zuckerberg joined Andrew Ross Sorkin in the metaverse (where he had a hard time). Watch the interaction. #Purchasing Book pic.twitter.com/CpSJRZfRjk
– Dealbook (@dealbook) October 30, 2022
Meta, currently has a dedicated unit called Reality Labs, which focuses on the research and development of its virtual reality systems.
In Meta’s Q2 earnings call in July, Zuckerberg had announced that the company’s Reality Labs unit reported a loss of $2.81 billion (roughly Rs. 22,410 crore).
The unit’s year-to-date loss stood at $5.77 billion (about Rs. 46,016 crore) in July this year. In fact, last year, Reality Labs posted an annualized loss of $10.2 billion (roughly Rs. 81,346 crore).
The billionaire, again and again, was dragged under the re-view of Facebook into a Web3-centric firm last year, which caused a decrease in funds in the company.
In October, for example, Sam Bankman-Fried had ‘dismantled’ Zuckerberg’s metaverse plans saying that the restructuring of the company was Facebook’s strategy to raise billions by presenting itself as a place that is ‘vague, vague, and futuristic enough’. Bankman-Fried was the head of the now-defunct crypto exchange FTX, which has been adding large investments to the Web3 industry.
Despite reporting a loss, Zuckerberg has expressed confidence that in the coming years all the trials and errors that cost the company billions of dollars at the moment, will improve the metaverse technology for the better.
“Doubts don’t bother me much. We had our doubts all the time,” commented a Meta official.
Facebook was renamed Meta last year, as part of Zuckerberg’s strategy to consolidate the metaverse before the technology explodes into full power.