- Meta’s head of global affairs claims Metaverse is the future in a press conference.
- The executive believes Meta could capitalize on its investment if it focuses on two things.
Meta, formerly known as Facebook, struggled in its transition to the metaverse despite the concept inspiring its new name. With the company suffering three consecutive quarters of revenue losses and its stock experiencing its worst year to date, Meta pursued other ventures.
In its pursuit, the company found love for artificial intelligence. This led to Meta laying off thousands of its employees and pulling the plug on many of its projects, including Instagram and Facebook NFTs.
While it seemed Meta was done with the virtual world, it appears the company is not quite ready to give up on the frontier just yet.
Not Done Yet
Meta’s head of global affairs, Nick Clegg, held a press conference in the company’s virtual space, Horizon Workrooms on Wednesday, March 29. Tuning in from London, Clegg discussed plans for the metaverse to select reporters wearing the company’s VR headsets in Washington.
The press conference comes after CEO Mark Zuckerberg announced plans for restructuring which laid off 10,000 people, discontinued projects such as Instagram and Facebook NFTs, and closed down its metaverse division, Reality Labs.
Despite the firm’s loose interest in the Metaverse, the head of global affairs asserted to the attendees that the future of computing would take place in the metaverse, and it is still sticking with the technology.
Meta Horizon Work Room. Source: MetaClegg shared:
“We’re going to stick with it [the metaverse] because we really believe, all the early evidence suggests, that something like this will be the heart of the new computing platform. But it’s going to take a while.”Clegg added that for Meta to capitalize on its $24 billion investment in the metaverse, it has to prioritize advertising and commerce. This aligns with CEO Mark Zuckerberg’s statement that the company could earn billions. However, people actually have to use the metaverse for shopping.
Distributing user-specific content has historically performed well for Meta’s Facebook and Instagram platforms, generating enormous profits. However, the company has yet to profit from metaverse advertising. Meta is looking for new ways to encourage its users to spend on digital assets and VR shopping.
On The Flipside
- Competitor entertainment giant Disney closed its metaverse division after laying off 7000 employees in March.
- Tech company Microsoft shut down its metaverse division after firing 10,000 employees in 2023.
- Law firm Cooper & Kirk alleged US federal regulators are engaging in a war against the crypto sector by threatening to debank businesses.
Why You Should Care
Meta is playing a dangerous game with its commitment. The company wants to play all narratives, whether it’s the metaverse or generative AI. However, the firm’s loose interest in the sectors could affect thousands of families and the industry.
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