Meta isn’t giving up on the Metaverse just yet

Image for article titled Meta Not Giving Up on the Metaverse Just so far

picture: Justin Sullivan (Getty Images)

A lot has changed since Mark Zuckerberg last year Boldly declare The company formerly known as Facebook ships world first to the so-called Metaverse. The historic technological downturn has spread Hold Mita and leave her with 11,000 fewer employees and share price Down A whopping 65%. It is said dead burnt Over $10 billion in its metaverse vision during that time with little to show for saving avatars with it Legs that barely work And a $1,500 headset With no real use case. John Carmack, the legendary engineer who authorized Meta, recently Call it quits. Now, as 2022 draws to a close, the company says it plans to burn more cash as the new year approaches.

in a blog post Titled “Why We Still Believe in the Future”, Meta Chief Technique officer Andrew Bosworth acknowledged the financial headwinds, but said the company would nonetheless remain committed to the dump About 20% of the company’s total costs and expenses will fall into the Reality Labs segment of its business next year. This single department, responsible for future Meta VR headsets and metaverse platforms, has been reported $9.44 billion losses this year to me Intelligence from within.

“We never thought it was going to be easy or straightforward, but this year it has been tougher than we expected,” Bosworth admitted. “The economic challenges around the world, combined with pressures on Meta’s core business, have created a perfect storm of uncertainty about the investments we’re making.”

Bosworth went on to argue against “short-term thinking” which he said would limit companies only to investing in large, expensive products during boom times. Although the CEO said Meta has made some adjustments, He said that the metaverse’s overall plans aren’t going anywhere.

“I can confidently say that after one of the most difficult years in the company’s history, Meta remains as committed to our vision for the future as we were the day we announced it,” Bosworth added.

Although 2022 may look closer to failure from the outside, Bosworth said he believes the Reality Labs engineers have succeeded in developing a product, Meta Quest Pro, which puts a piece of cutting-edge hardware in the hands of developers. In addition, Bosworth pointed to the growing popularity of the Quest Store’s social experiences as evidence of VR users’ interest in hanging on to headsets. Moving forward, the CEO said Meta wants to spend more time focusing on ways to help Horizon Worlds Developers Succeed in 2023. Bosworth Hinted in the growing competition in the coming years, with the exception of the Apple label and long-rumored Earphone.

“While we’ll continue to look for ways to operate more efficiently, what won’t change in 2023 is our long-term vision and research efforts to get there,” Bosworth added.

This reassuring tone, while likely welcoming the support of the Meta engineers, runs counter to a growing group of frustrated investors and outside critics. One such investor, Altimeter Capital founder Brad Gerstner, wrote scathingly open letter to Zuckerberg earlier this year saying Meta had “drifted into the land of excess”.

Previously enthusiastic beginnings also leave the company. This week, co-creator Doom and programming legend John Carmack to resign From his advisory position at Meta. in a noteCarmack said he supports the company’s hardware, but said teams working on those hardware are “constantly sabotaging themselves.”[s] and sows[s] Effort.”

“There’s no way to sugar coat this; I think our organization works half as effectively as it makes me happy,” Carmack said.

#Meta #isnt #giving #Metaverse

Leave a Reply

Your email address will not be published. Required fields are marked *