Meta Focuses only 20% of its resources on developing hardware and software for Metaverse: Zuckerberg
Mark Zuckerberg, despite facing huge losses in the metaverse of the Meta, has reiterated his belief in next-generation technology. The head of Meta decided to give 5 to 10 years before the metaverse blossomed into the promising industry it seems for the time being. Currently, only 20% of Meta’s functional focus is on developing the hardware and software to support the metaverse ecosystem, Zuckerberg noted in a recent keynote. On the other hand, 80% of Meta’s focus remains on its group of social networking platforms – Facebook, Instagram and WhatsApp.
Zuckerberg, 38, was speaking virtually at the New York Times Trading Book Summit when he noted that his company needed to be more efficient to perfect metaverse technology at scale. Wider. The tech mogul said that metaverse technology makes communication more interactive and overall richer.
Zuckerberg joined American journalist Andrew Ross Sorkin in a super-reverse setting where the two’s avatars discussed Meta’s future plans for making screen interactions “more immersive” and a little more human.”
Ahead of an interview about the company’s challenges and future, Meta CEO Mark Zuckerberg joined Andrew Ross Sorkin in the metaverse (where he had a hiccup). View interaction. #DealBook pic.twitter.com/CpSJRZfRjk
– Deal book (@dealbook) November 30, 2022
metanow has a dedicated unit called Reality Labs, which focuses on research and development around its metadata initiatives.
In Meta’s Q2 earnings report back in July, Zuckerberg announced that the company’s Reality Labs division reported a huge loss of $2.81 billion (about Rs 22,410).
The division’s year-to-date loss stands at $5.77 billion (approximately Rs 46,016 crore) around July this year. In fact, last year, Reality Labs posted an alarming annual loss of $10.2 billion (about Rs 81,346).
Billionaires time and again are drawn into the spotlight for rebranding Facebook into one Taking Web3 as the center company last year, that caused a financial slump for the company.
For example, in October, Sam Bankman-Fried yes ‘dissect’ Zuckerberg’s multi-pronged plans say the company’s rebranding is just a ploy for Facebook to make billions of dollars by viewing itself as a space that’s ‘ambiguous, unclear and futuristic enough’ . Bankman-Fried is the now-collapsed head Cryptocurrency Exchange FTXwho have been adding major investments to the Web3 industry.
Despite reporting a loss, Zuckerberg expressed confidence that in the years to come, all the trial and error that is costing the company billions of dollars today, will improve the metaverse technology for the better.
“The skepticism doesn’t bother me too much. The head of Meta noted.
Facebook is rebrand came to Meta last year, as part of Zuckerberg’s strategy to push the metaverse field before the technology reaches its full potential.