2023-07-30 17:45:02
News JVTech Meta: Facebook’s parent company loses billions in this project, but Mark Zuckerberg still believes in it
Published on 07/30/2023 at 19:45
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While the recent launch of the new Thread social network was a real success for the Meta group, this does not erase the group’s indebtedness to its other projects. One of them continues to cost Mark Zuckerberg particularly dearly…
Remember, in October 2021, the famous social network Facebook had a facelift by completely changing its identity. The group behind Instagram, Facebook and WhatsApp then became Meta, with a brand new logo for the occasion.
Behind this bold initiative, the CEO of the group, Mark Zuckerberg, unveiled his ambitious project to develop a 3D virtual world called, more commonly, metaverse.
Among the first objectives of Meta, the company wanted to create an immersive virtual space allowing users to interact with each other through avatars in particular. This metaverse concept, although worked on by several companies, was particularly brought to the fore by Mark Zuckerberg and his group Meta. Thus, the group has inexorably suffered the full brunt of the disillusionment of Internet users regarding the presumptuous promises of this virtual world.
Indeed, to introduce the Metaverse to the general public, Meta launched a first iteration of the metaverse with Horizon Worlds. In this first digital world, users can interact socially, participate in mini-games, events and even work in an immersive virtual environment.
However, the project had a somewhat rocky start… Some users notably pointed out several aspects that did not correspond to their expectations, such as a lack of graphic realism.
CThese strong opinions obviously had an impact on the group’s financial results, which had clearly announced that it would make the metaverse its new hobbyhorse. In total, the giant has accumulated nearly tens of billions of dollars in losses with its Reality Labs branch of Meta, dedicated to the development of the Metaverse. And the toll seems to get heavier over time…
In effect, the company’s latest financial report reports staggering new losses for Reality Labs. In particular, we learn that the group recorded losses amounting to 3.7 billion dollars in the second quarter of 2023. This is due to the high costs associated with the launch of the Meta Quest 3, the company’s latest model of VR headset.
Despite financial difficulties, Mark Zuckerberg remains convinced of the value of the metaverse in the long term. He insists that Meta is investing for the future and sees the virtual world as a strategic priority, alongside artificial intelligence.
“We’ve been working on these two big priorities for many years in parallel, and in many ways the two areas overlap and complement each other,” Zuckerberg said following the release of Meta’s financial results.
Thus, it would seem that the group is not particularly affected by this lack of return on investment from Reality Labs. The group’s strategy seems to be mainly oriented towards research and development new technologies to meet the expectations of this famous metaverse – sometimes presented as the future of the Internet.
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