Mark Zuckerberg, CEO and founder of the Meta group, remains convinced that the metaverse has a future. Despite the workforce reductions, the billionaire wants to continue to develop digital spaces in virtual reality. However, he assures to focus on Facebook, Instagram and WhatsApp.
During the DealBook Summit, a conference organized by the New York Times, Mark Zuckerberg defended Meta’s strategy regarding the metaverse. For the record, the Californian giant has spent more than $21 billion in two years in technologies such as virtual or augmented reality.
« The way we communicate becomes richer and more immersive argues Mark Zuckerberg, convinced that the metaverse represents the future of human communication.
The CEO is optimistic about “a horizon of five to ten years”. Previously, Mark Zuckerberg had already hinted that the metaverse would not be profitable before 2030 at the earliest. In the past, the American entrepreneur has notably estimated that the metaverse will allow a user to be teleported to his workplace. No need to go to the office to communicate with colleagues. Thanks to a virtual reality helmet, the metaverse could transform telework as we know it, suggested the creator of Facebook.
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Mark Zuckerberg is adamant about the metaverse
Despite his enthusiasm, the billionaire, whose fortune has waned considerably over the current year, says he is aware many criticisms of his strategy. There are also many detractors of the metaverse within the Meta group itself. For a plethora of employees, corporate ambitions are out of step with reality. Same story on the side of the group’s shareholders, who are demanding a reduction in spending in the field.
Unsurprisingly, Mark Zuckerberg does not question his approach so far. He even believes that the absence of reviews usually means that an idea is not ambitious enough.
“Skepticism doesn’t bother me too much. We have always had skeptics”says Mark Zuckerberg,
During the interview, the IT guy admitted that Meta should work with “more efficiency and discipline” in the short term to reduce expenses. With this in mind, the Silicon Valley giant has also laid off 13% of its employees worldwide, or 11,000 people. This is the first time that the company has decreed such a massive reduction in staff since its creation in 2009.
Facebook, Instagram and WhatsApp remain the priority
Nevertheless, Mark Zuckerberg specifies that Meta devotes 80% of their time and resources to their social networks, which remain its main driver of growth. This clarification is obviously intended to reassure investors and shareholders, scalded by Meta’s latest financial statement.
The remaining 20% is allocated to the development of the metaverse, including the digital world Horizon Worlds and Quest virtual reality headsets. Despite its budget cuts, Meta continues to view the metaverse as a key industry.
“The vast majority of my time and the vast majority of the company’s efforts are spent on social media,” rassure Mark Zuckerberg.
New York Times