Zuckerberg refused to guarantee the success of investments in the metaverse
Date: 2023-07-28 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, BUSINESS
The head of the company-developer of the American social network still believes in virtual reality, but also bets on the success of artificial intelligence
Meta's investment in metaverse technology is long-term, but there is no guarantee that it will pay off. This was announced by the founder of the company Mark Zuckerberg in a conference call with investors. He admitted that he "understands the discomfort that many investors feel" about Meta's significant investments in the development of the metaverse (in the second quarter of 2023, Meta's spending on technology reached $3.7 billion).
"Look, I can't guarantee you I'm going to be right about this bet. I really believe that the world is moving in this direction. Today, one or two billion people wear glasses. I think that in the future they [glasses] will all be smart glasses," Zuckerberg said.
According to the head of Meta, in the future, people will spend as much time on virtual reality as they spend on TVs and computers today. Zuckerberg argues that in recent years, people are increasingly immersed in new ways of communicating through smartphones. That is why Meta believes that the emerging trend will eventually lead to the metaverse, he noted.
When Meta will unveil a finished version of the metaverse is unclear. Zuckerberg acknowledged that people can "feel uncomfortable" due to the lack of a clear release date. According to him, he does not believe that the technology will appear in the "near future."
Spending on virtual reality will rise
In a recent financial report, Meta said that it expects further growth in losses of Reality Labs (the division responsible for the development of the metaverse. According to Business Insider, since 2019, the company has spent more than $35 billion on Reality Labs. Over the past 2022, the company has allocated more than $13.7 billion for the development of the metaverse.
Earlier, Meta Vice President Vishal Shah admitted in a media interview that the public no longer cares about virtual reality technology. However, Shah sees this as a plus for the company, since now Meta can focus on the development of complex technologies. What prevented Meta from doing this amid the hype around the metaverse is unclear.
