Mark Zuckerberg, CEO of Meta, formerly Facebook, has shared how the meta-verse will be a central part of his business and provide hundreds of billions of dollars in revenue. “Our playbook over time has been to build services, try to serve as many people as possible,” Zuckerberg said.
Mark Zuckerberg on Metaverse
Mark Zuckerberg, CEO of Meta Platforms, formerly of Facebook, spoke about the meta-verse in an interview Wednesday with Jim Cramer, the host of CNBC̵[ads1]7;s Mad Money.
The Facebook co-founder explained that he expects the meta-verse to be massive and become a large part of the company’s business over the next decade. Commenting on Meta’s metaverse efforts, Zuckerberg said:
Our shopping guide over time has been to build services, try to serve as many people as possible – you know, get our services to one billion, two billion, three billion people, and then we basically scale the revenue generation after that.
“We’re basically hoping to reach around a billion people in the metaverse who make hundreds of dollars trading each,” he continued, adding that people can “buy digital goods, digital content,” [or] different things to express themselves »in the metaverse.
Some examples of what people can buy are “clothes for their avatar or various digital items for their virtual homes or things to decorate their virtual conference rooms,” Zuckerberg said. He added that people can also buy “tools to be able to be more productive in virtual and augmented reality and across the metaverse in general.”
However, he admitted that there is a long way to go, and stated:
I still think it’s going to take a while before it reaches the reach of hundreds of millions or even billions of people in the metaverse, just because things take a while to get there.
“So it’s the North Star. I think we’ll get there. But, you know, the other services we run are on a somewhat larger scale already today “, he confirmed.
Zuckerberg imagined that experiences in the metaverse were more immersive than text, images or videos, and noticed that people can even make eye contact when they meet in the metaverse. The technology “basically aims to make it deliver this realistic sense of presence,” the Facebook co-founder added.
“At this point, you know, we’re a company that can afford to make some big long-term research investments, and this is a big focus,” said the Meta CEO.
Last week, Meta, Microsoft and 31 other companies formed a metaverse standard group. In March, Meta submitted eight trademark applications for its logo and Meta Pay, which cover the metaverse and crypto services.
Several large companies have estimated the size of the meta-verse. McKinsey & Company said last week that the metaverse could generate $ 5 trillion by 2030. In March, Citi predicted that the metaverse could be a $ 13 trillion option with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both view the metaverse as an opportunity of $ 8 trillion.
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