Facebook’s founder and CEO expects business success with the meta verse later this decade.
A Facebook operating system may be needed “to deliver on what we want to build,” he said.
The companies division that works with the metaverse loses billions of dollars in the quarter.
A Meta Platforms-built operating system may be in the future as Mark Zuckerberg plans for the meta-verse to be an important part of the company’s business this decade.
Zuckerberg did not reject the idea of creating an operating system for the company’s various platforms and hardware so that the technology still being built to create the meta-verse, an immersive virtual reality, would work properly when asked about it on CNBC’s “Mad Money”.
Meta, which changed its name from Facebook late last year, has never had its own operating system.
“I think in the long run we will need this level of integration between hardware and software and an operating system, just to deliver on what we want to build,” Zuckerberg said.
He added that by the end of this decade, he expects 1 billion users of the metaverse, each spending “hundreds of dollars” a year on various products, such as virtual goods for rooms and avatars. This suggests that he expects the metaverse to generate hundreds of billions of dollars in revenue by the end of the decade.
“Our medical book has been to build our services over time and get them to as many people as possible, to reach 1 billion or 2 billion users and scale from there,” said Zuckerberg. “Metaversen will be a big part of our business over the next few years, including the second half of this decade.”
Reality Labs, Meta’s metaverse division, is currently losing money. It lost just under $ 3 billion in the first quarter, after losing $ 10 billion last year, which scared Wall Street enough that Zuckerberg said he plans to “slow down” new investments.
Also internally, the company’s transition to building the meta-verse, as well as Zuckerberg’s personal focus on technology, has caused some concern, frustration and confusion, with a current employee telling Insider that there is “no coherent strategy” for the project, per. yet. Since Zuckerberg said in April that he would be “put on the level of our business career”, the company has largely frozen employment, as Insider first reported, which has led to concerns about future layoffs.
Nevertheless, Zuckerberg made it clear that his expectation is that the company’s version of the metaverse will be a significant part of the business in the future.
“We’re getting there,” he said.
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