12.2 C
Mönchengladbach
Saturday, March 29, 2025
Advertise with us
MetaverseMeta's Not Giving Up on the Metaverse Just Yet

Meta’s Not Giving Up on the Metaverse Just Yet

CTO Andrew Bosworth said about 20% of the company’s overall costs and expenses would be spent on the Reality Labs segment of its business next year.

Much has changed since Mark Zuckerberg last year boldly proclaimed the company once known as Facebook would charge the world headfirst into the so-called metaverse. A historic tech downturn grabbed hold of Meta and left it with 11,000 fewer employees and a stock price down a whopping 65%. Meta reportedly burned over $10 billion dollars into its metaverse vision during that time with little to show for it save avatars with legs that barely work and a $1,500 headset with no real use case. John Carmack, the legendary engineer who lent his ear to Meta, recently even called it quits. Now, with the end of 2022 in sight, the company says it plans to burn even more money heading into the new year.

In a blog post titled, “Why we still believe in the future,” Meta Chief Technology Officer Andrew Bosworth acknowledged the financial headwinds but said the company would nonetheless still commit to dump around 20% of the company’s overall costs and expenses into the Reality Labs segment of its business next year. That single division, which is responsible for Meta’s VR headsets and future facing metaverse platforms, reported $9.44 billion in losses this year according to Insider Intelligence.

“We never thought it would be easy or straightforward, but this year was even harder than we expected,” Bosworth admitted. “Economic challenges across the world, combined with pressures on Meta’s core business, created a perfect storm of skepticism about the investments we’re making.”

Bosworth went on to argue against ”short-term thinking” which he said would limit companies only to invest in large, expensive products during boom times. Though the executive said Meta had made some adjustments, he said overall metaverse plans aren’t going anywhere.

“I can say with confidence that after one of the hardest years in the history of the company, Meta remains as committed to our vision for the future as we were on the day we announced it,” Bosworth added.

Though 2022 might seem akin to a failure from the outside, Bosworth said he believed Reality Labs engineers succeeded in developing a product, The Meta Quest Pro, that put a piece of advanced hardware in the hands of developers. Additionally, Bosworth pointed to the growing popularity of social experiences on the Quest Store as evidence VR users are actually interested in hanging on with headsets on. Moving forward the executive said Meta wants to spend more time focusing on ways to help Horizon Worlds developers succeed in 2023. Bosworth hinted at growing competition in coming years, all but naming Apple and its long-rumored headset. 

“While we will continue to find ways to work more efficiently, what won’t change in 2023 is our vision and the long-term research effort we’re undertaking to get there,” Bosworth added.

That reassuring tone, while likely welcome support for Meta engineers, flies in the face of a growing chorus of frustrated investors and external critics. One of those investors, Altimeter Capital founder Brad Gerstner wrote a scathing open letter to Zuckerberg earlier this year saying Meta had, “drifted into the land of excess.”

Previously enthusiastic starts are also leaving the company. This week, Doom co-creator and programming legend John Carmack resigned from his consulting position at Meta. In a memo, Carmack said he supported the company’s hardware but said the teams working on that hardware, “constantly self-sabotage[s] and squander[s] effort.”

“There is no way to sugar coat this; I think our organization is operating at half the effectiveness that would make me happy,” Carmack said.

Reviews

Related Articles

POPULAR

The romantic relationship between Ronaldo’s son and Luis Suarez’s daughter was revealed

"Delfina Suarez", the daughter of "Luis Suarez" revealed her romantic relationship by publishing a story with a heart from "Cris Ronaldo Jr.", the son...

Were Jennifer Lawrence nude photos real?

Are Jennifer Lawrence nude photos true?The question that you may ask yourself is whether the images that were published years ago are trueThe answer...

UK Entry requirements

Entry requirements This page reflects the UK government’s understanding of current rules for people travelling on a full ‘British Citizen’ passport, for the most common...

LATEST POSTS

Salman Khan reaches Mumbai to celebrate his 58th birthday

Salman Khan is celebrating his 58th birthday. He returned to Mumbai to spend his special day with family and close people. It's a big day...

McDonald’s opening hours on Christmas Day and Boxing Day in Cambridgeshire

Although McDonald's is not the first thing that comes to mind for most people on Christmas Day, some might be wondering if they can still pop...

MORE

YOU MAY LIKE

Will the Metaverse Be Entertaining? Ask South Korea.

Will the Metaverse Be Entertaining? Ask South Korea.

In the world’s testing ground for tech, K-pop singers are being spun up out of pixels and doing battle in a virtual universe. In a vast studio outside Seoul, technicians huddled in front of monitors,...

Elon Musk’s actions on Twitter mirror those he took at SpaceX and Tesla.

Twitter - SpaceX and Tesla Twitter - SpaceX and Tesla! firing employees discussing bankruptcy instructing staff to be "hardcore." At several of his businesses, Mr. Musk has frequently employed these strategies. At work, Elon Musk...
2022 Was Supposed to Be the Year of the Metaverse. What Went Wrong?

2022 Was Supposed to Be the Year of the Metaverse. What Went Wrong?

Billions of dollars flooded into the development of an immersive version of the internet. Are we there yet? Billy Huang runs a metaverse advertising agency. Well, he definitely runs an advertising agency. And not so long...
Chloe Fineman raves about ‘deeply charming’ Pete Davidson

Chloe Fineman raves about ‘deeply charming’ Pete Davidson

Chloe Fineman understands why Pete Davidson is such catnip for the ladies. “I’ve worked and chatted with him,” Fineman told Page Six exclusively at the 2022 American Museum of Natural History Gala on Thursday night....
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

US uses all-electric laser weapon to shoot down drone

The United States Navy shot down a drone for the first time, using high-energy laser waves. One of the reasons for the test, which was conducted by the United States Navy in February 2022, is...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

چرا مردم قزاقستان در خیابان‌ها تظاهرات و شورش به راه انداختن ؟

صبح روز پنجشنبه حکومت قزاقستان اعلام کرد که ۲۶ معترض که آنها را "جنایتکاران جنگی" خوانده، در درگیری‌های روزهای گذشته کشته‌ و بیش از ۳ هزار نفر هم بازداشت شده‌اند گزارش‌ها میرسانند که اولین گروه...

Symptoms of Monkeypox

, the virus can infect mice and rabbits. The first case of monkey pox was reported in 1970. In 2003, US health officials reported a case of the virus in the United States. "Monkey pox virus has...

Nasser al-Khalifi claimed an agreement and extension with Kylian Mbappe

On Monday, rumors spread on social media that Mbappé was in Madrid to sign a contract with Real Madrid, but Nasser Al-Khalifi, the owner of the club, denied the rumors and announced the extension...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

Retail industry and new technology opportunities

Retail is an important part of marketing that is the last point of contact between the economy and the body of society and customers.Retail is the science of store design and management and therefore...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

An American woman became a mother four times in 13 months

"My eldest son felt lonely when he was 10 and wished he had a brother or sister," says Tracy, according to The Sun. "Because of this, I decided to use an alternative mother service." "But on...
Pubg New Update 2.4

Download the New Pubg Update 2.4 and enjoy the new features

The new Update (2.4) of Pubg Mobile is now available. It was released on the 6th of 2023 and is much more enjoyable than the previous one. Thanks to the new update, there are...

Ukraine Russia : Guterres meets with Putin and Lavrov and tries to end the...

Euro international News : During a meeting with the Russian Foreign Minister, the UN Secretary-General called for an immediate ceasefire and an end to the war in Ukraine. He spoke of the suffering that...
psychology of love

Love Psychology Test: What you see in the picture reflects your view of love!

Love Psychology Test: What do you often dream about dating, falling in love or getting married? Sometimes secret people have dreams about love and are unaware of it. With this psychological test of love,...

Billie Eilish confesses that it is exhausting to suffer from Tourette syndrome

Singer Billie Eilish spoke, as she had rarely done, about how suffering from Tourette syndrome affects her It was in 2018 that Billi Eilish revealed to the world that when she was an 11-year-old girl she was...
pete davidson

Who Is Pete Davidson?

Full Name: Pete DavidsonHometown: Staten Island, New YorkRelationship Status: Dating Kim KardashianBirthday: November 16, 1993 Biography: Pete Davidson was born in Staten Island, New York, to a school nurse and an NYC firefighter, who died...
\