5.5 C
Mönchengladbach
Sunday, April 21, 2024
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

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

Everyone Should Travel for Their Favorite Foods

We woke reasonably late following the feast and free flowing wine the night before. After gathering ourselves and our packs, we headed down to our homestay family’s small dining room for breakfast. Refreshingly, what was...
YouTube New Feature - Soon, you'll be able to perform word searches within YouTube videos.

YouTube New Feature – Soon, you’ll be able to perform word searches within YouTube...

YouTube New Feature! With this feature, you can search for words inside YouTube videos. This feature is a Game-Chaniging Feature. Users will receive a "search in video button," which will enable them to look...

A Saudi man proposes to Amber Heard

A Saudi man sent an audio message to the American actor's Instagram to propose to Amber Heard, an American actress. JURY AWARDS OVER $15 MILLION TO JOHNNY DEPP IN DEFAMATION CASE AGAINST AMBER HEARD After a...
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

Modern Monochrome Home with Calm and Cosy Terrace and Steps

We woke reasonably late following the feast and free flowing wine the night before. After gathering ourselves and our packs, we headed down to our homestay family’s small dining room for breakfast. Refreshingly, what was...

Lewandowski refused to extend his contract with Bayern Munich

Lewandowski has confirmed that he will not sign a new contract with Bayern Munich. Polish superstar Robert Lewandowski has confirmed that he will not renew his contract with Bayern Munich and is looking to continue...

Taylor Swift : From playing in children’s theater to reaching the music castles

Early life Euro International News : Swift showed an interest in music at an early age, and she progressed quickly from roles in children’s theatre to her first appearance before a crowd of thousands. She was age...

Travis Scott books first official concert since Astroworld tragedy

Travis Scott is set to headline series of festivals in South America this year, which will mark his first major concert performance since his Astroworld crowd crush tragedy left 10 people dead. Scott, 30, is...

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...
small penis, small penis syndrome, a man looking at his small penis, why my penis is small, how to enlarge my penis, what is the average small size of penis

Small Penis Syndrome – Is My Penis Small?

People with small penis syndrome do not have a physical condition but experience persistent anxiety about the size of their penis. These individuals worry that their penis is too small or that others will...
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

State of emergency declared in the Canadian capital; Ottawa Mayor: The situation is out of...

The mayor of the Canadian capital, Ottawa, has declared a "state of emergency" as protests continue over health measures to prevent the spread of the coronavirus in the city. The protests began in Ottawa on...
Pete Davidson Feels Bad for Kim Kardashian amid Kanye West Controversy

Pete Davidson Feels Bad for Kim Kardashian amid Kanye West Controversy

Pete Davidson has been worried for his ex-girlfriend Kim Kardashian amid the ongoing controversy surrounding her former husband Kanye West's antisemitic remarks. The King of Staten Island star deeply cares about the reality TV star and...
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

The worst case scenario of the Russia-Ukraine war; NATO entry and the possibility of...

Russia's defeat in Ukraine may force President Vladimir Putin to use a tactical atomic bomb with low destructive power The United States has warned of a possible nuclear war after Russia hinted at the possibility...

From a long kiss to a deep-sea marriage; Unusual Valentine’s customs

February 14th, Valentine's Day, rooted in Christian culture, has become an excuse for lovers around the world to express their feelings to each other in different and sometimes unusual ways. Roses, chocolates, romantic candles and...
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

5 movies you should see this month

Paris 13th District, Batman, The Lost City, Reddening and Nitram are five movies that viewers will not regret watching. Although we are in the last week of March, this is not a reason to miss...
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 earthquake in Afghanistan has killed at least 255 people

A magnitude 6.1 earthquake in eastern Afghanistan has killed at least 100 people.  The US Geological Survey said a magnitude 6.0 earthquake shook parts of Afghanistan and Pakistan on Wednesday morning. The quake struck at 1:24...
\