![]() Investors certainly do not share Mark’s sentiments and I think you’d be hard-pressed to find anybody in the world who would be bullish not only on Meta, but on its ideas for social media of the future as well (recently panned by Snap’s CEO, Evan Spiegel as well). ![]() That said, given Meta’s current catastrophic burn rate, it’s not certain if it can continue to bankroll the ridiculous investment for such a long time, particularly in the absence of excitement anywhere (including among the company’s “metamates”, as its employees are reportedly now called). To be fair to him, he did say that his expectation is that it may take until 2030s before metaverse takes its final shape. People will look back a decade from now and talk about the importance of the work being done here. Look, I get that a lot of people might disagree with this investment, but from what I can tell, I think this is going to be a very important thing. Even the revised figure of 280,000 appears to be out of reach as HW remains hampered by bugs, instability and not that much to do, as you’re sitting on a sofa with a plastic helmet over your head.ĭespite one failure after another, Meta CEO remains defiant and reiterated his belief in the grand vision of the virtual universe that we will somehow all use on a daily basis 10 years from now. This is nothing short of a catastrophe as the original goal was to have at least 500,000 monthly active users by the end of 2022 - a target missed by well over 60 per cent. Initial buzz around the metaverse after Facebook’s rebranding drove 300,000 people to play Horizon Worlds as of February 2022, but that figure has now collapsed to under 200,000 just eight months later. I’m firmly in the old camp of “you only have one chance to make a great first impression” - and in that regard, Meta has been a monumental disaster. Silicon Valley’s mantra, “if you are not embarrassed by the first version of your product, you’ve launched too late” touted by Reid Hoffman, would seemingly provide some defense for Zuckerberg, but I’ve never bought into this view myself. Investors are similarly unconvinced, particularly as the business has burned way over US$10 billion in the past two years and has yet to present anything even remotely attractive to anybody. ![]() ![]() There is, undoubtedly, some money to be made there but it remains a niche a mere gadget extending the capabilities of your PC at home, not a groundbreaking tool billions of people are going to use to socialise with each other, like in the visions peddled by Mark Zuckerberg over the past year. occasional virtual reality use, mainly for gaming. So far, the only thing Meta’s hardware is good at is, what it was originally designed by Oculus - i.e. Reality Labs - Meta’s arm dedicated to VR/AR technology that is supposed to power the metaverse - lost a combined US$9.4 billion in the past three quarters of this year alone and have yet to show anything for the money spent. Disclaimer: Opinions expressed below belong solely to the author.įacebook’s parent, Meta Platforms, sank a whopping 24.6 per cent yesterday on missed targets, second quarterly decline in revenue and a huge 52 per cent drop in profit as Mark Zuckerberg burns through billions of dollars on his delusional metaverse fantasy.
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