According to Mark Zuckerberg, Meta’s latest metaverse ambitions reached a drastic turning point during a recent shareholders’ gathering. During the Thursday meeting, Mark said the company is expected to take significant losses during the short term. According to Zuckerberg, the metaverse strategy might result in losses for up to five years. However, Mark sees overflowing potential in the metaverse and holds to the philosophy that it will pay off in the long run.
Meta Prepares For Short Term Loss
As Meta stretches to find stable ground inside the metaverse, the majority of revenue, for the time being, will supposedly come from Instagram Reels. Let’s just hope we don’t have to hear another WAGMI song from his sister. Since 2021, Mark has spent a fortune on his metaverse endeavors, with 10 billion last year alone.
While seeming grim, Meta recognizes the shift in society and business. So instead of altering the course, Meta’s Web3 efforts have multiplied by developing numerous projects. From NFTs on Instagram to developing metaverse hardware devices, Meta recognizes the demand for virtual worlds. Furthermore, Mark plans to double the workforce behind his vision and increase the total employment number past 20,000.
Former and current Facebook employees expressed their opinions regarding Mark and his Metaverse ambitions. While facing competitors such as TikTok on social media, Zuckerberg is interested in little except the metaverse. Although Mark envisions Meta as the future of the internet, some feel he “lacks a coherent strategy.”. Regardless, as the creator of “functional social media,” Mark is full of surprises.
While taking a considerable beating in the short term, Meta expects to rally. Although the next few years look dark, Mark continues to play the long game and remains optimistic. As the market continues to evolve, many companies might face similar situations regarding the metaverse.