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Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

Billions of dollars have been pumped into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he’s holding his own. Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans, although the billions of dollars it’s guzzling “Someone has to build this,” according to the company.

Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked what he thought about whether the tech giants’ Metaverse Play was still viable given its cost and questions about the platform, and answered: “I think things look very different on a ten-year time horizon than in the zone we are in for the next few years. I remain completely optimistic about all the things we’ve been optimistic about.

He added that in the long run, “getting through” is part of it. Meta’s latest results, released Oct. 26, revealed the biggest quarterly loss in its Metaverse. Arm Reality Labs Q4 2020. Zuckerberg’s virtual reality cost $9.44 billion in 2022 and posted a loss of over $10 billion through 2021.

On the results conference call, Zuckerberg was unfazed by the cost and called his Metaverse the “next computing platform.” He doubled down on that statement in DealBook: “Someone needs to build it, invest in it, and have faith in it because we won’t be using the same computing and communication tools in 2030 that we do today.

Despite Meta’s apparent focus on building its Metaverse, Zuckerberg claimed that 80% of the company’s investment goes into its major social media platforms and will remain so “for quite a while.” Investments labs are “less than 20%,” at least “until Metaverse becomes something bigger,” he said. 

Of the 20% invested in reality labs, 40% goes into his virtual reality headsets, according to Zuckerberg ( VR), and the others “Half or more” are building what he calls “the most important form factor in the long run […] Normal looking glasses that can put holograms into the world.”

Zuck takes a bite at Apple

Zuckerberg also criticized his peer-to-peer technology company Apple for its restrictive app stores policies, such as B. those restricting cryptocurrency exchanges and non-fungible token (NFT) markets, saying, “I think Apple has emerged as sort of the only company trying to control what apps get onto a device unilaterally, and I don’t think that’s a sustainable or good place.” He pointed out that other computing platforms like Windows and Android, are not as restrictive and even allow other application markets and sideloading: the use of third-party software or applications.

He added that it was Meta’s commitment to allow for sideloading with its existing VR units and upcoming AR units and hoped that future Metaverse platforms would be open in this way as well. “I think it’s annoying for one.” Businesses so you can control what app experiences you get on your device.

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