Meta CEO Mark Zuckerberg said at a shareholder meeting that the company is expected to lose a significant amount of money in the short term due to the metaverse. Meanwhile, there is hope for revenue growth from Instagram Reels.
Meta’s move to the metaverse will result in a “significant” loss in the short term, according to CEO Mark Zuckerberg, who made a statement at a shareholder meeting on May 26. Zuckerberg said this will be lucrative in the long run. Zuckerberg believes the metaverse strategy could result in these losses for up to five years, which will certainly weigh on the company’s stock. The commodity stock price plunged by 43.4% in 2022. The social media giant remains optimistic about the metaverse, despite its mid-quarter financial report for 2022.
Meta is doubling down on metaverse efforts by developing multiple projects. The signs that the meta wants to dominate the metaverse are clear and unequivocal. Meta has largely turned towards the metaverse, aiming to be the best platform for virtual experiences. This change comes as Facebook struggles to sustain growth and Instagram faces strong competition from TikTok.
It’s not just the full metaverse experience that Meta is curious about. The company is also focusing on running NFTs on Instagram so users can use their NFT collection on their profile. Zuckerberg said in March 2022 that these NFT features are expected in the near term. Facebook will also have NFT features.
16443
