The first is one I’ve written about before, which is that Facebook’s core social media business is aging, and younger users are abandoning its apps in favor of TikTok, Snapchat and other, cooler apps. Zuckerberg is going all in, it helps to understand that a successful metaverse pivot could help solve at least four big, thorny problems Facebook faces here in the terrestrial world. start-ups in what could amount to a metaverse land grab. Earlier this week, the company announced that it would spend about $10 billion on metaverse-related investments this year, and it has been acquiring V.R. The company already has more than 10,000 people working on augmented and virtual reality projects in its Reality Labs division - roughly twice as many people as are on Twitter’s entire staff - and has said it plans to hire 10,000 more in Europe soon. Zuckerberg and his lieutenants cheerfully laid out their vision for the so-called metaverse, the immersive virtual environment that Facebook - which, as of Thursday, has been renamed Meta, although everyone except for a few professionally obligated financial journalists will probably keep calling it Facebook - is trying to build.Īs with most of Facebook’s strategy announcements, Thursday’s rebranding formalized a shift that has been underway for years.
Whistle-blower? What whistle-blower? Cascading, yearslong trust crisis that has regulators fuming, employees bailing and lawmakers comparing Facebook to Big Tobacco? Hmm, doesn’t ring a bell. When Mark Zuckerberg appeared onscreen at Facebook’s virtual Connect conference on Thursday, smiling as he wandered through sterile rooms filled with midcentury modern furniture, he looked like a man unburdened.
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