Facebook’s founder and CEO introduced Wall Street to the “Metaverse” today, a sweeping reimaging of the company over time entailing massive annual investments. “It’s the future we are working towar…
headsets and content and it’s growing. Zuckerberg mentioned the Metaverse this week, noting plans to hire a team to develop it. But today Zuckerberg took most of the call to describe VR as Facebook’s future, “the ultimate expression of social technology” and something he’s “dreamed of building since way before I started Facebook that’s only starting to come into focus now.
He said the Metaverse would be accessible from all devices and apps. Users can play games, work, create with friends and do everything they do on the Internet today “as well as some things that don’t make sense on the Internet today, like dancing.” The idea is to feel “that you are really there with someone else,” creating entirely new experiences and economic opportunities. He said commerce will become increasingly important on Facebook as it builds up to the Metaverse.
Wall Street analysts — a very ‘what can you do for me now’ group that wasn’t overly impressed by the latest quarterly results, seemed somewhat nonplussed by the Metaverse, attempting to get a picture of how much it will cost and its specific business model. One asked if $5 billion-a-year in investment was a good ballpark. In one sense, yes, said Facebook CFO David Wehner, noting, “We said billions, and your estimate is billions.
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