Talk about the Metaverse used to be hot, it spread like one of those tabloid newspapers of old. Currently, however, Elon Musk has taken the spotlight and what he’s been up to with his whole Twitter reformation. Despite being delegated to the sidelines, Meta continues its Metaverse business. Ever since the disastrous reveal back in August, Metaverse decided to stay a bit quiet. True enough, the backlash (at the time) was sufficient to cause stock sell-offs and other market concerns, with the primary group of supporters also questioning the future direction of the company. So, how does Meta choose to approach its Metaverse dilemma this coming 2023?

Where Are We Now? 

After the great roasting, Meta was quick to shift gears and reassure investors that ‘better stuff was coming’, which it was able to showcase during its later Connect Conference 2022. However, these revelations would still fail to excite, forcing Meta to reevaluate its comms strategy. It seems that Elon’s takeover drama stealing the limelight actually helped Meta get some breathing room and focus on its next-level push. 

So, how has Meta been refocusing? Good news: Meta’s VR investment remains untouched, with this new update from Meta’s Head of VR Andrew Bosworth: 

“As reflected in our Q3 results, about 80% of Meta’s overall investments support the core business, with the other 20% going toward Reality Labs. It’s a level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth.”

So, Meta intends to keep Metaverse spending big, regardless if people can see the end result or not, which makes sense, but could also continue to see Meta’s stocks tank. According to Boz, such is a necessary step to build towards its next stage. Of course, it’s still impossible to predict how all of this will play out, but Boz is right in that if Meta were to shift priorities, that could leave it vulnerable in the future, as failure to innovate opens gaps for competitors to step in. 

If Meta truly believes that the Metaverse is the future of digital connection, then it needs to stay the course, despite the potential backlash and all such connotes. Boz also says that 2022 could eventually be seen as a foundational year for VR development, touting the progression of improved mixed reality tools, which enable greater interaction with real-world spaces, along with multiple tracking tools, making it an increasingly immersive experience. 

Bosworth also points to the establishment of its growing VR creator community, which has seen many skilled and passionate people move into Meta’s VR ecosystem, another key step for the creation of the next phase. Though Boz doesn’t mention that Meta has also lost a significant level of experience, with former video game engineer, and VR advocate John Carmack announcing that he would be leaving the company last week. Carmack notes that while the company has huge VR potential, it’s often mired by its own bureaucracy and scale. 

The Wrap

While this could be a concern, with Meta also cutting jobs, and streamlining its processes, then perhaps the loss of Carmack will prompt a reassessment of the process, which could lead to internal change. Either way, according to Boz, Meta will keep pushing forward and keep feeding its Metaverse experience, with an eye on the next stage. Will that pay off? Many indicators suggest it will, but it’s also not a given. Meta has some way to go before anyone knows for sure if it’s hitting the right notes.

Sources

https://bit.ly/3FKtUSF