The head of the US social networking company still believes in virtual reality, but is also betting on the success of artificial intelligence
Meta* (banned in Russia)’s investment in meta-universe technology is long-term, but there’s no guarantee it will pay off. This was announced by the company’s founder Mark Zuckerberg in a conference call with investors. He admitted that he “understands the discomfort many investors feel” about Meta’s substantial investment in developing the meta universe (Meta’s spending on the technology reached $3.7 billion in Q2 2023).
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“Look, I can’t guarantee you I’ll be right about this bet. I do believe that this is the direction the world is moving in. One or two billion people today wear glasses. I think they [glasses] will all be smart glasses in the future,” Zuckerberg said.
The head of Meta believes that in the future, people will spend as much time on virtual reality as they spend on TVs and computers today. Zuckerberg argues that people have been increasingly immersed in new ways of communicating via smartphones lately. That’s why Meta believes that the emerging trend will eventually lead to a meta-universe, he noted.
When Meta will unveil the finished version of the meta-universe is unclear. Zuckerberg admitted that people may be “uncomfortable” with the lack of a clear release date. He said he doesn’t think the technology will emerge in the “near term.”
He said.
Spending on virtual reality is set to rise
In a recent financial report, Meta said it expects losses at Reality Labs (the division responsible for developing the meta universe to continue to rise. Business Insider calculates that the company has flushed more than $35 billion into Reality Labs since 2019. Over the past 2022, the company has spent more than $13.7 billion developing the meta universe.
Meta Vice President Vishal Shah had earlier admitted in a media interview that the public no longer cares about virtual reality technology. However, Shah sees this as a plus for the company, as Meta can now focus on developing sophisticated technologies. What prevented Meta from doing this amid the hype surrounding the meta universe is unclear.
It’s not clear.
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