Meta Platforms’ Metaverse Vision Is Still Far From Coming True

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    All is well for tech giant Meta Platforms thanks to artificial intelligence and its social media applications. Looking at the user base and revenue reports, Metaverse continues to be a disappointing horizon. British newspaper the Financial Times reported that the company has managed to maintain numbers above the neutral line.

    Metaverse doesn't look good

    The FT's Elaine Moore writes that “digital advertising has rebounded and revenues have increased.” Stock prices are soaring toward all-time highs. ” The Metaverse will disrupt a company's bottom line. Recently, the business magazine Fortune reported that the organization lost $46.5 billion to the virtual world.

    The company laid off 21,000 employees through two rounds of layoffs. The number of employees of the company increased to 87,000 in 2022. Additionally, we have frozen additional hiring during that time. Several organizations, including Google and Tesla, also cut employees during this period. The population of remote workers has peaked during pandemic lockdowns, a sign of companies' efforts to get employees back into the office.

    The situation is not stable, considering that streaming platform Spotify has also cut 17% of its workforce. Online layoff tracker reports a total of 256,991 layoffs in the technology industry at the time of writing. Following mass layoffs, Spotify's CFO Paul Vogel has decided to step down from his position.

    Returning to Metaplatform, the Financial Times writes: It's been four years since the Meta founder gave us his annual New Year's resolutions, telling us what books he would read and which states he planned to visit. ”

    It's been several years since Meta Platforms rebranded, but the Metaverse is nowhere near the vision that company CEO Mark Zuckerberg had. “The Metaverse will feel like a hybrid of today's online social experiences, sometimes extended into three dimensions and sometimes projected into the physical world,” the company announced on its official blog.

    But thanks to the artificial intelligence (AI) boom, the company has been lifted off the rope. Recently, the company has shifted its focus to generative AI (GAI). This concept allows anyone to create anything they can think of digitally. Additionally, they disbanded their Responsible AI division, but are still working on its development.

    Since the introduction of ChatGPT, a chatbot by AI company OpenAI, the technology has been making waves in the industry. His AI image generation company, DALL E, from the same company, recently announced that its latest update includes a plugin that eases user difficulty by providing prompts to prompt users to create something. revealed.

    Regarding the Metaverse, the Financial Times said: “Zuckerberg's virtual reality project is therefore likely to continue plodding along, generating only modest public interest, racking up losses and accounting for a small fraction of sales.” concludes.


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