Let’s get business out of the way before getting to the fun part: Meta, the parent company of WhatsApp, Facebook and Instagram, is heavily involved in virtual worlds through its metaverse unit, Reality Labs.
However, its investments have yet to pay off, with the metaverse company reporting collective losses of over $40 billion.
Despite the losses, investors are optimistic about Meta CEO Mark Zuckerberg’s long-term bet on the metaverse, sending the stock up 7% after hearing Zuckerberg’s reasoning on the Meta Q2 2023 Earnings call.
Wall Street seems convinced by his arguments, which are backed by Meta’s improved overall business performance as the platform saw its revenue increase in the second quarter. Zuckerberg aims to cover metaverse costs with the growth from Meta’s family of apps, which has increased by $2 billion, making it just over halfway to covering the $3.7 billion loss from Reality Labs.
I can’t guarantee you that I’m going to be right about this bet. I do think that this is the direction that the world is going in.”
The Meta CEO believes an immersive version of the internet will become the norm. He supported this statement with examples of trends such as smart glasses and immersive…
