“This is the future we are working towards. A virtual environment where you can be present with people in a digital space. An embodied internet that you are inside, ”he said during a conference call the following Wednesday Facebook’s mixed results for the second quarter.
The company’s Oculus division is a pioneer in the field of reinforced and Virtual reality headset and content and it grows. Zuckerberg mentioned Metaverse this week and noted 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 “dreamed of building since before I started Facebook, which is only beginning to come into focus now.”
Facebook Q2 user growth slows, an increase of 7.3% to 2.9 billion; Forecast Glum, Stock Dips
He called Metaverse “the next generation of the Internet and the next chapter of us as a business” and said people would eventually transition “from seeing us as a social media company to seeing us as a Metaverse company.”
Execs refused to quantify the annual investment in excess of “billions”.
Zuckerberg said that no company can develop it alone, that it is an ecosystem that requires new protocols, new payment systems – basically a new everything – and will create a lot of economic value.
Facebook’s next product launch is smart glasses with Luxxotica and Ray-Ban, on its way to full AR glasses in the future. But Zuckerberg stressed that his Metaverse does not aim to sell expensive gear at a big premium, but build a social product for hundreds of millions of people. Facebook has close to three billion active users every month globally.
He said Metaverse would be available 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 do not make sense on the Internet today, such as dancing.”
The idea is to feel “that you are really there with someone else” and create completely new experiences and financial opportunities. He said trading is becoming increasingly important on Facebook as it builds up to Metaverse.
Wall Street analysts – a very ‘what can you do for me now’ group that was not overly impressed with the recent quarterly results, seemed a little unaffected by Metaverse and tried to get a picture of how much it will cost and its specific business model. They asked if investing $ 5 billion a year was a good ballpark. In a way, yes, Facebook CFO David Wehner said, noting, “We said billions, and your estimate is billions.”
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