{"id":43188,"date":"2023-08-01T16:41:24","date_gmt":"2023-08-01T20:41:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/21-billion-in-losses-so-far\/"},"modified":"2023-08-01T16:41:27","modified_gmt":"2023-08-01T20:41:27","slug":"21-billion-in-losses-so-far","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43188","title":{"rendered":"$21 Billion in Losses So Far"},"content":{"rendered":"
\n

Facebook boss Mark Zuckerberg\u2019s metaverse push has so far cost his company $21 billion, with little to show for in terms of real results, according to a recent Bloomberg opinion piece.<\/p>\n

For the massive amount of money spent on developing a metaverse, Zuckerberg and Facebook-owner Meta have only managed to sell some 20 million units of the Quest virtual reality (VR) headset since 2019, Bloomberg technology columnist Dave Lee said in the piece.<\/p>\n

He added that only around 200,000 users are active on Meta\u2019s flagship VR experience Horizon Worlds, a miniscule number compared to the massive amount of money spent on developing Meta\u2019s hyped metaverse experience.<\/p>\n

\u201cAll this prompts an obvious question: Just how much money is Zuckerberg prepared to spend to make his Metaverse successful,\u201d the author asked, while sharing a chart that showed the metaverse-related losses over time:<\/p>\n

Ad revenue still strong<\/h2>\n

The reason why Zuckerberg has been able to throw money at his metaverse project despite the massive losses is that Meta\u2019s original advertising business remains strong, showing double-digit revenue growth for the first time since late 2021.<\/p>\n

The strong growth in ad revenue has provided the distraction needed to keep investors from worrying too much about the $21 billion spent on metaverse projects, the piece argued.<\/p>\n

Meanwhile, revenue from Meta\u2019s metaverse-related business, which includes revenues from sales of headsets, apps and related services, sell between 2021 and 2022, and is expected to fall even further this year.<\/p>\n

Still, Zuckerberg does not appear overly concerned about the numbers, and said as recently as last week that he believes they will improve.<\/p>\n

\u201cA lot of investors might want to see us spending less here in the near term. My view is that we are leading in these areas. I believe that they\u2019re going to be big over time,\u201d the piece cited the Meta boss as saying.<\/p>\n

Meta not giving up on metaverse<\/h2>\n

In conclusion, Lee noted that it appears clear that Meta is not going to give up on the metaverse, partly because it would make its name change to Meta \u201crather awkward.\u201d<\/p>\n

He added that the bigger concern is that a failed Metaverse push would weaken Zuckerberg\u2019s position as CEO of the company, although that position has improved as of late with the success of Meta\u2019s Twitter-clone Threads.<\/p>\n

\u201cWith a small team, no advertising and only a few months of development, it took Threads less than an hour to attract more users than Horizon Worlds has managed in two-and-a-half years,\u201d Lee pointed out, before finally suggesting that a greater focus on Threads would be far wiser than \u201cchasing the metaverse.\u201d<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook boss Mark Zuckerberg\u2019s metaverse push has so far cost his company $21 billion, with little to show for in terms of real results, according to a recent Bloomberg opinion piece. For the massive amount of money spent on developing a metaverse, Zuckerberg and Facebook-owner Meta have only managed to sell some 20 million units […]<\/p>\n","protected":false},"author":1,"featured_media":43189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-43188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\n$21 Billion in Losses So Far | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Facebook boss Mark Zuckerberg\u2019s metaverse push has so far cost his company $21 billion, with little to show for in terms of real results, according to a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=43188\" \/>\n<meta property=\"og:locale\" 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