The development of Metaversum is expensive for Metal.
Meta’s metaverse project is swallowing the company’s money. PDO
The result of Meta (formerly Facebook). was revealed on Wednesday. The figures are grim, and no wonder, because the investments in future technology have been great. At the same time, advertising sales have declined.
Meta’s share price fell by almost 20 percent. Meta’s turnover in the third quarter of the year was 27.7 billion, which is less than in the same period last year. At the same time as the turnover decreased, the company’s expenses increased by up to 22 billion dollars.
Metal has 2.93 billion daily active users. Although the number of users has increased, it is not reflected in the turnover. The competition has intensified and the even stricter privacy regulations and regulations are reflected in the cash flow. According to estimates, Apple’s privacy changes will cost Facebook more this year 12 billion dollars.
Meta has implemented changes in its services and it has started to challenge Tiktok with Reelsei. At the same time, the company has invested really visibly in the development of the metaverse. The purpose of Metaversum is to connect virtual reality with real reality. Metaversum can be described as a continuation of the traditional internet.
Metan has said that the company invested 10 billion dollars in the metaverse project last year. This year the amount will probably be much higher. Facebook Reality Lab, which develops virtual reality and augmented reality, has been producing since the beginning of the year $9.4 billion in losses.
Stumbling with the changed market situation and the money-consuming metaverse project have also been seen in the wealth of the company’s CEO Mark Zuckerberg. According to Bloomberg’s calculations, the man’s net worth has collapsed this year by almost 71 billion dollars. This has dropped Zuckerberg out of the top five richest people in the world.