Meta and Mark Zuckerberg have been banking on the metaverse to become a sensation, but that hasn’t happened. The online platform seems to be a fad, as the company’s profits have plummeted to 50%.
While the company has plans to continue working on it and improve issues, things just aren’t looking good right now. Hopefully, things will work out for everyone involved since jobs are on the line, but that might be wishful thinking.
Meta and the metaverse aren’t working out
According to The New York Times, Meta has acknowledged the recent decline and said it wouldn’t end anytime soon. To combat these losses, the company said they will be “making significant changes across the board to operate more efficiently.”
These “significant changes” include shrinking certain teams and only hiring people for top-priority positions, among other needed improvements. Granted, that news won’t please all investors losing money, but things could work out one day.
Given all the money put into this venture, there are hopes that things will grow and improve next year. Only time will tell if those words bear fruit since there seems to be frustration.
Read More: Oculus VR founder blasts Zuckerberg‘s ‘terrible’ Metaverse but has hope it’ll succeed
More black eyes for the Metaverse
It’s fair to say that 2022 has been a bad year for the metaverse, with users reportedly leaving it after one month. Not helping are some of the things Meta is complicit in, from advertising fake Metaverse legs to bad Metaverse avatar selfies.
Stumbling around like this shouldn’t be commonplace for launching a platform that should be raking in millions. While other competitors are attempting to make their own version of the platform and do better, these events have damaged public interest.