Updated on January 16, 2023 07:20 AM
Meta (previously Facebook), which laid off more than 11,000 people in 2022, is apparently failing to acquire and retain customers on Horizon Worlds, its social virtual reality (VR) platform, which is its biggest bet to realize its $10 billion metaverse ambition.
The metaverse, the year's most popular tech jargon, has yet to capture the public's attention. Will it be relevant in our daily lives in 2023, when firms invest billions in virtual reality/augmented reality (VR-AR) technologies?
Indeed, Apple CEO Tim Cook has stated that, while many IT businesses are bullish on the Metaverse, he is unsure whether the average person understands what it is.
According to GlobalData, a renowned data and analytics business, the metaverse industry was worth $22.79 billion in 2021.
However, the industry remains optimistic about the metaverse. According to projections, the worldwide metaverse industry would be worth $996 billion in 2030, with a compound annual growth rate (CAGR) of 39.8 percent.
Metaverse is simply a virtual world that relies on XR (Extended Reality) tools like AR (Augmented Reality), VR (Virtual Reality), and MR (Microwave Reality) (Mixed Reality). Late last year, Zuckerberg relaunched Facebook as Meta Platforms and outlined his plans to create a metaverse.
Related: History of Metaverse
Given that Meta also owns Reality Labs (previously known as Oculus), it has all of the ingredients for a successful metaverse. However, Zuckerberg's ideas to develop Metaverse remain a long way from becoming a reality.
In Q3 2022, Zuckerberg's metaverse ambitions cost him $3.7 billion in losses. At the time, Zuckerberg stated, "it would be a mistake for us not to focus on any of these areas that I believe will be fundamentally essential for the future."
Zuckerberg also stated that these losses will continue to rise until 2023, but that his strategy will pay benefits. While today's statement only gives us a myopic view of the layoffs and how it impacts the company's metaverse goals, Zuckerberg emphasized his commitment towards "high priority growth areas".
"As India prepares to become one of the world's fastest-growing economies in 2023, the coming months will be critical in laying the groundwork for our long-term success," Prativa Mohapatra, Vice President and Managing Director of Adobe India, told IANS.
The year 2022 saw the birth of megatrends such as the Bitcoin bubble and bust, growing demonstrations of the power of Generative AI, and the creation of fantastic use cases on what may be the metaverse's long-term journey to making a genuine effect in the world.
"With such fast-paced trends regulating industry dynamics and consumer experiences in 2023, firms will need to constantly adapt to changes, modify strategies, and be laser-focused on peering around the corner to drive innovations that can have an effect," Mohapatra added.
Several technology companies, including those that make semiconductors, components, and application software, have begun to use the metaverse.
According to Deepak Agarwal, Project Manager at GlobalData, the metaverse is still in its early stages but has the potential to change how people work, shop, communicate, and consume content.
"Although it is still in its early phases of development, it has the potential to be the next mega-theme in digital media," Agarwal added.
According to analysts, the basic building blocks for the consumer metaverse, as well as its potential killer use cases, will continue to be enhanced in 2023 and beyond.
"Enterprise Metaverse will continue to grow in popularity until 2023. Enterprises will strive to increase efficiency while avoiding possibly unsustainable black swan events "CMR's Head-Industry Intelligence Group, Prabhu Ram, told IANS.
Indian manufacturing firms, for example, have been able to remotely monitor, map, and control their supply chain and production units using digital twins, he added. Meta expressed its support for the industry association FIC in November.
The FICCI-led XROS program will offer developer fellowships that include a stipend and mentoring.
The program's technical partner will be the Ministry of Electronics and Information Technology's (MeitY) National e-Governance Division.
"The vision for India's techie will only be realized when young developers and start-ups, including those from tier 2 and 3 cities, contribute to enabling future technologies such as XR in the metaverse," says the report.
Meta announced a three-year partnership with the Central Board of Secondary Education (CBSE) in 2021 to offer immersive technology to over 10 million students and 1 million educators.
Is the metaverse in difficulties?
And Pearce isn't the only one. Meta's worth has plummeted since Zuckerberg announced Facebook's rebranding to Meta and its massive bet on the Metaverse last year. The stock price of the corporation fell more than 70% in less than a year, with shares falling 23% when the company missed its profit goals.
Is the metaverse making a loss?
Mark Zuckerberg is still in the public eye after losing billions of dollars and being forced to lay off 11% of his workers in order to keep his ambition of linking people in virtual worlds alive.
Is Meta's future secure?
To be clear, Meta continues to run one of the most profitable media companies in history.
Is (Facebook) Meta in trouble?
According to one analysis published in late 2022, this isn't merely a case of gradual growth, as Facebook has experienced. Rather, it is losing popularity, with monthly active users of Meta's Horizon Worlds dropping from about 300,000 to 200,000 over the course of the year.
Is there hope for the metaverse?
It is constantly being enhanced, and in the near future, eCommerce, sales and marketing, decentralized finance, crypto enterprises, and other industries should be able to use it. In this 3D universe, anyone can purchase, sell, and create their own things.
Is it too late to make an investment in the metaverse?
The metaverse is an unstoppable future development trend. It is not too late to enter the Metaverse field.