Goalthe name of the conglomerate previously known as Facebook, has one big goal: convert your metaverse in the next big destination for people on the net.
Of course, realizing his vision of a virtual world in which the commercial possibilities have no limits has no less cost. In fact, as part of the recent financial results, the company revealed that its virtual reality department lost $2.96 billion during the first quarter of this year.
Reality Labsthe division in charge of this task of creating a virtual reality environment, had revenues of $695 million dollars in that same period of time, but that amount pales with the expense that Meta has had to fulfill Mark Zuckerberg’s dream.
To give you an idea of the level of expense involved in this Metaverse initiative, for now the division is estimated to have lost nearly $20 billion since 2020. And today it is expected that the losses will continue to accumulate in the short and medium term.
But in any case, they have to be clear that Meta is determined to spend the money that is necessary to develop, build, research and advertise their businesses related to virtual reality glasses, applications and each structure that will be part of the Metaverse.
And revenue from the company’s other big apps – Facebook, Instagram and Whatsapp – which topped $20 billion in revenue in the first quarter of this year, are used to ensure that end.
For now, they don’t care much that we are still far from a wide adoption of VR technology in homes and its consumption is not even massive in the field of video games. No, what matters to them is being the pioneers of a business that really does not yet exist in the dimensions that Meta is visualizing.
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Mark Zuckerberg’s Metaverse has lost nearly 20 billion dollars since 2020