According to The Wall Street Journal, the flagship metaverse for consumers is failing to meet internal performance expectations.
According to the report, Meta wanted to reach 500,000 monthly active users by the end of the year, but the current number is less than 200,000. The Journal said that the documents showed that most users didn't come back to the platform after the first month.
According to the report, only 9% of worlds are visited by 50 or more people.
The company's stock is falling, user numbers are declining and advertisers are cutting spending. The shares of Meta are down a lot.
The company changed its name last year to reflect its ambitions. The metaverse is a virtual world where people can work and play together.
Meta created a network of virtual spaces where users can engage with each other as virtual characters. There are virtual-reality headsets available for individuals to use.
The Meta Quest Pro, a virtual reality headset from Facebook, was introduced at the Meta's Connect conference Tuesday. The cost of the device is $1,500 and it has new technologies.
A spokesman for Meta told The Wall Street Journal that the company continues to make improvements to the metaverse. CNBC asked representatives for Meta if they would respond.
The spokesman for Meta didn't have any launch dates for the web version ofHorizon, but he did say that it would be released this year.
The full report can be found here.
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