Mark Zuckerberg was on the defensive when it came to the company's investment in the metaverse. Meta's net income took a hit this quarter as the company lost more than $3 billion to its Reality Labs division.
Since changing its name to Meta, Facebook has received a lot of criticism. The CEO posted a selfies in front of the Eiffel Tower to celebrate the expansion of the platform into France and Spain.
The image was uploaded to Facebook.
He had to respond to the meme he created by posting another mock-up of what he will look like in the future.
When an investor asked if Meta's progress has lived up to his expectations, Mark brought it up again.
There's a meme where people say, 'You're spending all this money and you produce this thing,' I don't think that's the correct way to think about it.
Launching consumer products and then eventually mature products at different periods of time over the next five to 10 years are some of the products we are building.
There are some consumer products.
He believes that the Reality Labs teams are making good progress, and that there is no indication that virtual reality and augmented reality won't be dominant technologies in the future. He described the product as something that Meta is building out in the open and in public.
It has a long way to go before it is what we want it to be. We need to get that into the product and continue to innovate on that.
The billions of dollars Meta is putting into virtual reality is a good idea, according to Facebook's founder. A lot of people don't agree with this investment. I think it would be a mistake for us to not focus on any of these areas, which I think are going to be fundamental to the future.
When he says that virtual reality and augmented reality are big opportunities for growth in the tech industry, he sounds more human than usual. The metaverse is one in which we are constantly strapped into our headsets. The next consumer-grade headset is sure to be even better than the Quest 2, and it's cool. You can play a game of Ping-Pong with friends from all over the world and talk to them like they are right next to you. Do we really want to watch a movie with a giant screen in front of us? Would we rather have coffee with a friend or hang out in a world where it's free? At least that's what I think.
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