Network TodayNetwork Today
    What's Hot

    Smuggling the abortion pill into Texas could land you in legal peril, if this bill becomes law

    March 20, 2023

    2 Illinois teens die after sledding accident at Colorado ski resort

    March 20, 2023

    Stuart Hodes, Who Danced With Martha Graham, Is Dead at 98

    March 20, 2023
    Facebook Twitter Instagram
    • About
    • Privacy Policy
    • Terms
    • Contact
    Facebook Twitter Instagram
    Monday, March 20
    Network TodayNetwork Today
    • Home
    • News
    • Politics
    • Business
    • Energy
    • Technology
    • Health
    • Lifestyle
    • Sports
    Network TodayNetwork Today
    Home » Meta spent $10 billion on the metaverse in 2021, dragging down profit.

    Meta spent $10 billion on the metaverse in 2021, dragging down profit.

    February 3, 20223 Mins Read Business
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email Reddit
    Share
    Facebook Twitter LinkedIn Pinterest Email

    For years, Meta has tried to become less dependent on Apple, which holds the key to iPhone users, and to shift away from social networking controversies involving misinformation and hate speech. So in October, Mr. Zuckerberg announced that he planned for his company to take a new path toward the metaverse. He renamed Facebook as Meta. Since then, the company has embarked on a sweeping internal transformation, restructuring itself and pushing employees to join teams working on augmented reality and virtual reality.

    Meta’s spending is unlikely to subside anytime soon, especially as it is in a full-throttled race against other technology giants to claim ground in the theoretical metaverse. Last month, when Microsoft said it was buying the video game maker Activision Blizzard for nearly $70 billion, the software maker cited the deal as a building block for the metaverse, even though Activision does not produce virtual reality games. Google has been working on metaverse-related technology for years, and Apple has its own devices in the works.

    At the same time, Meta’s wildly profitable businesses are in a period of change. Sheryl Sandberg, Meta’s chief operating officer, said on the call with investors Wednesday that Instagram was heavily promoting a video product called Reels, which competes with TikTok. While Reels is the biggest contributor to Instagram’s growth, it does not make as much money from ads as other Instagram products like Stories and the main photo feed.

    In the call, Mr. Zuckerberg also pointed to the difficulties of competing with TikTok, which has grown increasingly popular with younger audiences. David Wehner, Meta’s chief financial officer, added that Apple’s iOS changes buoyed the ad business of Google, which is not dependent on Apple for advertising data.

    What Is the Metaverse, and Why Does It Matter?


    Card 1 of 5

    The origins. The word “metaverse” describes a fully realized digital world that exists beyond the one in which we live. It was coined by Neal Stephenson in his 1992 novel “Snow Crash,” and the concept was further explored by Ernest Cline in his novel “Ready Player One.”

    The future. Many people in tech believe the metaverse will herald an era in which our virtual lives will play as important a role as our physical realities. Some experts warn that it could still turn out to be a fad or even dangerous.

    Alphabet, Google’s parent company, on Tuesday reported a 36 percent increase in profit and a 32 percent jump in revenue in the last three months of 2021 from a year earlier.

    Still, the number of users for Meta’s social networking apps continued to rise. The monthly active users of Facebook, Instagram, WhatsApp and other apps increased 9 percent, to 3.59 billion, in the quarter from a year earlier, the company said. The company added that more than one billion users interact with business accounts using services such as WhatsApp and Messenger every week.

    Yet the main Facebook app appeared to hit a ceiling in at least some markets; the app lost one million users globally for the first time in the quarter, down from the prior quarter.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Sri Lanka, Its Economy Reeling, Is Approved for $3 Billion Rescue Loan

    March 20, 2023

    Who’s Behind the Judicial Overhaul Now Dividing Israel? Two New Yorkers.

    March 20, 2023

    Meta Manager Was Hacked With Spyware and Wiretapped in Greece

    March 20, 2023

    Fate of First Republic Uncertain as Shares Continue to Slide

    March 20, 2023

    Bank Stocks Teeter as Investors Worry About Who May Fall Next

    March 20, 2023

    The Chaotic, Dispiriting Work of Liquidating Harmon Stores

    March 20, 2023
    Trending

    Smuggling the abortion pill into Texas could land you in legal peril, if this bill becomes law

    March 20, 2023

    2 Illinois teens die after sledding accident at Colorado ski resort

    March 20, 2023

    Stuart Hodes, Who Danced With Martha Graham, Is Dead at 98

    March 20, 2023

    No handcuffs: Ex-prosecutor says Secret Service, NYPD could arrange polite Trump surrender

    March 20, 2023
    Latest News

    E.U. leaders plan for a painful scenario: Russia turning off the gas.

    June 24, 2022

    Five Sci-Fi Classics, One Summer: How 1982 Shaped Our Present

    August 4, 2022

    Arkansas congressman’s son arrested for alleged possession of meth

    July 8, 2022

    Cambodian Opposition Leader Is Found Guilty of Treason Ahead of Election

    March 3, 2023

    What Makes Art Great? Two Comic Novels Hazard a Guess.

    May 17, 2022

    Trump leads Biden in hypothetical rematch in 2024: Poll

    January 25, 2023

    Network Today is one of the biggest English news portal, we provide the latest news from all around the world.

    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube
    Recent

    Smuggling the abortion pill into Texas could land you in legal peril, if this bill becomes law

    March 20, 2023

    2 Illinois teens die after sledding accident at Colorado ski resort

    March 20, 2023

    Stuart Hodes, Who Danced With Martha Graham, Is Dead at 98

    March 20, 2023
    Featured

    House Republicans Will Try to Rescind I.R.S. Funding

    January 9, 2023

    Greg of ‘The White Lotus’ Walks a Runway

    February 14, 2023

    Russian state TV analyst on Ukraine war: ‘Situation will get worse for us’

    May 17, 2022
    Copyright ©️ All rights reserved | Network Today
    • About
    • Privacy Policy
    • Terms
    • Contact

    Type above and press Enter to search. Press Esc to cancel.