Just months after a corporate rebrand, Meta seems to be downplaying the promise of its metaverse.
The company formerly known as Facebook is already signaling investors not to hope for much actual revenue from its metaverse project for the foreseeable future, even though the entire entity was rebranded to Meta (FB) less than nine months ago. In Meta’s latest quarterly earnings call, CEO Mark Zuckerberg suggested it could be roughly seven to 10 years before the company’s investments in building immersive virtual worlds produce any net revenue. That timeline, for many serious investors, is the functional equivalent of “never.”
The lengthy roadmap is a reminder that while Facebook pitched its pivot to Meta as a serious long-term plan, that wasn’t the whole truth. In hindsight, Meta’s pivot looked at least as much like a panicked, half-cocked scramble to distract from a storm of public criticism about Facebook’s social impacts. Meta’s almost casual messaging about revenue expectations from its new namesake concept stands in stark contrast to blockchain-based metaverses like Decentraland, which if nothing else seem to actually care about succeeding.
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