Mark Zuckerberg just hinted at an operating system for Meta and said he expects the metaverse to generate hundreds of billions in revenue by the end of the decade

Mark Zuckerberg just hinted at an operating system for Meta and said he expects the metaverse to generate hundreds of billions in revenue by the end of the decade

Mark Zuckerberg showing off his metaverse avatar during Connect 2021.Facebook

  • The founder and CEO of Facebook anticipates business success with the metaverse later this decade.

  • A Facebook operating system may be needed “to deliver on what we want to build,” he said.

  • The division of the company that works in the metaverse is losing billions of dollars per quarter.

An operating system built by Meta Platforms could be in the future, as Mark Zuckerberg plans to make the metaverse a major part of the company’s business this decade.

Zuckerberg did not reject the idea of ​​creating an operating system for his company’s various platforms and hardware so that the technology that is still being built to create the metaverse, an immersive virtual reality, works properly when asked about it in “Mad Money from CNBC.

Meta, which changed its name from Facebook late last year, has never had an operating system of its own.

“I think in the long run, we’re going to need this level of integration between hardware and software and an operating system, just to deliver what we want to build,” Zuckerberg said.

He added that by the end of this decade, he expects a billion metaverse users, each spending “hundreds of dollars” a year on various products, such as virtual goods for spaces and avatars. That suggests he expects the metaverse to generate hundreds of billions of dollars in revenue by the end of the decade.

“Our playbook has been to build our services over time and get them to as many people as possible, get to 1 billion or 2 billion users and scale from there,” Zuckerberg said. “The metaverse is going to be a big part of our business for the next few years, the second half of this decade as well.”

Reality Labs, Meta’s metaverse division, is currently a money-losing endeavor. It lost just under $3 billion in the first quarter, after losing $10 billion last year, spooking Wall Street enough for Zuckerberg to say he planned to “slow the pace” of new investment.

Internally, too, the company’s shift to building the metaverse, as well as Zuckerberg’s personal focus on technology, has caused some concern, frustration, and confusion, with a current employee telling Insider that “there is no cohesive strategy.” for the project, as of yet. Since Zuckerberg said in April that he was going to “set a bar on our business trajectory,” the company has broadly frozen hiring, as Insider first reported, raising concerns about future layoffs.

Still, Zuckerberg made it clear that he expects his company’s version of the metaverse to be an important part of its business in the future.

“We’ll get there,” he said.

Read the original article on Business Insider

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