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 shows off his Metaverse avatar during Connect 2021.Facebook
The Facebook founder and CEO expects to see business success with the Metaverse within this decade.
A Facebook operating system may be needed "to deliver what we want to build," he said.
The division that works on the Metaverse loses billions of dollars every quarter.
An operating system built on meta platforms could be the future, as Mark Zuckerberg plans for the metaverse to be an important part of the company's business this decade.
Zuckerberg didn't dismiss the idea of developing an operating system for his company's various platforms and hardware so the technology, which is still being developed to create the Metaverse, an immersive virtual reality, will work properly when he appeared on CNBC's " Mad Money” was asked about it.
Meta, which changed its name from Facebook late last year, never had its own operating system.
"I think over the long term we're going to need that level of integration between hardware and software and an operating system just to ship what we want to build," Zuckerberg said.
He added that he expects 1 billion users of the metaverse by the end of this decade, each spending "hundreds of dollars" a year on various products, such as virtual goods for rooms 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 was to build our services over time and roll them out to as many people as possible to reach 1 billion or 2 billion users and scale from there," Zuckerberg said. "The Metaverse will be a big pillar of our business for the next few years, including the second half of this decade."
Reality Labs, Meta's Metaverse division, is currently a losing proposition. The company lost just under $3 billion in the first quarter after losing $10 billion last year, which spooked Wall Street so much that Zuckerberg said he plans 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 the technology, has caused some concern, frustration and confusion, with a current employee telling Insider that there's "no coherent strategy" for the project as of this writing. Since Zuckerberg said in April he would "take our business course to a new level," the company has largely frozen hiring, 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 a significant part of his business going forward.
"We'll get there," he said.
Read the original article on Business Insider
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