If this wasn’t the moment to make an even bigger, bolder bet, then when?Īs a result, billions of dollars were committed to Reality Labs, the Meta team that is responsible for building Zuckerberg’s metaverse vision. But back then Zuckerberg had no reason to doubt that doing so would be a bad idea: Facebook’s market cap stood at a staggering $1 trillion – almost a third of India’s annual GDP. It was a brave decision to take the world’s biggest social media platform and attempt a 180-degree pivot. They would work and socialize inside his metaverse. Rather, they would be right inside a virtual world as a digital avatar, armed with meta-made Oculus/Quest headsets. Its founder Mark Zuckerberg, who turned a student directory into the world’s biggest social media platform, was betting the company on a bold new vision of Web 3.0 – a world where the user would no longer be outside the 2D internet. It was more than just a name change though. In October 2021, Facebook announced that it was renaming itself Meta Platforms. Some internal company emails reportedly suggest that even Meta’s own developers aren’t excited to use Horizon Worlds!.According to reports, Horizon Worlds' - the company's metaverse platform - daily active users have dropped from 300,000 to 200,000.A year after Zuckerberg announced the new vision for his company, the initial enthusiasm over it seems to have worn off.Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. When Facebook launched in 2004, it changed the way people connect. Meta builds technologies that help people connect, find communities, and grow businesses. See also: Building the Metaverse Responsibly, Expanding Horizon: New Funding to Support Creators, Introducing Our New Company Brand (2019) Today’s announcement does not affect how we use or share data. We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1. Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs. Our corporate structure is not changing, however, how we report on our financials will.
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