Zuckerberg predicts billions will spend hundreds on Meta

Mark Zuckerberg said Meta aims to be a massive social network with a healthy economy and billions of users spending hundreds of dollars.

Mark Zuckerberg said Meta aims to be a massive social network with a healthy economy and billions of users spending hundreds of dollars.

He said:

“We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, digital content, different things to express themselves, so whether that’s clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room, utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall,”

Zuckerberg claims Meta is more present and united than Facebook and Instagram. Eye contact is easier than in video or audio interactions.

These changes provide a realistic sense of presence. According to Zuckerberg, the company's main objective over the next 10 years is to improve these experiences and make Meta more immersive.

Optimistic

Meta confessed financial trouble this month. David Wehner, the company's CFO, said this year's spending must be $87 billion to $92 billion. Meta's 2021 costs were $90-$95 billion. The corporation announced it will restrict recruiting among other cost-cutting measures.

A few days following this announcement, Difinity Foundation sued Meta for exploiting its logo. Meta's usage of the Foundation's emblem might tarnish its reputation, it argued.

Zuckerberg remains hopeful about Meta despite these hurdles. Meta is performing well and the metaverse business is blooming, he said.

He said:

“I’ve been really happy with how that’s gone. It has exceeded my expectations. But I still think it’s going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse, just because things take some time to get there.

So that’s the north star. I think we will get there. But, you know, the other services that we run are at a somewhat larger scale already today.”

Future actions

Facebook must deploy hardware and software to become a billion-dollar platform, said Zuckerberg.

Zuckerberg said Meta will make long-term research investments despite its financial troubles. The study will help Meta flourish.

The company is already implementing its vision. On May 10, 2022, the business filed trademark applications for 'Meta Pay'

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