Last quarter alone, Meta spent $2.96 billion to continue the company’s attempt to build the metaverse. Meta has been aggressively pursuing its virtual reality metaverse world, but this pursuit has come with a large price tag as the company has consistently lost money on the effort until now. The metaverse is meant to allow users to navigate a VR world in the form of their digital avatars. The Facebook parent company has released its first quarter 2022 financial results and has revealed that this year alone, the virtual reality investments…
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The metaverse may not be Meta’s best path to gaining Gen Z leaving Facebook
According to a recent study, teens are split as to whether the concept sounds appealing to them. The results of a new survey of Gen Z showed that while Meta may think that the metaverse is the key to capturing those stepping away from Facebook, this might not end up being the case. This new strategy to use virtual reality to build a broader audience isn’t appealing to teens as expected. Piper Sandler recently released a Gen Z research report showing the results of a survey of the generation’s opinions…
Read MoreUS companies compete for mobile payments leadership in India
Companies including Google, Facebook, Amazon, and Walmart are all vying for the top spot. Google Pay mobile payments are proving to be a powerful tool in parent company Alphabet’s strategy to grab leadership in India’s online shopping, social networking, streaming, and gaming market, which is experiencing explosive growth. The digital wallet was propelled forward during the pandemic to become second most popular. The pandemic’s acceleration of contact-free transactions gave Google Pay mobile payments the boost it needed to grab the second highest app spot in the category in India. Meta…
Read MoreFacebook dumps its facial recognition software due to widespread privacy scrutiny
The social media platform announced its intentions to stop using the face identification technology. This week, Facebook announced that it intends to stop using its facial recognition software, which has been associated with considerable security and privacy criticism. The technology is able to automatically recognize individuals in photos and video posted by users. This removal of facial recognition from Facebook marks a considerable shift in the company as well as in the social media industry. This is particularly noteworthy for Facebook as it is a company well recognized for the…
Read MoreWill Facebook’s Metaverse rebrand change everything wrong with the brand?
CEO Mark Zuckerberg is seeking to ensure that he will be known for building this new concept. Next week, Facebook will be changing its company name to focus on its goal of building the metaverse, say reports from a source with direct knowledge of this issue who was cited by The Verge. Zuckerberg will be announcing the name change at the annual Connect conference on October 28. The name change will reflect Facebook CEO Mark Zuckerberg’s plans to focus on the metaverse experience. That said, some have speculated that the…
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