Some tech industry bigwigs are not bullish on metaverse

Meta CEO Mark Zuckerberg obviously wants everyone to be on the metaverse sooner or later, even if industry bigwigs have second thoughts about the concept (in its current form) or naming.

During Meta’s earnings call around results for Q3 2022, Zuckerberg addressed metaverse doubters. “Look, I get that a lot of people might disagree with this investment, but from what I can tell, I think this is going to be a very important thing. People will look back a decade from now and talk about the importance of the work being done here,” he said.

Zuckerberg is talking about a decade here but for investors that could be a long time while user attention span may not be that long. Meta’s Reality Labs division lost $3.7 billion this last quarter compared with $2.6 billion a year earlier. “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,” Meta said in its earnings press release.