Excerpt from BBC
There was a time before ChatGPT when the tech world was talking about something entirely different. Remember the metaverse?
Driving the metaverse narrative was Mark Zuckerberg.
The tech billionaire was so committed that in October 2021 he changed Facebook’s name to Meta.
No one could accuse him of a lack of ambition.
But almost two years on, Zuckerberg’s vision of the metaverse is in trouble.
In April he was forced to deny that he is now jettisoning the idea.
“A narrative has developed that we’re somehow moving away from focusing on the metaverse,” he told investors in April. “So I just want to say upfront that that’s not accurate.”
On Wednesday the company holds its annual VR event called Meta Connect.
It’s a chance, perhaps, for Zuckerberg to again explain his reasoning for taking an extremely profitable social media company and diverting its focus to an extremely unprofitable VR venture.
How unprofitable? Well, the most recent figures from Meta are eye-watering.
Reality Labs – which as the name suggests is Meta’s virtual and augmented reality branch – has lost a staggering $21 billion since last year.
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