Meta, the parent company of Facebook, has spent an astounding $47 billion developing the metaverse, a concept meant to create virtual spaces for interaction, work, and play. Despite this substantial investment and a rebranding from Facebook to Meta in 2021, the metaverse has not significantly resonated with consumers. Analysts note previous disappointments in virtual reality technology, yet Meta remains committed to realizing this vision, with CEO Mark Zuckerberg emphasizing the importance of presence in social technology and continuing to invest despite substantial losses.
"The defining quality of the metaverse will be a feeling of presence," the Meta boss said. "Feeling truly present with another person is the ultimate dream of social technology."
"There was genuinely a need and a desire at the time for Facebook, the company, to rebrand into something else," Leo Gebbie, principal analyst and director at CCS Insight, said.
Zuckerberg also commented on Facebook rebranding into Meta and what the future of metaverse would look like.
Meta is said to still be investing 'significantly' into the metaverse project despite the massive losses totaling nearly $50 billion since 2019.
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