Following a disastrous earnings report in which Meta informed the market that its net income was at its lowest level since 2019 in the most recent quarter, owing largely to ongoing and rising investment in its metaverse vision, Meta has sought to reassure investors that it has a plan to get its financial performance back on track, despite rising challenges in the digital advertising space.
Meta CEO Mark Zuckerberg detailed the company's four primary areas of concentration in the subsequent earnings call:
- Improving its AI discovery tools to maximize engagement in its apps
- Adding new business messaging features to monetize the user shift towards messaging, and away from social apps
- Re-building its ad tools to reduce reliance on user data
- Continued development of AR, VR and the metaverse, with a focus on the future
You'll need to pay attention when those trends alter, but until then, it's mostly academic. And if any advisors tell you that you need a metaverse approach, I'd definitely consider how much money they stand to gain from it in comparison to the potential value for your company.