In 2021, Mark Zuckerberg rebranded The Facebook Company. From its ashes rose Meta Platforms (META) -), a company whose mission became suddenly centered around building out the metaverse, a three-dimensional virtual reality.
But in the years since, this metaverse has yet to truly materialize. And Meta's efforts to make it a (virtual) reality have taken some serious capital. In 2022, Meta's Reality Labs division (which focuses on virtual reality productions) posted an operating loss of $13.7 billion.
Related: Mark Zuckerberg Denies the Metaverse Is Dead
In April, Zuckerberg maintained that, despite rumors of the death of the metaverse, building out the metaverse is a long-term project and that Meta remains committed to it. He reaffirmed that support for the metaverse in an interview with Forbes Sept. 26.
"The other one that I think is going to be very exciting over time is the Metaverse, the ability for people to feel physically present with another person no matter where you are in the world," Zuckerberg said. "In the near term, we get that with VR where you can jump in and feel like you're right there with another person. There's something magical about that."
Zuckerberg's long-term VR vision centers around high-tech glasses, rather than the oft-bulky headsets that currently allow people to play in a virtual environment. Zuckerberg noted that meta-enabled glasses are still at least a few years away, as "making small things is hard." But he was confident that the technology will be available in less than a decade.
More Artificial Intelligence:
- Bill Gates says humans are ready to handle major AI risks
- DeepAI founder and CEO says a sci-fi Future is on its way
- NASA and IBM's latest project could actually make good on one of ChatGPT's promises
"Over the coming years, we'll get to the zone where the digital world isn't just something we access through screens, it'll be more and more blended into the world around us," he said. "Art, games, media; it's an interesting thought experiment to think about how much of the stuff around you could be a hologram. Your chair can't be, food can't be, but most of the other things around us could be holograms over time."
Zuckerberg isn't the only techie with an eye on virtual worlds. Apple (AAPL) -) in June announced its own mixed reality headset called the Vision Pro, which is scheduled for an early 2024 release and priced in excess of $3,000.
"In Meta, the main thing that I'm focused on is we talk about building the future of human connection," Zuckerberg said. "Giving people the ability to feel present with another person no matter where they are, and then also, over the long term, giving people the ability to interact not just with people but also with AIs, businesses that they care about, it's all part of the future of making the world more connected."
If you work for Meta, contact Ian by email ian.krietzberg@thearenagroup.net or Signal 732-804-1223
Get investment guidance from trusted portfolio managers without the management fees. Sign up for Action Alerts PLUS now.
