Meta Plans Big Cuts to Its Metaverse Efforts

Meta is planning to significantly reduce its spending on the metaverse, with CEO Mark Zuckerberg announcing a strategic shift that includes a 30% budget cut for the metaverse unit. This decision follows a substantial loss of over $77 billion in the immersive online worlds initiative, reflecting ongoing challenges in monetizing this venture.

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Meta is planning to cut its metaverse unit budget by 30%, shifting its focus towards augmented reality wearables, particularly its successful augmented reality glasses. This decision reflects a strategic reassessment of the company's financial priorities under CEO Mark Zuckerberg.

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Meta has announced plans to significantly cut resources allocated to its metaverse project, a shift from CEO Mark Zuckerberg's earlier vision of the metaverse as the company's future direction. This decision reflects a reevaluation of priorities amid financial pressures and scrutiny regarding the project's viability.

Meta is set to reduce its metaverse unit budget by 30%, a significant cut that reflects a strategic shift under CEO Mark Zuckerberg as the company reassesses its financial priorities. This decision comes amid ongoing scrutiny and challenges in demonstrating profitability in its ambitious metaverse project.

Minda Smiley, a senior analyst at EMARKETER, expressed that she is not surprised by Meta's decision to cut resources for its metaverse unit, highlighting the company's ongoing challenges in monetizing this venture. This discussion took place during an interview on Bloomberg Tech with Caroline Hyde and Ed Ludlow.