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Metaverse will spend a fifth of the budget in 2023 on the development of the metaverse.
About 20% of Meta Platforms, Facebook's parent company's spending next year will be related to funding Reality Labs, which develops solutions for augmented and virtual reality, including the metaverse. This was stated by the technical director of Meta Andrew Bosworth.
This is not much different from the same indicator in the third quarter of this year. During this period, 18% of Meta's expenses were related to the financing of the Reality Labs division. This means that the bulk of the company's investments will continue to be directed to the development of the so-called family of applications - Facebook, Instagram, WhatsApp and Messenger.
The source notes that Meta's share price has decreased by almost 65% during 2022. Against this backdrop, some experts are questioning CEO Mark Zuckerberg's bet on an expensive metaverse, which forced Meta to cut investments in other projects, as well as cut staff. In the first nine months of this year, Reality Labs' losses amounted to $9.4 billion. For comparison, over the same period, the mentioned family of applications brought the company about $32 billion.
“Economic woes around the world, combined with pressure on Meta’s core business, have been the source of a wave of skepticism about the investments we are making,” Bosworth said, adding that 2022 has been a tougher year than expected. However, he noted that abandoning bets on the future in order to achieve short-term goals could have "catastrophic consequences."