The metaverse is still in its early stages, but Mark Zuckerberg expects it to be a multi-billion dollar industry.
Meta Platforms CEO Mark Zuckerberg told CNBC in an interview on Wednesday that he envisions the metaverse with a billion people. He added that the metaverse would be a huge part of the company’s social operations in the second half of this decade. Zuckerberg said;
“We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, digital content, different things to express themselves, so whether that’s clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room, utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall.”
Meta has become one of the leading global companies to make an entry into the metaverse. Previously known as Facebook, the social media giant renamed itself, Meta, a few months ago, indicating its strong desire to explore the metaverse and become more than just a social media platform.
The CEO has been directing Meta towards the metaverse as he views it as the next generation of content. The metaverse would allow people to buy and sell digital goods for avatars who can communicate with each other. Regarding his vision for the metaverse, Zuckerberg said;
“I’ve been really happy with how that’s gone. It has exceeded my expectations. But I still think it’s going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse, just because things take some time to get there. So that’s the north star. I think we will get there. But, you know, the other services that we run are at a somewhat larger scale already today.”
The Meta CEO went on to talk about other aspects of the company’s businesses. He told Cramer that;
“You know, our playbook over time has been build services, try to serve as many people as possible — you know, get our services to a billion, two billion, three billion people, and then we basically scale the monetization after that. And we’ve done that with Facebook and Instagram. WhatsApp is really going to be the next chapter, with business messaging and commerce being a big thing there.”
Meta has lost more than 53% of its value since the start of the year and currently trades at $155.85 per share.