Meta, formerly Facebook CEO Mark Zuckerberg shared that the Metaverse will be an important part of his business, bringing in hundreds of billions of dollars in revenue. Said Zuckerberg, “Our playbook is about building services and trying to serve as many people as we can.”
Mark Zuckerberg talks about Metaverse.
Mark Zuckerberg, CEO of Meta Platforms, formerly Facebook, discussed Metaverse during an interview with Jim Cramer, host of CNBC’s Mad Money, on Wednesday.
The Facebook co-founder explained that he expects the metaverse to become huge and a major part of his company’s business over the next decade. Commenting on Meta’s commitment to the metaverse, Zuckerberg said.
Our playbook is to build services and serve as many people as possible. In other words, serve 1, 2, 3 billion people, and then basically expand our monetization.
“We’re hoping to basically be about a billion people doing commerce in the metaverse for a few hundred dollars each,” he continued, adding that people could be “buying digital goods, digital content, or different things to express themselves” in the metaverse He added that in the metaverse.
As examples of what people could purchase, Zuckerberg listed “clothes for avatars, various digital goods for virtual homes, and things to decorate virtual meeting rooms.” They can also purchase “utilities to be more productive in virtual reality, augmented reality, and the metaverse as a whole,” he said.
But he acknowledged that there is a long way to go, stating.
I think it will still take time to reach hundreds of millions or billions of people in the metaverse.
“So it’s the North Star. I think we will get there. But, you know, the other services we operate are already somewhat large now,” he assured.
Zuckerberg envisioned the experience in the metaverse to be more immersive than text, photos, or video, noting that people could even make eye contact when meeting in the metaverse. The technology “basically adds to providing this realistic sense of presence,” the Facebook co-founder added.
Meta’s CEO opined, “We are now a company that can afford to make large long-term research investments, and this is a major focus.”
Last week, Meta, Microsoft, and 31 other companies formed the Metaverse Standards Group; in March, Meta filed eight trademark applications for Meta Pay and a logo covering Metaverse and cryptographic services.
Several large companies have estimated the size of the Metaverse. McKinsey& Company said last week that Metaverse could generate $5 trillion by 2030; in March, Citi predicted that Metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both see the Metaverse as an $8 trillion opportunity.
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