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Meta Platforms may be shifting its focus from the Metaverse for the time being, even as it looks to drive sales and monetize its apps.
Meta Platforms CEO Mark Zuckerberg has recently revealed what he believes will be at the center of the company’s next wave of sales. He shared his thoughts on sales while addressing the firm’s employees during a company-wide meeting on Thursday, per a Reuters report.
Initially, Zuckerberg had attempted to douse the growing concerns over whether Meta is in some financial crisis of some sort or not. The concerns began shortly after Meta announced its intention to carry out a mass layoff (of nearly 11,000 employees). Although that kind of decision has now somehow become commonplace in tech and across other industries of the world.
Meta CEO Zuckerberg Shifts Focus to Messaging App Duo
The CEO also seized the moment to speak about what to expect from WhatsApp and Messenger. He said the pair of messaging apps would drive the company’s next wave of sales growth. But he also gave his reason for that position.
According to Zuckerberg, both apps are “very early in monetizing” as opposed to the long-term prospects of the likes of the metaverse. This means that, for now, Meta will be looking to build its business around business messaging, at least, to remain profitable. He said in part:
“…The reality is that business messaging is probably going to be the next major pillar of our business as we work to monetize WhatsApp and Messenger more.”
Meta Changes Priority
Zuckerberg’s latest comments reflect a major shift in Meta’s ambitions. Since the firm first announced its metaverse ambition in 2021, it has continued to work toward it by investing heavily in extended reality hardware and software. However, those investments seem not to be paying off, leaving investors worried about Meta’s spending so far.
Meanwhile, in his response, Zuckerberg insists that the company has not spent as much on the metaverse as is being envisaged. He told employees that the biggest part of Meta’s expenditure so far was spent on people and not Reality Labs as many think. Clearing the air, he said that only a sizeable 20% of Meta’s budget is going to Reality Labs.