Facebook’s ‘meta-existential’ pivot for survival
Facebook is in the fight for its life, but it won’t be the regulatory pressure that will kill it. Zuckerberg is leaning heavily on “metaverse” as a lifeboat to save a declining user base. He has long known that the future of Facebook is rooted in owning a major hardware platform.
Facebook’s brand pivot to “Meta” last week is the third inning of a multibillion-dollar game of balance sheet roulette. Let’s see if consumers adopt and make it a reality — all of Meta/Facebook is at stake.
As an investor in VR and AR since 2016, I find it cautiously encouraging to hear all the talk of “metaverse” on trending business channels today. Could this really be the time for VR?
The most valuable companies in the world own the metal on which their software applications run: Apple and Microsoft have had their fingers in the hardware pie for years, and even Google was able to build a robust OS business with Android. Facebook’s billion-dollar acquisition of Oculus in 2014 more than showed Zuck’s hand, though it would be another seven years until the pivot actually happened.
In the years directly after the Oculus acquisition, there was a flurry of investment in VR across the industry. Hardware platforms from Google, Microsoft, Sony, HTC, Steam and others were announced with great fanfare, though these investments were largely scrapped or defunded a few years later, leaving a dearth of VR hardware platforms options.
Article collected from Tech Crunch