Although the Meta founder and CEO Mark Zuckerberg has high ambitions for the company’s future in the Metaverse, its financial status may be forcing him to stall them for the time being.
According to Zuckerberg himself, Meta plans to “slow the pace” of some of its investments due to its “current business growth levels.” He made this statement during a quarterly financial report last Wednesday, during which he pointed out that while the company’s net profits were over $10.5 billion, they were still over 20 percent lower than what they were this time last year.
Although Meta is still in a healthy financial state, its revenues have been heavily impacted by many people leaving its platforms. TikTok has become a strong competitor for user’s time and attention, while Apple’s change in advertising policies have cost the company over $14 billion in revenue.
“Meta’s ad business continues to face some very real challenges,” said Jasmine Enberg, a principal analyst at Insider Intelligence. “Facebook, of course, is no stranger to obstacles, but the iOS changes are the first direct threat to its ad business. Combined with the rise of TikTok, brand safety concerns, and a shift in social media user behaviour, there’s a perfect storm heading straight for Meta’s ad revenues.”
These recent development have seen the Meta stock price drop by over 50 percent, with investors now revealing their scepticism on Zuckerberg’s costly Metaverse expansion project.
Which is not to say that it isn’t going to happen at all, just not when we (or even the Facebook figurehead himself) may have originally thought it would. Meta still continues to spend billions on this project, with its Reality Labs division already in the midst of creating new devices (such as the Oculus Quest 2) and platforms (like Horizon) which will compete with popular existing ones like Roblox or Decentraland.
Zuckerberg has already expressed his opinion that soon the Metaverse and virtual reality devices will become as popular and commonly used as smartphones.
Actresses Anne Hathaway and Zendaya are the leads in the latest Bulgari commercial and it feels more like a mini-movie than an advertisement. The advertisement for the high-end jewellery brand is directed by critically acclaimed and award-winning filmmaker Paolo Sorrentino and honestly, it shows. Accept Rome’s heartwarming invitation and search for joy and wonder in […]
Here at B&T, we just wanted to acknowledge that it is National Sorry Day. National Sorry Day happens every year on May 26 and it serves as a reminder to remember the mistreatment of Aboriginal and Torres Strait Islander people: the original owners of our land. Today is meant to be a national day of […]
The latest entry in EA and Maxis’ life simulation series, The Sims 4, has released a new update which allows players to customise their character’s pronouns. This new feature is available only in the English version of the game for the time being, with the developers saying that they will soon release it for other […]
Former Sunrise host Samantha Armytage has admitted that she has pulled a ‘Karl Stefanovic’ and has been drunk while on air. The former morning show golden girl interviewed Karl Stefanovic on her podcast, Something To Talk About With Samatha Armytage. It was a pretty interesting chat, considering Stefanovic and Armytage used to be breakfast show […]
A new public awareness campaign has launched which aims to educate sexually active young people around new consent laws. Called “Make no doubt” the ads are for the NSW Government and have been launched ahead of a major change to sexual consent laws set to come into effect in NSW from June the 1st. The […]
Alexa continues to learn and lap up Australian culture, with Amazon today announcing the addition of new ‘Strayan slang to her vocabulary. From well-worn phrases like “Dog’s Eye” to emerging social-media slang like “Bachelor’s Handbag”, Alexa’s latest lessons are part of her ongoing Aussie education and make it even easier for her to understand her […]
During a meeting held by all shareholders of social media company Twitter, there were a lot of questions asked regarding the direction they would be taking and when the deal with Tesla owner Elon Musk would be finalised, but no real answers were given. Twitter CEO Parag Agrawal simply said that they were “…working through […]
Less than half the Australian population (44 percent) are familiar with the metaverse, while only 36 percent express positive feelings about engaging with extended reality in daily life, a new global survey conducted by Ipsos for the World Economic Forum finds. Globally, about half of adults across 29 countries say they are familiar with the […]
A new US study of 100 major brands with annual marketing budgets in excess of $US50 million ($A70 million) has found a worrying mismatch between creative and media spends. Creative management platform Smartly.io released the survey called Releasing the Power of Digital Creative. You can read the study HERE. While 89 per cent of the […]
Asian marketing communications agency Bastion Asia has announced a strategic partnership with one of Shanghai’s leading PR agencies, Adventi, to drive greater digital and marketing innovation for Australian brands seeking to engage with Chinese audiences. Adventi, a marketing and communications agency specialising in luxury brands, is known for bringing some of Europe’s biggest luxury brands […]
Engine Creative has reinvented the missing person poster – re-thinking the standard design and introducing a high-impact live portrait – for UK charity Missing People to coincide with International Missing Children’s Day. The striking, high-tech digital posters show a ‘live’ image of the missing person appearing to move their eyes, smile and make facial expressions. […]
LinkedIn, the world’s largest professional network, has today launched the latest iteration of its #ConversationsForChange initiative with a new content series in partnership with Indigenous-led creative consultancy, Campfire X. The three-part series, titled ‘Change Starts With’, aims to highlight the often subtle, everyday moments that can impact Indigenous Australians in the workplace. The campaign encourages […]
Microsoft’s Build conference for developers that took place yesterday showcased several important additions to the US tech giant’s PC software that will soon be released to the public. During the presentation, which was live-streamed for audiences all around the world, the company revealed their plans for various programs such as Teams. Microsoft will soon be […]
Alan Manly (main photo), OAM, is the CEO of Universal Business School Sydney (UBSS) and author of The Unlikely Entrepreneur. In this guest post, Manly offers tips from turning that side hustle into entrepreneurial greatness… Over the past few years, the success of leading businesses and entrepreneurs has been thrust into the spotlight like we […]
Collective Campus, Australian innovation consultancy and start-up accelerator, is spinning off Metarise – a web3 venture fund and tokenized start-up accelerator focused on bringing web3 projects to life across Asia-Pacific. Having run numerous web2 accelerators in partnership with brands such as Microsoft, Village Roadshow, Charter Hall, and Mills Oakley, Metarise’s ANZ Launchpad will be run […]
The popular video sharing platform TikTok is showing agencies its unique potential as a place to share their products with its latest #TikTokMadeMeBuyIt campaign, which is becoming increasingly appealing with audiences and users. During the pandemic, TikTok became one of the breakout social media outlets, rapidly rising in account numbers as people all across the […]