Mark Zuckerberg, CEO of Meta, formerly Facebook, has announced that the Metaverse will be an important part of its business and will generate hundreds of billions of dollars in revenue. “Our playbook over time has been ministry building, try to minister to as many people as possible,” Zuckerberg said.
Mark Zuckerberg on the Metaverse
Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, spoke about the Metaverse in an interview with CNBC’s Mad Money host Jim Cramer on Wednesday.
The Facebook co-founder explained that he expects the metaverse to grow massive over the next decade and become an important part of his company’s business. Commenting on Metaverse efforts by Meta, Zuckerberg said:
Our playbook over time has been building services, trying to serve as many people as possible — you know, bring our services to a billion, two billion, three billion people, and after that we basically scale monetization .
“We’re basically hoping to reach around a billion people in the metaverse, each doing hundreds of dollars in business,” he continued, adding that people buy “digital goods, digital content, [or] different things to express yourself” in the Metaverse.
Some examples of what people can buy are “clothes for their avatar, or various digital goods for their virtual home, or things to decorate their virtual conference room,” listed Zuckerberg. He added that people can also “buy utilities to be more productive in virtual and augmented reality and throughout the metaverse overall.”
However, he acknowledged that there was still a long way to go, stating:
I still think it’s going to take a while before it gets to the scale of several hundred millions or even billions of people in the metaverse just because things take some time to get there.
“So this is the North Star. I think we’ll make it. But you know, the other services that we run are already a bit larger today,” he affirmed.
Zuckerberg imagined that experiences in the metaverse are more immersive than text, photos, or video, and found that people can even make eye contact when meeting in the metaverse. The technology “basically helps give that realistic sense of presence,” the Facebook co-founder added.
“We’re at that point, you know, a company that can afford to make some big long-term research investments, and that’s a big focus,” said Meta’s CEO.
Last week, Meta, Microsoft, and 31 other companies formed a Metaverse standards group. In March, Meta filed eight trademark applications for its logo and Meta Pay, covering the Metaverse and crypto services.
Several large companies have estimated the size of the metaverse. McKinsey & Company said last week that the Metaverse could generate $5 trillion by 2030. In March, Citi predicted that the Metaverse could be a $13 trillion opportunity with five 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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