Mark Zuckerberg is the CEO of Meta (formerly Facebook), and he has spoken out about how the metaverse would be an integral part of his company, and make hundreds of millions of dollars. “Our playbook over time has been build services, try to serve as many people as possible,” said Zuckerberg.
Mark Zuckerberg in the Metaverse
Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, talked about the metaverse in an interview on Wednesday with Jim Cramer, the host of CNBC’s Mad Money.
The Facebook co-founder explained that he expects the metaverse to be massive and become a major part of his company’s business over the next decade. Commenting on Meta’s metaverse efforts, Zuckerberg said:
Our playbook over time has been build services, try to serve as many people as possible — you know, get our services to a billion, two billion, three billion people, and then we basically scale the monetization after that.
“We hope to, basically, get to around a billion people in the metaverse doing hundreds of dollars of commerce each,” he continued, adding that people could be “buying digital goods, digital content, [or] different things to express themselves” in the metaverse.
Some examples of what people can purchase are “clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room,” Zuckerberg listed. He added that people can also buy “utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall.”
But he acknowledged there was still a lot to do.
I still think it’s going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse, just because things take some time to get there.
“So that’s the north star. It is possible, I am sure. But, you know, the other services that we run are at a somewhat larger scale already today,” he affirmed.
Zuckerberg imagined experiences in the metaverse as more immersive than text and photos. He noted that it is possible to make eye contact with people in the metaverse. The technology “basically adds up to making it deliver this realistic sense of presence,” the Facebook co-founder added.
“We are at this point, you know, a company that can afford to make some big long-term research investments, and this is a big focus,” the Meta CEO opined.
Meta, Microsoft and 31 companies created a metaverse standard group last week. Meta applied for eight trademarks in March to protect its logo, Meta Pay and other crypto-related services.
A number of large corporations have estimated that the metaverse is huge. McKinsey & Company said last week that the metaverse could generate $5 trillion by 2030. Citi projected that the metaverse will be $13 trillion in revenue by 2030 and could have 5 billion users. Both Morgan Stanley and Goldman Sachs, global investment banks, see the metaverse to be an $8 trillion business opportunity.
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