Business News Report
December 21, 2022

Reality Labs CTO says Meta will continue building metaverse in 2023

meta metaverse

Andrew Bosworth, the CTO and head of Reality Labs (Meta’s metaverse division), wrote a lengthy piece on Meta’s future vision, which still includes ambitious metaverse plans.

In the blog post, Bosworth said, “Economic challenges across the world, combined with pressures on Meta’s core business, created a perfect storm of skepticism about the investments we’re making.” He claimed that this year was one of the hardest in the company’s history.

This year, the company indeed experienced financial losses, and its stock price fell by almost 65%. In October, the founder of Altimeter Capital criticized Zuckerberg, calling on Meta to cut back on spending excruciating amounts of money on the metaverse and VR.

Bosworth also reminded the audience of the company’s Q3 results, stating that 80% of Meta’s investments are still going to its core businesses, with 20% dedicated to Reality Labs. He admitted that Meta is “committed to staying at the leading edge of one of the most competitive and innovative industries on earth.”

“The good news is that in the long run, we think 2022 will be remembered as a year when foundational pieces of technology enabling our vision for the future made their way into the hands of developers and users for the first time,”

Bosworth wrote, mentioning the new Meta Quest Pro headset.

Bosworth noted that Meta would experiment more with AR technology and mixed reality. Another company’s goal is to create even more expressive avatars that would accelerate the quality of communication, expression, and connection in the virtual environment.

One of Meta’s core plans for next year is “building a truly revolutionary new kind of computing platform.” The VR hardware and software that Meta released is just the tip of the iceberg, Bosworth argued. He finished the article by saying that the best days are still ahead.

However, not everyone on the Meta team is optimistic. VR expert John Carmack has just resigned from his position as a consulting CTO. He said that the company hasn’t been working efficiently.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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