Meta Loses Billions, Yet Real-Life Money Is Made In The Metaverse

(CTN News) – The name change of Facebook to Meta was announced by Mark Zuckerberg one year ago on Friday, marking the beginning of a significant bet made on the metaverse by the company.

There is no doubt that this decision has cost his company billions of dollars, and the  entrepreneurs” who rushed into its virtual world to generate real-world income could easily be forgiven for freaking out when they learned about it.

In spite of this, some people do not seem to care about it.

According to Aaron Sorrels, a 47-year-old professional comedian, he had one of the best experiences of her life when she launched the first virtual comedy club in leading metaverse platform, Horizon Worlds, last year.

This year, has already lost $9.4 billion from its metaverse segment, according to the company’s most recent quarterly earnings report released earlier this week.

The CEO of Facebook said that even as investors’ concerns about the lack of progress grow, he anticipates that those losses will continue to accumulate over time as he continues to expand out the metaverse.

There have been reports in The Wall Street Journal that Horizon Worlds has failed to attract and retain users: The company currently has less than 200,000 monthly active users, which is less than half of the goal of 500,000 that Horizon Worlds had set for itself.

CNBC stated on Thursday that Meta’s “shocking collapse” was as a result of the company dropping out of the top 20 American corporations based on valuation, while experiencing three consecutive quarters of revenue declines.

There was no immediate response from Meta to a request for clarification from CNBC Make It.

There is no doubt that these terrible numbers have not dampened the enthusiasm of innovators such as Sorrels.

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