Mark Zuckerberg, CEO of Meta, formerly Facebook, shared how the metaverse will be a key part of his business and bring in hundreds of billions of dollars in revenue. “Our playbook over time has been to build services, to try to serve as many people as possible“, said Zuckerberg.
Mark Zuckerberg on the Metaverse
Mark Zuckerberg, CEO of Meta Platforms, formerly Facebook, talked about the metaverse in an interview with Jim Cramer, host of CNBC’s Mad Money show, on Wednesday.
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 course over time has been to create services, to try to serve as many people as possible – you know, to serve a billion, two billion, three billion people, and then we put scale monetization after that.
“We hope to get to around a billion people in the metaverse trading for hundreds of dollars each“, he continued, adding that people could “purchase digital goods, digital content, [ou] different things to express yourself” in the metaverse.
Examples of what people can buy include “clothes for their avatar or different digital goods for their virtual house or objects to decorate their virtual conference room“, enumerated Zuckerberg. He added that people can also buy “utilities to be more productive in virtual and augmented reality and across the metaverse“.
He admitted, however, that there was still a long way to go:
I still think it will take a while to scale to hundreds of millions or even billions of people in the metaverse, just because things take a long time to happen.
“It is therefore the pole star. I think we will get there. But, you know, the other services we run are already on a bit larger scale today“, he asserted.
Zuckerberg envisions experiences in the metaverse that would be more immersive than text, photos or video, noting that people can even make eye contact when meeting in the metaverse. Technology “adds up to give that realistic sense of presence“, added the co-founder of Facebook.
“We’re at this point, you know, a company that can afford to make big investments in long-term research, and that’s an important point.“said the CEO of Meta.
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, which cover 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 represent a $13 trillion opportunity with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both see the metaverse as an opportunity 8 trillion dollars.