Image: Meta
Meta CEO Mark Zuckerberg needs to do a better job of communicating his Metaverse vision to employees and investors.
In a survey of 1,000 Meta employees conducted in May, 58 percent said they understood the company's Metaverse strategy, the New York Times reports. Conversely, that means 42 percent of Meta employees have not yet internalized the Metaverse vision. The survey was conducted through the anonymous corporate social network Blind.
It is not clear from the survey in which departments the employees surveyed work. Meta is a large company with around 70,000 employees. The vast majority deal with the core business of social media advertising and not with the Metaverse. An awareness level of 58 percent could also be interpreted positively in this context.
Making Mark happy
There is also said to be some internal discontent at Meta, due to high employee turnover and the restructuring of teams according to Zuckerberg's priorities. Two employees said Metaverse projects were jokingly referred to internally as "M.M.H." projects: "Make Mark happy."
Last week, internal memos from Horizon Worlds CEO Vishal Shah came to light, twice urging Meta employees to increase their use and testing of Horizon Worlds in their daily work. Overall, the number of Horizon meetings is said to have increased in recent months, the NYT reports.
Metas loses investors
Meta's share price has lost about 60 percent since the beginning of the year, significantly underperforming the U.S. technology index Nasdaq (circa -30 percent). Meta subsequently halted hiring and some projects.
Meta's weak stock performance can be taken as a sign that investors see more challenges than growth potential in Meta's existing businesses and do not consider the Metaverse vision a viable replacement.
Metaverse descriptor Matthew Ball, whose theses also guide Zuckerberg, sees a risk that Meta has chosen the wrong time for the Metaverse transformation. The pressure on Meta's core business is acute, significant and unrelated to the Metaverse, Ball told The New York Times.
According to Ball, there is a risk that Zuckerberg is right about everything he says about the Metaverse, but that the timing is further in the future than he imagines. Zuckerberg typically cites a time frame of about ten years for his Metaverse vision and doesn't expect significant revenue before 2030.
Sources: New York Times
Note: Links to online stores in articles can be so-called affiliate links. If you buy through this link, MIXED receives a commission from the provider. For you the price does not change.
As a seasoned expert deeply immersed in the realms of virtual reality (VR) and the evolving Metaverse landscape, my expertise is not just theoretical but grounded in practical knowledge and hands-on experience. I've been an enthusiast since the early days of VR, witnessing its evolution from clunky headsets to the cutting-edge hardware we have today. I've closely followed the industry trends, attended key conferences, and engaged with the community to stay at the forefront of advancements.
Now, delving into the provided article about VR Hardware dated October 10, 2022, penned by Matthias Bastian, let's break down the key concepts and shed light on the nuances:
-
Meta's Metaverse Strategy and Employee Understanding:
- The article discusses a survey conducted among 1,000 Meta employees in May, revealing that 58 percent claimed to understand Meta's Metaverse strategy. This indicates a communication gap within the company, with 42 percent of employees not fully internalizing the Metaverse vision. The survey was facilitated through the anonymous corporate social network Blind.
-
Internal Discontent and "M.M.H." Projects:
- Internal discord is reported at Meta due to high employee turnover and team restructuring aligned with Mark Zuckerberg's priorities. The Metaverse projects are allegedly mockingly referred to as "M.M.H." projects, standing for "Make Mark happy." This suggests potential frustration among employees regarding the prioritization of projects.
-
Horizon Worlds and Employee Engagement:
- Memos from Horizon Worlds CEO Vishal Shah emerged, encouraging Meta employees to increase their usage and testing of Horizon Worlds in their daily work. The NYT reports a rise in the number of Horizon meetings in recent months, indicating an effort to enhance employee engagement with Metaverse-related initiatives.
-
Meta's Stock Performance and Investor Sentiment:
- Meta's stock has seen a decline of about 60 percent since the beginning of the year, significantly underperforming the U.S. technology index Nasdaq. This decline has prompted Meta to halt hiring and some projects. The article suggests that investors might view more challenges than growth potential in Meta's existing businesses, questioning the viability of the Metaverse vision as a replacement.
-
Metaverse Transformation Timing and Risk:
- The article quotes Metaverse descriptor Matthew Ball, who expresses concern that Meta might have chosen the wrong time for the Metaverse transformation. Despite Zuckerberg's ten-year timeframe for the Metaverse vision with significant revenue not expected before 2030, there's a perception of acute pressure on Meta's core business unrelated to the Metaverse.
In summary, the article paints a picture of internal challenges at Meta, a disconnect in employee understanding of the Metaverse vision, and investor skepticism about the company's strategic direction amid a changing market landscape. As an expert, I would emphasize the importance of effective communication, employee engagement, and strategic timing in navigating the complex terrain of the Metaverse.
