Meta investing less than 20% of resources in building software and hardware for metaverse: Mark Zuckerberg

Meta chief Mark Zuckerberg has clarified that the company invests less than 20 percent of its resources in building the hardware and software around the metaverse.

At the New York Times DealBook Summit virtual conference, Zuckerberg said that his business needs to operate more effectively to improve the metaverse technology on a larger scale. According to the tech tycoon, metaverse technology makes interactive and richer communication possible.

Currently, Reality Labs, a division of Meta, focuses on research and development related to its metaverse activities. Zuckerberg had said that the company’s Reality Labs segment had suffered a staggering $2.81 billion loss during the Q2 earnings call in July.

“In terms of the investment portfolio for the company, about 80% of our investments, a little bit more, go towards the core business, which we call our family of apps. So, that’s Facebook, Instagram, WhatsApp, Messenger, and the ads business associated with that. And then a little less than 20 percent of our investment goes towards Reality Labs, which is the future work on building these software and hardware platforms around the metaverse. So it’s still the vast majority of what we are doing is, and will continue to be, going towards social media for quite some time until the metaverse becomes a larger thing,” Zuckerberg said at the virtual summit.

“The vast majority of my time and the vast majority of the company’s effort is going towards social media efforts. The engagement that we see in these apps is strong. I think that there’s somewhat of a perception that it’s not going as well for some reason. But internally, from all the numbers we see, the metrics are strong, and engagement is going well,” he added.

As part of Mark Zuckerberg’s plan to promote the metaverse industry before the technology reaches its full potential, Facebook was rebranded as Meta last year.

Zuckerberg exuded confidence that the metaverse technology would improve over the coming years despite all the trials and errors currently costing the business billions of dollars.

“Scepticism doesn’t bother me too much. We’ve had doubters the whole time,” the Meta chief said.

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