Mark Zuckerberg Expects Billions of People to Use the Metaverse Generating Massive Revenue for Meta – In an interview with Jim Cramer, the host of CNBC’s Mad Money, on Wednesday, Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, discussed the metaverse.
The co-founder of Facebook indicated that he believes the metaverse will grow significantly over the next ten years and play a significant role in the company’s operations. Regarding Meta’s initiatives in the metaverse, Zuckerberg said:
“Over the years, our playbook has been to build services, attempt to serve as many people as we can, you know, get our services to a billion, two billion, or three billion people, and then we basically grow the monetization after that.”
He added that people might be “buying digital goods, digital content, or different things to express themselves” in the metaverse. “We basically hope to get to around a billion people in the metaverse doing hundreds of dollars of commerce each,” he said.
According to Zuckerberg, some items that customers can buy include “clothes for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room.” People can purchase “utilities to be able to be more productive in virtual and augmented reality and in the metaverse overall,” he added.
He acknowledged that there is still much to be done, saying:
“Just because things take some time to get there, I still think it’s going to take some time for it to grow to the scale of several hundreds of millions or maybe billions of individuals in the metaverse.”
Considering that people may actually make eye contact when they meet in the metaverse, Zuckerberg expected experiences there to be more engaging than those in text, images, or videos. The co-founder of Facebook continued, “essentially, it all adds up to make it provide this realistic sensation of presence.”
The CEO of Meta stated, “This is a significant priority. We are at this moment, you know, a company that can afford to make some big long-term research investments.”
A metaverse standards group was established last week by Meta, Microsoft, and 31 additional companies. Meta submitted eight trademark applications in March for its name, logo, and Meta Pay, which include the metaverse and cryptocurrency services.
The scale of the metaverse has been approximated by several big companies. The metaverse might produce $5 trillion by 2030, according to a report last week from McKinsey & Company. By 2030, Citi estimated that there would be five billion users of the metaverse, creating a $13 trillion opportunity. The $8 trillion opportunity in the metaverse is seen by both major investment firms Goldman Sachs and Morgan Stanley.