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Meta pulls out Deloitte to plug in the metaverse. Is anyone really convinced?
Comment Meta Platforms, Inc., which changed its name from Facebook two years ago to signal its commitment to the so-called metaverse, continues to insist that the much-vaunted digital environment has economic potential. Of course, he has yet to realize that potential, or anything like it. The social advertising industry spent $13.72 billion on technology in 2022 to generate $2.16 billion in sales. And last month it revealed it had spent an additional $3.99 billion in the first quarter of 2023 to build its virtualized madness, to see $339 million in revenue. He predicts the cash conflagration will shine through the year: “We continue to expect Reality Labs’ operating losses to…