Metaplatforms (META – Free Report) is looking to boost its growth prospects by launching Meta House at Miami Art Week. The Meta House will feature new mixed reality experiences like a VR art gallery, interactive AR murals, and VR sculpting workshops in hopes of drawing various artists and patrons into the metaverse.
Meta Platforms’ latest offering at Miami Art Week will feature mixed reality experiences like live performances by pop artists Doja Cat, GRAMMY-nominated GloRilla, and emerging artists COVL and YONK.
The company has already undertaken various initiatives to help creators grow their own businesses in the metaverse. The company announced several new features and tools on Facebook and Instagram for creators in the first half of 2022.
Creators are expected to play a key role in the development of the metaverse economy. META’s latest initiatives will surely benefit them in creating attractive brands and products, and artists for the metaverse.
It is also testing tools to sell digital assets and services in the virtual reality platform – Horizon Worlds, an early iteration of the metaverse. It’s a huge step for Mark Zuckerberg’s audacious ambitions to create the Metaverse, as it will enable the development of business activity in the alternate reality independent of the real world. Metaverse, when complete, is expected to generate hundreds of billions of dollars in digital commerce and support millions of jobs and new projects for creators and developers.
Meta’s launch of its latest solution for the metaverse reflects the company’s strategy to invest in artificial intelligence (AI) and machine learning (ML) to build the metaverse on which Zuckerberg based the future of the company.
META seeks to increase revenue by investing in Metaverse
The metaverse market, globally, is expected to reach $800 billion by 2024, according to a Bloomberg report. According to the latest Fortune Business Insights report, the global metaverse market is projected to grow at a CAGR of 47.6% between 2022 and 2029 to grow from approximately $100.27 billion in 2022 to $1,527.55 billion. here 2029.
However, Zuckerberg’s bold ambition to restructure Meta Platforms as a company primarily operating in the metaverse faces various challenges.
The company is facing its worst fall in many years, negatively impacted by lower revenue growth in its advertising business segment.
META’s third quarter revenue growth was also significantly impacted due to the negative currency impact.
Rising inflation has also hurt companies’ advertising spending budgets, which weighed on the company’s ad revenue in the last quarter.
Meta Platforms ad revenue business faces decline due to ad targeting headwinds created by Appleit is (AAPL – Free report) iOS changes.
Apple’s iOS changes have made ad targeting difficult, which has increased the cost of results. Meta Platforms’ advertising revenue fell 3.7% year-over-year to $27.24 billion in the third quarter, and it expects these factors to hurt advertising growth in the fourth quarter of 2022.
These reasons had a negative impact on the stock, which fell 67.4% year-to-date, compared to the 32.2% drop in Zacks’ computer and technology sector.
However, META, which currently carries the Zacks No. 3 (Hold) ranking, is banking on revenue growth in the coming quarters thanks to strong ROI from its investment in AI and ML and partnerships. with other co-founders of the PyTorch Foundation. Microsoft (MSFT – free report) and Nvidia (NVDA – free report). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Meta Platforms recently launched its first high-end virtual reality headset, Meta Quest Pro, at the Meta Connect event. Microsoft President and CEO Satya Nadella joined Zuckerberg at the event to announce the new partnership, bringing new work and productivity tools like Microsoft 365 and Teams to Meta Quest Pro and Meta Quest 2 this year. next.
Meta Platforms collaborated with NVIDIA to build an AI research supercomputer, helping META AI researchers build different AI models crucial to creating the metaverse.
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