Many feel the company will face an identity crisis and falter, similar to that seen by Yahoo in the past which has never managed to recover.
Some are already seeing Facebook align with Yahoo’s disaster. One veteran who has had plenty of experience working with executives from Facebook was recorded calling the current picture a replica of Yahoo from the past.
He even went as far as mentioning that Facebook may have already reached the point of no return, a huge difference from what it was around ten years back.
During the 1990s and the early 2000s, we saw Yahoo as a leading search gate for internet enthusiasts. But then, soon came its downfall, thanks to its slow response to changing trends in the world of digital ads. New archrivals were plenty and they overtook Yahoo’s position swiftly.
When we look at Facebook, the firm is eyeing TikTok as its biggest competitor. All of this has left Meta with no choice but to turn to its Metaverse or shall we say the world of digital reality. It strongly feels like this is the new future and people will love the virtual experience.
An ex-employee of the company even revealed how Zuckerberg feared so much for Facebook’s loss that he was left with no choice but to turn to the Metaverse as the firm was standing at a plateau in terms of its growth.
But he certainly wasn’t lying because if you take the current scenario into consideration, Facebook highlighted its faltering condition in its recent earnings report. Profits plunged by 36% and the firm showed a massive decline in active user accounts too.
As a result, more advertising companies are on the lookout to cut their investments made in the app. And the new thoughts of the metaverse have left so many investors beyond confused as to what’s really going on.
No one is ready to invest in the metaverse and that has forced the firm to cut back on hiring and further growth plans. It’s like reaching a standstill. And to make matters worse, even the company’s own employees are doubtful of what’s next.
They don’t think the newly placed bets on the metaverse will be making any difference or can salvage the organization from default. This includes all of those leading the revenue production departments of the firm.
Facebook has even gone about creating its Metaverse dream team that has members that are solely focusing on the metaverse and how it could make a breakthrough launch and further better the firm’s ambitions.
There is some hope that Meta could soon make the metaverse a turnaround point by focusing on creating hardware for the platform. But let’s not forget how Meta lost out on a whopping $10 billion for the Metaverse, last year.
Keeping the Facebook drama aside, there is also much talk about how investors are more worried about the current controversial regulation policies and the growing competition from apps like TikTok. Then comes issues linked to privacy too. There’s a lot to work on.
As time goes by, many people are losing their confidence in the firm as a new survey highlighted how employees really felt while working in the organization.
Zuckerberg is clear about giving Facebook a second chance or a new chapter with the metaverse. And that is one that wouldn’t be relying on social media. Instead, it would be more ambitious in its outlook. But only time can really tell how successful as many are beyond skeptical.
H/T: BI
Read next: Meta Will No Longer Pay US Publishers For Content In Facebook’s News Tab As Company Shifts Focus
by Dr. Hura Anwar via Digital Information World
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