The global economic slump means expensive VR headsets are pretty low on people's shopping lists - shipments slumped more than 12% year-over-year in 2022.īut the biggest blow to Meta's ambitions has been the rise of generative AI over the last few months. Things have gotten even worse for Meta in recent times. Even teens aren't interested in the concept. But getting consumers to feel the same level of excitement has always been an uphill battle. It wasn't that long ago when Facebook went all-in on the metaverse, going so far as to change its corporate name to Meta and pour billions into its Reality Labs division. 'We're going to stick with it, because we really believe, all the early evidence suggests, that something like this will be the heart of the new computing platform,' Clegg said.

The publication notes that the group appeared as torsos seated around a large wooden table, and only Clegg's avatar resembled the person wearing the headset. He was in London and spoke to Washington-based reporters who were wearing borrowed Meta Quest headsets. Nick Clegg, the company's head of global affairs, just held a press conference in the virtual world to hail the metaverse as the future of computing.īloomberg reports that Clegg held a small press conference within Meta's Horizon Workrooms. In context: With all the excitement, headlines, and talk about generative AI, Meta is reminding people that these systems aren't as important as the area it has plowed over $24 billion into over the years: the metaverse.

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