Meta CEO Mark Zuckerberg addresses retention issues with Threads, Metaverse investment, and financial performance.
“If you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around. We’re not there yet,” Mark Zuckerberg said, acknowledging the loss of his followers.
In a call with employees on July 6, 2023, with employees, Facebook founder Mark Zuckerberg, now part of Meta, addressed various topics related to the company’s ventures. He acknowledged the “normal” situation of retention issues with Threads, a platform that has faced criticism for its limited functionality. Threads is a standalone social media app that was launched by Meta in 2020. To improve retention, Meta’s chief product officer, Chris Cox, emphasized the addition of “retention-driving hooks,” like integrating important Threads into the Instagram app since the two platforms are closely tied.
Zuckerberg also discussed Meta’s ambitious investment in the yet-to-be-created virtual reality world, the Metaverse. He mentioned that the development of augmented reality (AR) and virtual reality (VR) technology for the Metaverse is on track. However, he doesn’t anticipate it going mainstream until the next decade.
Regarding financial performance, Meta continues to thrive, announcing a profit of $7.79 billion in the last quarter. However, concerns arose over the losses incurred by Meta’s Reality Labs division, responsible for producing VR headsets and other products for the Metaverse. In the call with employees, Zuckerberg said that Meta is committed to investing in the Metaverse, even if it means taking losses in the short term.
In a lighthearted touch, Zuckerberg mentioned his proposed cage fight with Elon Musk, another tech titan. While both expressed interest in the idea, Zuckerberg remained uncertain about the possibility of it coming to fruition.
The call provided insights into Meta’s ongoing endeavors and future aspirations across various ventures, from addressing platform challenges to advancing groundbreaking technologies.