And that note, we mentioned Atlantic Equity says they're going to lose an additional 5% market share in the next two years from a position that is already an ugly one for Meta. But again, once you're now out of the worst of the pandemic, where do you go from here? And I think this is something that Roblox is just that microcosm of what some of the challenges that Meta is going to continue to have.ĭAVE BRIGGS: Boy, look at that stock chart for Meta- four-year low. They're saying that the platform, it still was a primary beneficiary of the pandemic when everyone was stuck at home. And we saw that they were rated underweight in new coverage at Barclays as well. And I mean, when you look at Roblox, which is also considered a mini Metaverse play, their stock also not doing well. RACHELLE AKUFFO: And I thought it was interesting that if the idea is that they want people to use this in the workplace, then what do people come back to work for to then sit there with a VR headset on? It's sort of like moving in the opposite direction with where the future of work seems to be headed. And it's a little bit too much for people to pay out when they're not even sold on the Metaverse yet, Rachelle. I think that $1,500 price target or price tag- maybe I'm wrong- that is just too expensive. I just don't know if it's going to be enough and don't think it's going to do the trick just in terms of getting people on board with the Metaverse. A $1,500 VR headset, I get the concept of it, trying to make it more accessible, trying to entice creators and working professionals to adopt this vision that Meta clearly has of a virtual future. The privacy changes, like you mentioned there. I don't think Wall Street- I don't think there is a lot to like about it when you take a look at the performance that we've seen here today. I don't know what the bearish- or the bullish story is. So what do you like about Meta right now? The Metaverse doesn't look good. So if we had a recession, that's the first place they're going to cut. And Meta is already falling behind Google, and everyone is falling behind TikTok. So not great reviews for what they hoped would dispel some of the bad news, including the downgrade from Atlantic Equities, which cited not just the Metaverse, but the ad market out there is in a really bad place.Īs we talked about with Brent Thill last week, he said, look, going into a recession, that is the first thing people cut. And the Washington Post called it the Meh, as in M-E-H, Meh-taverse. And back to that headset real quickly, the Wall Street Journal with the review said with the short battery life and the price tag, it's out of touch with reality. But those might not come for, as some analysts have told us, 10, maybe even 15 years.ĭAVE BRIGGS: It is remarkable, the downfall of one of the great companies on the planet. And at a certain point, shareholders are going to want to see some returns on this investment. We're seeing some of these plays, things like Roblox, other companies, wanting to put a foot in the door, but certainly not investing to the extent that Facebook is. I do have concerns, obviously, when it comes to the timeline and what Meta is doing right now. You're creating tech for something that's not actually here that's not got wide mainstream adoption at the moment. When you figure $1,500 per headset on top of everything else, it's as Allie said. When you look at the price tag, not just of what Meta has now invested in trying to make this pivot to the Metaverse, that we have no idea in terms of the time horizon when we'll actually see it. RACHELLE AKUFFO: I mean, and you have to wonder.
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