Facebook’s main platform, Meta Platforms, is doubling down on short videos, performing artificial intelligence (AI) in social media feeds and posting new metaverses for IRL.
During a Q1 2022 earnings call on Wednesday (April 27), Meta CEO Mark Zuckerberg spoke about the upcoming Horizon metaverse and the Meta Quest 2 augmented reality (AR) and virtual reality (VR) headset while teasing products expected later in the year. this year.
Zuckerberg acknowledged that “going the Meta to a short video … is not making a good profit at the moment,” but added, “We are very optimistic about [monetization] at the long term.”
He noted that Instagram users now spend 20% of their screen time watching Reels videos, and 50% of Facebook’s screen time now goes to video. The other parts of the business are not very vibrant at the moment.
“The acceleration of e-commerce has led to significant revenue growth, but we are now seeing that trend diminish,” he said, adding that “with our current level of growth, we now expect to slow down the pace” of AI investment. Business platform and reality labs.
As for the Metaverse itself, Zuckerberg said the company plans to “launch a web version of Horizon later this year, which will allow people to easily access Metaverse experiences from much more platforms, even without the need for a helmet.”
Later this year, Meta also plans to release a “high-end headset called Project Cambria, which will focus more on business use cases and eventually replace the laptop or work setup,” along with eye tracking. Instant facial expression emulation of avatars within Horizon.
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Feeds, stories, and reels — in other words, content — popped up in full force when Zuckerberg described how Meta AI is now putting messages into people’s news feeds outside of their personal world of communication and tracking, pulling “millions of content” onto the platform.
“I think of the artificial intelligence we build not just as a recommendation system for short videos, but as a discovery engine that can show you all the most interesting content that people have shared on our Facebook systems,” he declares. referred.
Advertising remains a major concern for Meta, as Apple’s privacy changes make it difficult for advertisers and brands to track and capture user behavior data from ads. Meta has estimated that changing Apple’s data privacy could cost the platform about $10 billion in 2022.
When asked about group-based targeting, targeting without identifiers, and privacy-based targeting as innovations to recover $10 billion in lost ad revenue, COO Sheryl Sandberg said: “If our commercial efforts are successful over the long term, we can close this loop directly on our service.”
Apple drew a lot of attention to the Meta Q1 earnings call where analysts asked how the company plans to deal with other changes coming into the next iteration of iOS, with Zuckerberg calling the resulting loss in reference to Apple’s changes to iOS a “major headwind.”
Meta responds by “improving first-party understanding of what people care about by making it easier for them to interact with businesses and our apps, whether that’s shopping on Facebook or Instagram, or messaging companies on WhatsApp or Messenger.”
Sandberg said Meta is “evolving ad systems to do more with less data” by developing privacy-improving technologies, adding, “We’re significantly increasing our investment in AI and machine learning across business this year, and a lot of that is going toward “less dependent” ads.” data at the individual level.
On the regulatory side, Sandberg said that “the rules governing the internet are being revisited and rewritten, certainly in Europe, but increasingly around the world,” adding that Meta expects the EU’s Digital Markets Act (DMA) to “have significant challenges.” We are working with European regulators on these rules.
See also: Meta, Google accepts UK advertising base; Will Twitter follow?