On January 4th, 2023 Term Sheet, a well-known financial newsletter by Fortune (typically regarding PE/VC) posted a series of predictions regarding the calendar year 2023.
One of these predictions was the following:
“In 2023, we’ll likely see Meta shut down all of its current efforts and investments into completing its Metaverse due to continuous drop in revenue and investor pressure.” —Benoit Vatere, CEO and co-founder, Mammoth Media
I will not attempt to initially define all resolution criteria in this market and will instead attempt to handle any nuances/complications/data feasibility as it arises. If by end of 2023 I think it is not possible to confidently resolve this market in the spirit in which it was intended, I reserve the right to resolve as "n/a".
Any clarifications to the resolution criteria will be listed below, along with the applicable date:
[TBU]
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@CarsonGale can you resolve to NO? Current investment is ongoing as cited in the Q3 earnings call and launch of Quest 3 last quarter.
Q3 earnings call quote "Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem." This means at least through Q3 2024 they expect significant investment. https://investor.fb.com/investor-news/press-release-details/2023/Meta-Reports-Third-Quarter-2023-Results/default.aspx
They announced Quest 3 this week. Plus Apple is developing a competitor headset which Meta sees as validating their investment. This is free money https://gizmodo.com/meta-quest-3-shows-us-the-metaverse-dream-isn-t-dead-ye-1850883582
