Mark Zuckerberg | Reels | Mark Zuckerberg bets big on Reels short video app, metaverse

San Francisco: Banking big on the Metaverse and its short-form video platform Reels, Mark Zuckerberg, Founder and CEO of Meta, took a deep dive into his next investment priorities that will drive the company’s growth.

The social network, which now has 1.96 billion daily active users (DAUs), up from 1.92 billion last quarter, said short-form video content was the next big thing.

“Short video is the latest iteration, and it’s growing very quickly. Reels already account for over 20% of the time people spend on Instagram. Overall, video accounts for 50% of the time people spend on Facebook, and Reels is growing fast there too,” Zuckerberg said during the earnings call Wednesday night.

“We made progress this quarter on a number of key business priorities and we remain confident in the opportunities and long-term growth that our product roadmap will unlock,” he added.

Meta’s total revenue jumped 7% to $27.91 billion in the first quarter and net profit fell 21% to $7.47 billion.

Meta’s Reality Labs posted a loss of $2.96 billion in the March quarter. Last year, Reality Labs lost over $10 billion.

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Zuckerberg said the centerpiece of their strategy is the social platform they are starting to build with Horizon.

“We plan to launch a web-based version of Horizon later this year that will allow people to easily access metaverse experiences from many more platforms, even without the need for a headset,” he said. He underlines.

The Horizon Worlds social metaverse platform is currently only available on the company’s Quest VR headsets.

“The best experience will be on virtual and possibly augmented reality platforms, and especially on our platforms like Quest, where in an upcoming release, from the moment you put your headset on, you’re going to be embodied in your Meta avatar and ready to go. interact in Horizon with your friends right from your Quest home,” Zuckerberg explained.

He said the company’s other goal for Horizon is to grow the economy of the Metaverse and help creators earn a living working in the Metaverse.

On the hardware side, Meta Quest 2 continues to be the leader in virtual reality headsets.

“Later this year, we’ll be releasing a high-end headset, called Project Cambria, which will be more focused on business use cases and potentially replace your laptop or work setup,” Zuckerberg said.

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