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Emphasizing The Metaverse Over Social Media Will Benefit Facebook’s Public Image, Says GlobalData

Emphasizing The Metaverse Over Social Media Will Benefit Facebook’s Public Image, Says GlobalData


  • Facebook’s rebrand is expected to highlight the
    importance of the metaverse, an upcoming ‘virtual world’
    technology that GlobalData expects will be a ‘mega
    theme’
     
  • Reducing Facebook’s association
    with social media will benefit the company’s public image
    following recent negative press, especially around data
    privacy – the company has the lowest possible score in
    GlobalData’s Thematic Social Media
    Scorecard
     
  • Facebook is at the forefront of
    shaping expectations for the metaverse but other titans such
    as Microsoft are also expressing an
    interest
     
  • GlobalData expects the economic
    structure of the metaverse will be founded upon NFTs and
    cryptocurrency

Mark Zuckerberg’s plan to
rebrand Facebook to reflect the company’s commitment to
building the metaverse, as well as moving away from its
association with social media, will ultimately serve
Facebook well, says GlobalData. The leading data and
analytics company notes that the metaverse is set to be the
next ‘mega theme’ that Big Tech has in its
sights.

Amrit Dhami, Associate Analyst at
GlobalData, comments:
“GlobalData defines a
‘mega theme’ as something that will be particularly
important and disruptive to the technology industry, so it
is no surprise that companies such as Facebook are seeking
to get a head start on developing the metaverse. While
nascent, new metaverse-related prototypes are expected to
emerge over the next three years.”

Facebook’s
plans to dominate the metaverse are accelerating. A beta for
the company’s virtual reality (VR) workspace Horizon
Workrooms was launched in August, while September saw the
announcement that Andre Bosworth, head of augmented reality
(AR) and VR, would be promoted to chief technology officer.
Further, the company announced last week that it is creating
10,000 jobs in the EU dedicated to developing the metaverse.
By becoming a ‘metaverse company’, Facebook is shifting
focus away from both social media and advertising –
currently its primary source of revenue.

Zuckerberg is
particularly keen to move Facebook away from social media,
with whistleblower Frances Haugen recently testifying to the
Senate that the company repeatedly put profits before
users’ safety.

Dhami continues:
“Now is the right time for Facebook to start
disassociating itself from social media. It is serving an
online community that is more concerned about mental health
than ever before, which may make it harder for the company
to avoid accountability. Facebook must win over sceptics of
its data privacy capabilities as it currently has the lowest
possible score in GlobalData’s Social Media Thematic
Scorecard, at one out of five, and ranks twenty seventh
overall in this sector out of 35 companies.”

Another
challenge for Facebook is that the concept of the metaverse
is not universally understood. GlobalData defines the
metaverse as a ‘virtual world where users share
experiences and interact in real time within simulated
scenarios’. AR is expected to be a critical component, and
GlobalData forecasts that the AR market will be worth $152bn
by 2030.

Dhami adds: “The idea is
for assets in the metaverse to echo how they function in the
real world and be transferrable for goods or property.
Therefore, the economic structure is likely to be founded
upon NFTs and cryptocurrency. It’s early days for the
metaverse, but Facebook is already pulling ahead with its
enterprise tech.”

While Facebook is at the forefront
of shaping expectations for the metaverse, another titan
keen to make a move is Microsoft, which has also expressed a
desire to occupy this space but has not made the same
tangible steps as Facebook.

Dhami
notes:
“Microsoft intends to use digital twins to
create an “enterprise metaverse” that is modelled on the
real world. Digital twins use internet of things (IoT)
sensors to synchronise a digital model of anything physical
with its real-world version. The company has also launched a
limited version of Microsoft Mesh, a mixed-reality,
cloud-based meeting app that enables shared experiences. In
all, GlobalData has recorded 36 deals relating to the
metaverse this year so far. It is definitely an area to
watch.”

© Scoop Media

 



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