Meta shuts down metaverse project after $70–80 billion investment
Meta has announced it will discontinue its metaverse platform Horizon Worlds, a project that followed the company’s 2021 rebrand from Facebook to Meta and involved investments between $70 and $80 billion.
Source CNBC
Despite huge financial investments and operating losses, Meta's market capitalization grew during this period. However, the metaverse platform failed to meet expectations. The project will officially close on June 15.
Meta began developing Horizon Worlds as part of its broader shift from a social media company to one focused on virtual reality and the metaverse. The platform aimed to create a space for social interaction in VR but did not attract the necessary user base or support.
This move highlights the challenges even major industry players face when pursuing ambitious metaverse ideas. At the same time, Meta continues to prioritize other areas related to virtual reality development.
Looking ahead, the company may revise its metaverse strategies, exploring more effective ways to leverage VR and AR technologies for new products and services.
