Meta of formerly Facebook is one of the world’s biggest tech companies with a market cap of over 205$ USD (share price) and 560$ billion net worth. Meta is a digital product company usually known for its Facebook, Instagram, and WhatsApp products.
Recently Facebook has changed its name to Meta and announced its upcoming Metaverse project, which will change the world if it gets released. How? We’ve written a complete case study on Meta’s metaverse project and how Facebook will rule the world in this article.
Meta | Brief Introduction
Meta, also known as Facebook, is the 3rd most extensive private company and 2nd biggest tech company globally, with a net worth of about 566$ billion as of February 2022. Meta’s main products are Facebook, Instagram, and WhatsApp, and we’re sure you also knew Meta from these three products.
Last year, in October 2021, Facebook announced that they were doing something revolutionary and unique for their upcoming project known as Metaverse. Therefore, they changed their company’s name from Facebook to Meta.
The involvement of Facebook in Metaverse will change the world. How? It’s because Facebook has got everything that you need to run a successful leading metaverse company.
Metaverse Short Explanation
This article is useless if you don’t know about Metaverse. Therefore, if you’re not aware of Metaverse, here’s the brief introduction of what the heck is this Metaverse:
Metaverse is a 3D fictional world that uses the power of AR and VR to offer you the virtual world and allows you to do all the things as you do in the real world, by sitting in your home or your bed only. According to many researchers and analysts, Meta will shift every real thing and activity towards the Metaverse except eating, sleeping, and washrooms.
E,g, real-life shopping experience, entertainment consumption, concerts, work, physical analysis, vacations, and many more activities and things will get shifted towards the Metaverse.
Why is Facebook Moving Themselves from Digital Social Media to Metaverse?
You might be thinking, what’s why Meta moves from a successful social media company to a new and unknown Metaverseo company that nobody knows if this is going to be successful or fail.
We mean Facebook, Instagram, and WhatsApp. They all are the most successful and world’s leading social media applications globally. They have the world’s most extensive user base most grossing products, and FIW seems to be going down from no aspect. Their graph is up in all the factors, e.g., revenue, userbase, advertisers, and customers.
Here are the reasons why Meta is moving their business towards the Metaverse:
Social Media Can’t Stay on the Internet for Much Longer.
It’s a rule of thumb that every successful and trending thing, activity, or product has a decline one day. The same goes for social media. It’s today the most successful product industry in the world. It’s a necessity and no longer wanted.
However, we all know one day that the trend of social media will end, and new technology will replace social media. Companies like Meta are solely based on their social media industry, and 98% of revenue comes from their social media industry.
That’s why Meta is planning to shift their business from social media to the upcoming future of social media. Meta also knows that the end of social media is near.
Ripple Effect
In business, a ripple effect refers to adapting a consumer’s behavior followed by other consumers. For example, Meta’s business model is based on the targeted advertising network and data collection. They don’t learn from their three FIW platforms but the advertisements displayed on Instagram and Facebook.
However, people are getting more innovative and more intelligent. They know Meta’s business model. Therefore, consumers are now preventing the Meta from collecting their information, and if there is no data collection, it means no targeted advertising, hence no revenue.
It’s all because of the ripple effect. E.g., influencers, technology experts, and YouTubers spread the boycott against data collection of the Meta, viewers adapt their boycott, and the other consumers in the circle of the viewers adopt the same behavior, and the cycle continues. It’s called the ripple effect, in which one person affects and changes the behavior of other people in their surroundings.
People know that Meta is using them for their business and preventing them from collecting data, and the ripple effect continues to grow.
Attention Span
Advertising is all about the attention of the consumers. The primary purpose of the advertising is to get the customers’ attention. The more the platform guarantees the attention span by the consumers, the more the advertisers will pay to that platform. And Meta group offers the highest attention span % by the customers to advertisers.
Therefore, if users will not pay attention to the ads shown by Meta on their Instagram and Facebook, there’ll be no reason for the advertisers to pay to Meta group, hence loss in revenue.
And people are now adopting themselves to ignore the advertising of different social media applications, which is a red sign for the Meta group.
How Meta Will 800% Increase Their Revenue Generation Through Metaverse?
According to many analysts and excerpts, Meta will earn 800% more than they are making today through the Metaverse project. But how? Here’s the breakdown:
Metaverse will be an Ecosystem.
Did you know why Apple users prefer Apple products? Not just because of the status symbol or features, but the ecosystem plays a vital role in influencing the purchase decision of the Apple users.
About 80% of Apple users who use Apple products never go with Android or Windows products. Why? Because the Apple ecosystem keeps them trapped inside the Apple environment. And 80% of Apple users buy Apple products just because of Apple’s ecosystem.
The same will happen with Meta. Meta will not just create their Metaverse, but it’ll be an ecosystem of Meta which will keep the users trapped in the Meta.
Platform Charges
The Metaverse will be like a platform where different advertisers and consumers can connect. However, the Meta might charge money from the advertisers to join and register on their platform.
Since the Metaverse will be too broad, wise, and more interactive than a regular 2D social media application entirely different from the Metaverse, Meta will have the right to ask for the platform fee from the advertisers.
Advertisements
Of course, Advertisements will always be the primary source of income in Metaverse for the Meta. The primary purpose of Metaverse is to show advertisements to the users so that Meta can earn money.
They’ll charge advertisers for showing their advertisement on the Metaverse. Since the Metaverse will be more engaging, have more customers, be more interactive, and be more consumed by the users, the advertising fee will be much higher than the Facebook or Instagram ads.
Data Collection
With Metaverse, everything will move towards the digital and fictional life of the Metaverse. It means more users’ activities will happen in Metaverse than on social media apps of the Meta. More activities = the users will spend more time proportional to the more data collected by the Meta of the user.
And we all know, today and in the future, the user’s data is the key to success. Through Metaverse, Meta will know almost everything about your likes, what you like, what you talk about, where you go, your interests, style of speaking, buying preferences, routing, and almost everything.
This data will eventually cause the high advertising fee for the publishers and allow the Meta to optimize their Metaverse according to the users’.
Will Metaverse Be the Successor a Great Failure?
Well, only time can tell better about Metaverse. No one can predict the upcoming business project’s success or failure before its launch. However, all we can do is guess based on analysis and trends.
It’s when we have reached the peak of the internet, and we can’t launch an upgraded version of the internet.
According to some experts, Metaverse will be our 2050 technology and will become the need, just like today’s internet. But that’s just a prediction. No one knows the future.
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