Last week, I was pitched to be part of this big idea that will change my life. Yet, no one is making money on this product. They promised it will change my life if I recruited all my friends and family, and then encourage my friends and family to recruit other people. Of course I am talking about Facebook Horizon's and not talking about Multi-Level Marketing.
95% of people I know who have tried Virtual Reality have only played it once or twice in their entire life. Over 50% say they were blown away by VR and a small minority complain about experiencing motion sickness in VR. That raises a serious challenge doesn't move the needle to convert VR virgins into active VR users.
The overwhelming majority of people I meet do not understand what is Virtual Reality or the Metaverse. Facebook is trying to sell a product or service that people don't understand. Facebook has spent around $10 billion dollars in 2021. Most businesses that spend a lot of money on a product or service usually like to focus on making a return on investment. Facebook is eagerly trying to get people into Facebook Horizon's social network. Which makes as much sense as trying to get Gen-Z into being more active on Facebook as opposed to doubling down on Instagram. Meta understands that Gen-Z doesn't want to use Facebook so they focus on giving what Instagram users are asking for. That would be terrific if Meta had the same approach to its Virtual Reality efforts. Facebook Horizon's hasn't taken off maybe because people are not interested in Facebook Horizons? Meta owns the game Beat Saber that has made over $100 million dollars in revenue. Which is extremely rare in the world of VR entertainment. Maybe Meta should focus on making products that make money rather than big ideas like the "metaverse."
When I mention to many people about that Meta should probably focus on smaller things rather than big ideas that people aren't ready for. People play devil's advocate by comparing how Apple's ability to change the world and create new consumer demands. If that is the case, then why did Apple release the iPhone despite the iPad was invented before the iPhone? Maybe because Steve Jobs understood the general public wasn't ready for the iPad but was ready for the iPhone? Maybe the iPhone took off because it offered the convenience and functionalities that people wanted. Bottomline, I think Apple is taking the opposite approach to its Virtual Reality efforts. Maybe it's time for Meta to stop overpromising investors that in a few years VR will replace the internet? Maybe it's time for Meta to have a business strategy more similar to Apple?