Meta changes course
Meta is shifting to adapt to a changing climate for tech with product updates and a focus on virtual reality.
But the company is facing a battle on all fronts as it vies to maintain its status — working to convince consumers and investors to embrace CEO Mark Zuckerberg’s vision for the company’s future while confronting a Federal Trade Commission (FTC) intent on mitigating Meta’s market power, increasing competition from platforms such as TikTok, industry changes impeding ad revenue and the looming threat of a recession.
Zuckerberg told investors at the end of July the company is focused on riding two “major technological waves” — artificial intelligence (AI) and the metaverse.
The focus on AI is leading to more short-term changes, including updates to push recommended content on Instagram and Facebook. The focus on the metaverse is part of a more long term initiative the company is continuing to invest in.