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Meta Will Continue to Invest Big in the Metaverse in 2023, According to CTO

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Meta Will Continue to Invest Big in the Metaverse in 2023, According to CTO

While most of the attention in social media circles of late has been focused on Elon Musk, and his various changes at Twitter, Meta has quietly gone about its business, keeping out of the spotlight as it continues to push towards its next stage.

Well, actually, Meta has gone quiet since this:

The backlash to this image of Meta’s in-development metaverse experience prompted market concern, stock sell-offs, and though questions around the future direction of the company, with the main query being: ‘How has Meta sunk tens of billions of dollars into a VR world that looks no better than game graphics from the mid-nineties?’

Meta quickly shifted gear, and sought to reassure investors that better stuff was coming, which it would showcase at its Connect VR conference. But when those demonstrations also failed to excite, Meta reassessed its comms strategy – and it would have been relieved to then see the Elon drama take over the headlines, leaving it to quieten down, take a backseat, and refocus on its next-level push.

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So how is Meta re-focusing, especially amid its broader cost-cutting program that’s already seen it cut over 11k staff this year?

Well it’s definitely not cutting its VR investment, according to a new update from Meta’s head of VR Andrew Bosworth.

As per Boz:

As reflected in our Q3 results, about 80% of Meta’s overall investments support the core business, with the other 20% going toward Reality Labs. It’s a level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth.

So, Meta intends to keep spending big on the metaverse, whether people can see the end game or not – which makes sense, but could also see Meta’s stock value continuing to decline for some time yet.

But according to Boz, this is what’s necessary, in order to build towards the next stage.

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These are the moments that truly test people’s belief in the future. During boom times, it’s easy to make big, ambitious investments in what’s coming next. But when economic conditions turn, it’s just as easy to turn the other way: cut back on your ambitions, stick to what’s safest and most profitable today, and squeeze as much as you can from it. We’ve all seen the disastrous consequences of this kind of short-term thinking: hollowed out companies that gave up on innovating long ago, content to just turn the crank on an existing business until it stops working.”

It’s impossible to predict, of course, exactly how this will all play out, but Boz is right in that if Meta were to shift priorities, that could leave it vulnerable in future, as failure to innovate opens gaps for competitors to step in.

If Meta truly believes that the metaverse is the future of digital connection – which most trends would suggest it is – then it needs to stay the course, despite potential backlash, negative perception, stock impacts, etc.

Boz also says that 2022 could eventually be seen as a foundational year for VR development, touting the development of improved mixed reality tools, which enable greater interaction with real world spaces, as well as hand, eye and face tracking to improve VR control, and make it an increasingly immersive experience.

Bosworth also points to the establishment of its growing VR creator community, which has seen many skilled, passionate people move into Meta’s VR ecosystem, another key step for the creation of the next phase.

Though Boz doesn’t mention that Meta has also lost a significant level of experience, with former video game engineer, and VR advocate John Carmack announcing that he would be leaving the company last week.

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Carmack, who’s been with Meta’s VR division since 2014, said that the company has huge potential in VR, but is often mired by its own bureaucracy and scale.

As per Carmack:

It has been a struggle for me. I have a voice at the highest levels here, so it feels like I should be able to move things, but I’m evidently not persuasive enough.”

That could be a concern, but with Meta also cutting jobs, and streamlining its processes, maybe, the loss of Carmack will prompt a reassessment of process, which could lead to internal change.

Either way, according to Boz, Meta will keep pushing forward, and keep shoveling money into its metaverse experience, with an eye on the next stage.

Will that pay off? There are many indicators to suggest it will, but it’s also not a given, and Meta has some way to go before anyone knows for sure if it’s hitting the right notes.

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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