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Mark Zuckerberg says Facebook’s future is ‘young adults’ and the metaverse

Amid reports that Facebook has misled stockholders about significant declines in teens and younger users, Mark Zuckerberg said the company was “retooling” in order to compile “serving young adults” its top priority. To do that, the company plans to induce “significant changes” to its Facebook and Instagram apps, and waste billions of dollars building out its seeing for a “metaverse.”

Citing increased competition from TikTok and iMessage, Zuckerberg said the company would do more to win over “young adult” users between the senilities of 18 to 29, even if it came at the expense of older useds. Speaking during the company’s third-quarter earnings announce, he said the company’s TikTok rival Reels would be “as important for our produces as Stories.” “We also is anticipated do significant changes to Instagram and Facebook in the next year to further lean into video and impel Reels a more central part of the experience, ” Zuckerberg said.

On top of that, he said the company was “retooling” internally in order to move young person its “North Star.” He included the shift “will take years , not months.” The issue of younger consumers has been particularly fraught for the company. A whistleblower’s disclosures about Facebook’s internal study on teen mental health prompted a series of Congressional hearings about child security, and a beckon of headlines about how the photo sharing app may be harmful to some of its most vulnerable useds. At the same time, other internal certificates have indicated Facebook and Instagram have faced significant declines in date among teens and young adults for years.

Zuckerberg said another major priority for the company would be building its imagination for a “metaverse.” He didn’t comment on reports that the company would change its refer to reflect its brand-new places great importance on augmented world and virtual reality, but made clear the company has significant aims in the cavity. “Our goal is to help the metaverse reach a billion people, ” he said. He was also pointed out that a metaverse could enable “hundreds of billions of dollars of digital commerce.”

The company also said Monday that move forward it will report two situates of financials: one for its “family” of apps, which includes Facebook, Instagram, Messenger and WhatsApp; and one for its Reality Labs division that oversees its augmented and virtual reality work. In a statement, Facebook said its 2021 advantage will be reduced by $ 10 billion due to its investment in Reality Labs, and that the company would only increase its AR and VR spending in the next “several years.”

Zuckerberg also addressed the ongoing revelations stemming from the “Facebook Papers, “ a series of articles based on documents provided by onetime work turned whistleblower Frances Haugen. The CEO referred to the work from a consortium of news organizations as “a coordinated effort to selectively employment revealed documents to paint a fallaciou picture of our company.” The documents, which have been the basis of more than a dozen storeys detailing Facebook’s botched efforts to fight hate speech and other distress, have also been provided to members of Congress and the Securities and Exchange Commission.

“Any honest account should be clear that these issues aren’t chiefly about social media, ” Zuckerberg said. “That means that no matter what Facebook does, we’re never going to solve them on our own.”

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