Mark Zuckerberg claimed the firm was “retooling” to make “serving young adults” its primary focus, amid claims that the corporation deceived shareholders about significant declines in adolescents and younger users. To do so, the corporation intends to make extensive modifications to its Facebook and Instagram apps and invest billions of dollars in realizing its metaverse goal. In response to rising competition from TikTok and iMessage, Zuckerberg stated that the business would do more to attract “young adult” consumers aged 18 to 29, even if it meant sacrificing older users.
During the company’s third-quarter results call, he stated that TikTok competitor Reels would be just as crucial for the company goods as Stories. Furthermore, he noted that the corporation was “retooling” internally to make young people its “North Star.” “We also expect to make significant changes to Instagram and Facebook in the next year to further lean into video and make Reels a more central part of the experience,” Zuckerberg said. “It will take years, not months,” he continued. For the corporation, the issue of younger users has been complicated.
Facebook said in a statement that its earnings in 2021 will be cut by $10 billion due to its investment in Reality Labs and that it will only raise its AR and VR spending in the following many years. Zuckerberg also addressed the “Facebook Papers,” a series of publications based on information provided by former employee turned whistleblower Frances Haugen and the ongoing discoveries. Members of Congress and the Securities and Exchange Commission have also been given access to the records, which have been the subject of more than a dozen reports revealing Facebook’s bungled efforts to combat hate speech and other damages.