- According to multiple reports, the big tech companies, and the market rulers ended up with disappointing revenue and earnings.
- Last month, Mark Zuckerberg, Meta CEO told the world that due to some difficulties regarding finances, the company is now planning to stop hiring drastically.
- Metaverse is not a major revenue factor for any big tech company in the world.
The Revenue Drop
Q2 has proved to be one of the worst quarters in the history of cryptocurrency and blockchain markets. Metaverse, a term which is not even defined universally is already facing roadblocks in its journey. This statement is in reference to the fact that according to sources, the job opportunities in the ‘metaverse’ are declined by a whopping 81%. The data is collected between April and June of 2022.
A major reason for this drop in job openings is ‘fear’. According to multiple reports, the big tech companies, and the market rulers ended up with disappointing revenue and earnings. It is a universal fact, that wherever there is a revenue crisis, there is a growth slowdown. The same is happening with companies like Facebook, Google and Apple. Not only that, the tech platforms are even initiating freezes and layoffs.
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Metaverse Hirings Stopped?
You don’t believe this? Let the CEOs themselves tell you. Last month, Mark Zuckerberg, Meta CEO told the world that due to some difficulties regarding finances, the company is now planning to stop hiring drastically. And it is not just Facebook, Google has some plans of doing the same. Recently Apple, a company known in the world as the hiring expert, have made some plans of adjusting the hiring. Tim Cook, the Apple CEO has said that the employees are going to be hired strategically.
This just points to one thing. Metaverse is not a major revenue factor for any big tech company in the world. This means that Metaverse is not something which is ready to be used by consumers directly. The companies, in turn, are slowing down the hiring process in the above-mentioned industry.
Source: https://www.thecoinrepublic.com/2022/08/02/metaverse-not-a-priority-of-tech-giants/