Meta reported a $2.8B loss in its Metaverse division; the company's stock fell 4% in after-hours trading to $163.81 following the Q2 2022 earnings report release. The Facebook Reality Labs (IRL) division builds hardware, software, and technology needed to develop the upcoming metaverse. More: - Meta's Q2 2022 earning report was released this week. It showed a drop in revenue from the earlier quarter, its Facebook Reality Labs (FRL) Division had further losses, and the company generated $452M in revenue, which is 35% lower than the first quarter. In 2021, the FRL division reported an annual loss of $10.2B.
- The company's overall YoY revenue has dropped by 1% to $28.8B, a trend that will likely grow as we enter the next quarter. This is a second consecutive decline in year-over year-sales, and according to Refinitiv, this is how the company performed:
- Overall profit dropped by 35% to $6.7B
- Reality Labs, its metaverse division, lost $2.8B
- Earnings: $2.46 per share vs. $2.59 per share expected
- Revenue: $28.82B vs $28.94B expected
- Daily Active Users (DAUs): 1.97 billion vs. 1.96 billion expected
- The average revenue per user: $9.82 vs. $9.83 expected
- Despite the losses, CEO Mark Zuckerberg remains optimistic about the future of the metaverse and said, "This is a very expensive undertaking over the next several years ... but as the metaverse becomes more important in every part of how we live ... I'm confident we will be glad we played an important role in building this."
- Zuckerberg also reassured the company's shareholders that the metaverse will be the internet's next iteration, which will eventually "unlock hundreds of billions, if not trillions, over time."
- The reason behind the decline in revenue is threefold:
- Apple's new feature "Ask app not to track" in iPhones caused Meta's ad business to lose $10B in revenue last year alone.
- Ad spending due to a slowing economy has also caused a drop in revenue.
- Competition from TikTok.
- Despite the competition from rival TikTok, Facebook has reported more user growth, and the social media site experienced a 3% increase to 1.97 billion users.
- Meta's other platforms, including Messenger, Instagram, and Whatsapp, have 2.88 billion users, with a 4% increase.
- Zuckerberg acknowledged that there are more "engagement trends" due to the launch of Reels, a short video format similar to TikTok, and the company anticipates that Reels will eventually bring in more revenue.
- The company seems to have a strategy to increase its revenue by raising the price of Meta Quest 2 VR headsets by $100 starting August 1 and is also raising prices for its peripheral products.
Decrypt 
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 Snap Inc launched Ghost Phone, the first in-app AR-based game. Ghost Phone was established to showcase the company's augmented reality capabilities by bringing users into an immersive experience involving supernatural beings and engaging in interactive experiences. More: - Ghost Phone is built using the Lens Studio and web-first game engine PlayCanvas; the company relies on the World Mesh Technology to accurately place AR objects in the user's environment.
- The World Mesh Technology allows you to create virtual objects on real surfaces in real-time 3D mesh reconstruction.
- To play the game, users simply log into Snapchat and activate the lens explorer, locate the Lens called "Ghost Phone," and start playing.
- The game involves hunting different types of ghosts and performing various tasks by following clues within the text messages.
- Players can unlock Camera Modes to find the AR ghosts; the game does involve players moving around, though not to the extent of Pokémon Go.
- Snap's Q2 2022 earnings report showed an 18% year-on-year growth that reached 347 million users. However, its revenue growth dropped to 13%. The company said, "we are not satisfied with the results we are delivering, regardless of the current headwinds."
Tech Crunch
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 Volvo will debut its latest EV vehicle — the Volvo XC40 Recharge — in the metaverse. The automotive company collaborated with Mindshare India to create a custom metaverse called the "Volvoverse." More: - Visitors to the Volvoverse can check out the car and partake in related, immersive 3D experiences.
- Volvo's metaverse will help the company reach its sustainability goals.
- By debuting the car online, the company will reduce its carbon footprint.
- The debut will be Volvo's first foray into the metaverse.
- The virtual locale replaces standard lots by using virtual studios, videos, and other immersive programs that Volvo hopes will afford customers a comparable experience to viewing a car in person.
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Richard Kerris, an Nvidia executive, says the metaverse will allow users to hop from one 3D world to the next as they browse different websites. The metaverse will likely creep upon us similar to how the web did so that "it happened when you didn't know it." More: - Kerris leads the metaverse efforts at Nvidia, known as the Omniverse, and is very bullish about the next iteration of the internet.
- The only thing he is skeptical about the metaverse is "how people tend to talk about it," explains Kerris.
- He defined the metaverse not as a destination or a place but as a network for the next web version. He says, "just replace the word metaverse with the word network; it'll start to sink in."
- This network will bind media on many websites in its respective 3D content. Kerris explained further by saying, "the core underlying principles of that will be 3D; with that comes the challenge of making that ubiquitous between virtual worlds."
- The current internet exists in 2D; "We live in a 3D world; we think in 3D," but the web is a 2D reality, and it's limited, he said.
- The goal is to develop connected worlds in 3D so that users can teleport from one world to another effortlessly.
Zdnet
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 TeamViewer and Siemens Digital Industries Software have partnered to develop an enterprise-grade AR/VR program, "Siemens' Teamcenter." The Product Lifecycle Management (PLM) system arms employees with up-to-date information regarding their workplace for better, more efficient workflows. More: - The no-code platform allows users to develop "AR content" "without programming knowledge."
- For example, users can transform CAD data into digital twins.
- The TeamViewer platform is compatible with MR headsets like the Microsoft HoloLens.
- Users can access spatial modules via the program's AR-based Frontline platform.
- The program visualizes workplace information in 3D.
- TeamViewer is expected to launch later this year.
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The IT and consulting company CGI launched a cloud-based, AR-powered emergency preparation program called "CGI Sense360." CGI developed the platform to prepare emergency responders for various natural and made-made disasters. More: - The AR program draws from myriad data points to create a holistic visual overview of a disaster.
- Emergency responders can use the program to organize their rescue operations more efficiently and quickly.
- The visualizations incorporate numerous sources to create a "holistic" picture of the disaster.
- Sources include satellite images, drone footage, maps, weather conditions, new outlets, and social media content.
- CGI has worked alongside several emergency response groups, such as Germany's ISAR (International Search and Rescue).
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 |  | Courtney Rawlings is an Inside Research Analyst living in Los Angeles, California. She has returned to her hometown of LA after spending several years working at Emory University in Atlanta, Georgia, where she is completing a Ph.D. in Art and Architectural History. While working toward her Ph.D., Courtney has developed an interest in the language and history of the tech industry, especially regarding metaverse technologies, streaming, and podcasting. In fact, she hosted her own podcast Low Culture Boil! You can find her on Twitter: @ckayerawlings Email: courtney@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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