Meta is “not an innovative company” and its metaverse probably won’t succeed

A former Nintendo executive has said that Meta is “not an innovative company” and that its ambitious metaverse project will probably not succeed.

“Facebook itself is not an innovative company. They have either acquired interesting things like Oculus and Instagram, or they’ve been a fast follower of people’s ideas,” Reggie Fils-Aime told Bloomberg.

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He went on to say that smaller and more innovative companies were more likely to be the future of the metaverse, like Epic Games, who are the makers of popular online game Fortnite.

“I don’t think [Meta’s] current definition will be successful,” he added.

He carried on to say that Meta’s focus was on advertisers due to the fact that digital advertising accounted for 98% of its revenue.

But he said that “in order to be innovative, you really need to be thinking about the consumer first,” he added.

Meta has suffered a tricky start to the year, seeing its share price slump by 45% year-to-date.

It came under intense selling pressure last month after the company’s fourth-quarter earnings report showed that Facebook’s daily active user base shrank for the first time ever.

Tech executive Phil Libin has compared the modern-day hype surrounding the metaverse with Soviet propaganda he experienced as a child. He’s also said that Meta’s vision for the metaverse is an “old idea.”

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