Meta is reduce expectations regarding the growth of its flagship Horizon Worlds metaverse platform. The tech giant originally aimed to reach 500,000 monthly active Metaverse users by the end of the year, but recently lowered its goal to just 280,000 users.
The new forecast comes as the company would be struggling to maintain users. Additionally, its metaverse platform is plagued with bugs and glitches, and there have also been user complaints regarding the quality of the virtual world.
Meta’s Horizon Worlds fails to attract users
Meta’s Horizon Worlds, a social VR app that lets users explore virtual worlds in an interactive and immersive way, currently has less than 200,000 monthly active users, according to internal company documents reviewed by Wall Street. Log.
Initially, Meta had a goal of 500,000 monthly users by the end of this year. However, the documents showed that the number of users on the platform has steadily declined since the spring, with most visitors leaving the platform just after their first month.
By comparison, Facebook, Instagram and WhatsApp attract more than 3.5 billion average monthly users, a figure equivalent to almost half of the world’s population. According to Statista data, only Facebook had about 2 billion daily active users in the second quarter of the year.
At its essence, Horizon Worlds is a collection of interactive virtual spaces, called worlds, where users can do various activities while appearing as avatars. However, there are rarely users wandering around in these virtual worlds. Even Meta showcase worlds like Questy’s, a virtual arcade featured in a Super Bowl commercial earlier this year, have been generally free to more recent users.
According to internal statistics, only 9% of virtual worlds built in Meta are visited by at least 50 people. The vast majority are never visited at all. “An empty world is a sad world,” said one of the internal documents.
Join our Telegram group and never miss a breaking digital asset story.
Horizon Worlds plagued with bugs and glitches
Horizon Worlds is reportedly suffering from too many bugs and quality issues, so much so that the platform has been placed in a “quality lockdown” for the rest of the year to “ensure we fix our quality and our performance issues before opening”. Horizon to more users,” said Metaverse Vice President Vishal Shah, adding:
“Feedback from our creators, users, testers, and many of us on the team indicates that the sheer weight of paper cuts, stability issues, and bugs makes it too difficult for our community to experience the magic of Horizon.”
Also, even the team building the platform doesn’t use it much because they apparently don’t like it. “The simple truth is, if we don’t like it, how can we expect our users to like it?” Shah wrote in another memo to employees.
It should be noted that users have also complained about the lack of metaverse participants to hang out with. Other complaints included that “people don’t look real” and avatars don’t have legs. Notably, Horizon Worlds recently introduced legs for aviators.
On the other hand, Meta claimed that its metaverse project was intended to be “multi-year” and that it was making improvements to keep users safe. Despite the lackluster start, the company said it continues to believe the Metaverse is the future of computing.
Meanwhile, Meta’s stock has been one of the worst performing S&P 500 stocks in 2022, with the company’s stock down more than 60% year-to-date (YTD). The company also ended its last day of trading Friday in the red, down 2.71%. However, Meta shares are currently up 1.4% pre-market.
Find out how, with Five Minute Finance.
A weekly newsletter that covers major trends in FinTech and Decentralized Finance.
You are subscribed.
You are well on your way to being aware.
Do you think Metaverse would be able to compete with more decentralized rivals like Decentraland and The Sandbox? Let us know in the comments below.
About the Author
Ruholamin Haqshanas is an accomplished crypto and finance journalist with over two years of writing experience in the field. He has a strong understanding of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi) and the emerging non-fungible token (NFT) market. He is an active user of digital assets for remittances.