Yahoo Finance’s Dan Howley details Facebook parent company Meta’s outlook on selling accessories and experiences in the metaverse, amid the company’s longest losing streak since May 2019.
Video Transcript
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– Welcome back to “Yahoo Finance Live,” everyone. Facebook parent company, Meta, is on track for its longest streak of daily declines since May of 2019, as after shares fell for a sixth straight session today. Now, this is happening as Meta’s just announcing it’s testing new several new tools in the Metaverse in how people can purchase digital goods, services, and experiences. And this may come at a hefty cost to creators as well. For more on this, let’s bring in Yahoo Finance’s own Dan Howley. Dan, what can you tell us.
DAN HOWLEY: Yeah basically what Meta is doing here– and Mark Zuckerberg announced this late on Monday afternoon– is they’re going to begin testing– this is just testing– the ability for creators in its Horizon Worlds software to begin selling some things along the lines of in-app products. So think, you know, perhaps some kind of avatar’s shoe or– you know, you don’t really have legs in Meta world. So I guess shirts, you know, sunglasses, things along those lines, branded kind of stylized things that you would have your avatar wear, or even events in the worlds that you may want to be able to visit, so for instance, maybe a virtual concert.
We saw that the Foo Fighters had a concert that was offered for free after the Super Bowl through Meta’s Horizon World. And so maybe we could see some things along those lines. I think one of the other things that’s interesting here is how we’re already seeing other companies take advantage of this. For instance, Roblox allows developers and companies to offer things for sale through its own platform. And then that trickles down to both Roblox, as well as the creators themselves.
Decentraland, that’s also a place where we’re seeing certain sales, although that really seems to be more to do with the real estate than actual goods. So we could start to see potentially this pick up with Meta. And this really just builds into the idea that trying to create this own virtual world that they want to have control of, but also build off the idea that creators will help create this world, even more so than just Facebook could possibly or Meta could possibly do on its own. So this is, again, it’s just at the early phases. But expect this to really kind of pick up steam, as Meta begins to build this out even more so.
– All right. We’re taking a look at the Metaverse stocks. They’re all down on the day, in what’s largely a down day on the markets. Our own Dan Howley, thanks so much for breaking all of that down on the Meta platforms front and the broader Metaverse. We appreciate it.
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