Want to survive at Meta? Accept the virtual reality – or leave – Business Standard

The Instagram engineer had already packed his bags for a December vacation when his boss pulled him into a virtual meeting to talk about job goals for 2022.

Their conversation soon took an unexpected turn. Forget the goals, his boss told him. To succeed at Meta, the parent company of Facebook and Instagram, his boss said, he should instead apply to a new position in the burgeoning augmented reality and virtual reality teams. Thats where the company needed people, he said.

The engineer, who had worked at Instagram for more than three years and who declined to be identified for fear of retaliation, was taken aback by essentially having to reapply for a job. He said he hasnt decided what to do.

Mark Zuckerberg, the founder and chief executive of the company formerly known as Facebook, has upended his company ever since he announced in October that he was betting on the so-called metaverse. Under this idea, his firm newly renamed Meta would introduce people to shared virtual worlds and experiences across different software and hardware platforms.

Since then, Meta has pursued a sweeping transformation, current and former employees said. It has created thousands of new jobs in the labs that make hardware and software for the metaverse. Managers have urged employees who worked on social networking products to apply for those augmented reality and virtual reality roles. The company has poached metaverse engineers from rivals including Microsoft and Apple. And it has officially rebranded some products, like its Oculus virtual-reality headsets, with the Meta name.

Internal recruitment for the metaverse ramped up late last year, three Meta engineers said, with their managers mentioning job openings on metaverse-related teams in December and January. Others who didnt get on board with the new mission left. One former employee said he resigned after feeling like his work on Instagram would no longer be of value to the company; another said they did not think Meta was best placed for creating the metaverse and was searching for a job at a competitor.

Of the more than 3,000 open jobs listed on Metas website, more than 24 percent are now for roles in augmented or virtual reality. The jobs are in cities including Seattle, Shanghai and Zurich.

ALSO READ: The Metaverse is Mark Zuckerberg's escape hatch

The moves amount to some of the most drastic changes at the Silicon Valley firm since 2012, when Zuckerberg announced that Facebook had to shift its social network away from desktop computers and toward mobile devices. The firm restructured, focusing its energy and resources on making mobile-friendly versions of its products. The makeover was hugely successful, leading to years of growth.

But changing the companys course now is far more challenging. Meta has more than 68,000 employees, which is more than 14 times its size in 2012. Its market value has risen by more than eight times over that period to $840 billion. Its business is entrenched in online advertising and social networking. And while the shift may give Meta a head start on the internets next phase, the metaverse remains a largely theoretical concept.

The result has been internal disruption, according to nine current and former Meta employees who were not authorised to speak publicly. While some workers were excited about Metas pivot, others questioned whether the firm was hurtling into a new product without fixing issues such as misinformation and extremism on its social platforms.

Workers were expected to adopt a positive attitude toward innovation or leave, one employee said, and some who disagreed with the new mission have departed.

What the metaverse focus means for the companys existing social networking products like Facebook and Instagram remains in flux, two employees said. At Facebook and Instagram, some teams have shrunk over the last four months, they said, adding that they expected their budgets for the second half of 2022 to be smaller than in previous years.

A spokesman for Meta, which reports quarterly earnings on Wednesday, said that building for the metaverse was not the companys only priority. He added that there havent been significant job cuts to existing teams because of the new direction.

Facebooks pivot to the metaverse started in its top ranks. In September, Mike Schroepfer, the long-serving chief technology officer, said he would step down by the end of 2022. In his place, Zuckerberg appointed Andrew Bosworth, known as Boz, who has for the past few years led development on products like the Oculus headsets and Ray Ban Stories smart glasses.

Bosworths ascendancy was a sign to insiders that Zuckerberg was taking virtual reality and the metaverse seriously. The two had met at Harvard in an artificial intelligence class, when Zuckerberg was a student and Bosworth was a teachers assistant. They kept in touch after Zuckerberg dropped out of the university. Eventually, Bosworth moved to Silicon Valley to work for Zuckerberg.

Zuckerberg has since turned to Bosworth for major initiatives. In 2012, Bosworth was given the task of building out Facebooks mobile advertising products. After management issues at the Oculus virtual reality division, Zuckerberg dispatched Bosworth in August 2017 to take over the initiative. The virtual reality business was later rebranded Reality Labs.

In October, the company said it would create 10,000 metaverse-related jobs in the European Union over the next five years. That same month, Zuckerberg announced he was changing Facebooks name to Meta and pledged billions of dollars to the effort.

Reality Labs is now at the forefront of the companys shift to the metaverse, employees said. Workers in products, engineering and research have been encouraged to apply to new roles there, they said, while others have been elevated from their jobs in social networking divisions to lead the same functions with a metaverse emphasis.

Firm to lift veil off its metaverse biz (Reuters)

When Meta Platforms reports fourth-quarter results on Wednesday, investors will get a new window into the financial impact of CEO Mark Zuckerbergs current passion. Meta plans to break out the results of its augmented and virtual-reality hardware unit, Reality Labs, for the first time, an investment the company previously warned would cause a $10 billion hit to 2021 profit and would not be profitable any time in the near future. Analysts said they would be keen to see indicators about the Reality Labs divisions profitability, how long it might be a drag on the advertising side, and evidence around the strength of VR headset sales.

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Want to survive at Meta? Accept the virtual reality - or leave - Business Standard