Meta Platforms comes with a metaverse campaign with its revamped Horizon Worlds platform. The Wall Street Journal reported Tuesday that the company plans to launch Horizon Worlds for teens in March 2023.
Horizon Worlds for teens
The news comes after the WSJ revealed that Meta’s Metaverse platform had trouble retaining users for more than a month.
According to CNBC, the company spent nearly $16 billion in the metaverse last year, generating revenue of just over $2 billion.
In total, Meta’s Metaverse division, Reality Labs, lost $13.7 billion in 2022, with a $4.3 billion deficit in the fourth quarter of the calendar year.
Late last year, the company stated its intention to allocate about 20% of its 2023 spending to the metaverse unit.
Meta says it expects Reality Labs’ operating losses to continue to widen year over year in the near term, but remains optimistic that it will be able to turn a profit in the long term.
The company plans to introduce significant changes to its Horizon Worlds platform, which will include the launch of a teen app.
According to the report, Horizon Worlds VP Gabriel Aul sent a memo to the team outlining goals for 2023, with the primary goal of retaining users, both teens and young adults.
Aul told his team that Horizon Worlds needs to catch up with the rest of the competition, which seems to be doing a better job of meeting the needs of the “cohorts.”
For Horizon Worlds to succeed, the platform must first and foremost meet the needs of this “cohort,” reports the WSJ.
The mainstream media outlet also added that Horizon Worlds recorded a user retention rate of just 11% in January 2023, highlighting the importance of onboarding new users who are likely to spend more time on the platform.
The company set a target of 500,000 active users for the first half of 2023, with a goal of reaching 1 million users by the end of the year.
By comparison, the company had 200,000 users at the end of December. In its October report, the WSJ revealed that Horizon Worlds had revised its base target of active users by the end of 2022 to 280,000, down from its initial target of 500,000.
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