Abandoned a number of projects, including smartwatches and consumer portal devices, to reduce meta costs.

With rising costs, and a tight economy, Meta has announced some significant changes to its product roadmap, with several of its hardware projects either stalled or delayed for the time being.

According to various reports, the meta is:

The changes significantly change Meta’s ongoing plans, including the development of retail stores as part of an expanded push into consumer technology products, which have branches outside the roots of its social platform.

Meta recently scaled its audio social developments, while several other projects are under review.

The company seeks to reduce costs by focusing on developing its metavers-aligned initiatives, while addressing the composite effects of Apple’s new data privacy changes. Last year, Meta noted that Apple’s new ATT updates, which persuaded users to opt out of data tracking, would cost about $ 10 billion in lost advertising dollars in 2022 alone. Meta is a report Its ক্ষতি 10 billion operating loss in the reality labs division For the 2021 fiscal year.

The announcements, logically, shook the market and shook meta stocks, which they have yet to recover. These latest product roadmap updates are part of Meta & # 39; s broader plan to keep pace with expected economic uncertainties, and are also flagged. Losing a job is coming And delays in various sections.

And it’s not the only social platform on this boat. Last month, Snapchat issued a profit warning with its Q2 It is unlikely to meet the revenue target that it contacted only a month ago, due to ‘A’ The macroeconomic environment has deteriorated more and faster than expected‘. Twitter Is Cancel job offer And it clears its executive rankings, while ByteDance, owner of TikTok, has lost বাজার 100 billion in market value in the past year.

Increased control, a recession of spending, and greater economic pressures are making it harder for technology platforms to make big bets, seeing them all expand into new areas and bring back development efforts.

Meta, of course, has already made it a core focus, and is keen to continue on its way to Metaverse with the extended take-up of VR headsets and other aligned devices.

As such, it is not completely shutting down its hardware development.

As noted by Meta CTO Andrew Bosworth:

So while we may not get a Meta Watch anytime soon, Meta is still working on a wrist control device for VR, which will expand its Metaverse focus, while it is still investing in new Metaverse-related technologies, such as this week’s announcement. New partnership with game-making platform Crater.

That’s what Meter CEO Mark Zuckerberg said Feels ‘responsible’ To invest in a metavers shift, so soon meta is less likely to completely shift away from that focus. But these latest announcements mark an impending painful time for the sector, which probably means that the duration of the Q2 results will not be too much fun for most.

What does this mean for ongoing development, and relocation? It’s impossible to say, but with increased shareholder pressure comes accelerated revenue measurements, which can be good, in terms of providing new advertising options and reach, when they can be even worse, forcing more ads into feeds and influencing the user experience.

Meta is well aware of these effects, and as such, it may be less likely to be pumped into a whole new flood of ads (although Instagram users have mentioned more ads in their feeds of late). But obviously, the squeeze is definitely on, and it could lead to a variety of changes throughout the second half of the year, with platforms being built for a random road.