VICE: Facebook’s Monopoly Is Imploding Before Our Eyes
Competition, miscalculations, and regulatory scrutiny have all but killed the advertising giant's dreams of diversifying its business and rolling up the digital world into its platform.
For years, the definition of success for many tech employees has been getting a job at a FAANG company (Facebook, Amazon, Apple, Netflix, Google).
Amazon, Apple, Microsoft, Facebook, and Google, meanwhile, are often the five major companies people think of when they think of "big tech."
But there is evidence that Facebook—once a dominant monopoly rightly blamed for all sorts of societal ills—is on the precipice of dropping out of this group through years of sheer mismanagement, a failure to innovate, setting money on fire in pursuit of a metaverse that seemingly no one wants, a vulnerable business model that Apple is squarely taking aim at, and upstart competitors like TikTok that the company seemingly has no answer for. What seemed impossible just a year or two ago—that Facebook will become just another tech company, more or less—now seems like a very real possibility.
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WNU Editor: It has been quite a sight to see how quickly this social media platform has lost its influence and reach in the past year. And much of what has happened has been self-inflicted.
And while I do believe Facebook will be with us for the foreseeable future. Alternative media platforms are now online, and they are providing an environment that does not have the censorship and privacy issues that Facebook has.
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Reality Labs, Facebook's metaverse fantasy team, burned through $4.5 billion in 2019, $6.62 billion in 2020, and $10.19 billion in 2021 (that’s over $21 billion).
In a February 2022 earnings call, chief financial officer David Wehner said those operating losses would "increase meaningfully" this year. And they have. Another $9.4 billion in losses have been realized in just the last three quarters, bringing Reality Labs’ operating losses to north of $31 billion.
It's like the F-35 program over there and they're just making a shitty video game. Holy moly. And there is a 1% chance of the entire project making it to full release, let alone being considered successful.
I've been tired of FB for years. A big problem for people unable to leave is they tied their fb account to the only way to talk to distance family, or at least "check up" on them.
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