Meta has proven adept at copying rivals by adding features such as Reels short-form video sharing to Instagram in response to the popularity of TikTok. Keep up to speed at a glance with the Top 10 daily storiesOculus virtual reality gear is part of a unit at Facebook-parent Meta devoted to a future of immersive online worlds people explore as animated avatars.
"At the time it went public, Facebook was considered to be young, edgy and connecting people," Creative Strategies analyst Carolina Milanesi told AFP. The company tapped into information about people's online activities to become a digital advertising behemoth, raking in billions of dollars. The social network was caught up in scandal anew two years later after it was revealed that British consulting firm Cambridge Analytica stealthily harvested data of millions at Facebook and used it for political purposes, including trying to rally support for Trump.Regulators in Europe passed a groundbreaking law to give people more control over their online data.
"They want to be there before they miss another wave of transition," Milanesi said of Meta rushing to virtual worlds where people live as avatars. "I'm expecting a much stronger pivot to linking consumers and businesses, either to buy stuff or to attend events, and less about people connecting on a personal level."