May 23, 2017

Facebook Focused on New Technologies

“I’m also excited about the early progress we’re making on our 10-year initiatives,” said Facebook CEO Mark Zuckerberg during their recent earnings announcement. “We are investing in new technologies to give more people a voice — including the 4 billion people around the world who aren’t yet online — and helping more people take advantage of the opportunities that come with the internet.”

Facebook is seeking to connect everyone in the world, regardless of any obstacle. It’s a long term plan, but Facebook is on it.

“One of the biggest opportunities to grow our community is in developing countries where connectivity is less advanced than what we take for granted here at home,” Zuckerberg said. “So over the past couple of years, we’ve began making steady improvements to our apps to make them work regardless of the device or connection people are using. We also built a light-weight version of our Android app, called Facebook Lite, that is tuned to work on 2G networks and is now used by more than 100 million people.”

Virtual reality is another huge area of investment for Facebook, especially with their $2 billion purchase of Oculus. They see VR as an extension of connecting and sharing. Know one really knows the future of VR, but it will be deeply engrained in advertising in the future and since all of Facebook’s revenue comes from advertising, they need to be in this space.

“We believe that virtual reality can help people share richer experiences and help everyone understand what’s going on around the world,” said Zuckerberg. “It’s really early for us in VR but we’re hitting some important milestones. As of the second quarter more than 1 million people a month are using Oculus on mobile phones through our Gear VR 4partnership with Samsung.”

Zuckerberg also commented on the potential revenue importance of their investment in VR:

“More than 300 apps are already available at the Oculus store for Gear VR, we’ve filled all of our pre-orders for Oculus Rift and we are seeing increasing demand from retail as stores plan for the holidays. While it’s still early for augmented reality, we’re doing AR research and are seeing lightweight versions of AR technology today in mobile apps like MSQRD.”