Facebook CEO Mark Zuckerberg said the company plans to start a new 'North Star' initiative to target products towards the market of young adults age 18-29
call Monday, announcing a significant $10 billion investment in the “metaverse,” with higher expenses to follow in subsequent years, a change in how the company reports earnings, and most critically a new strategic “North Star”: Serving young adults age 18-29, rather than the older adults that have driven the company’s growth in recent years.
Zuckerberg said the plan to focus on young adults will take years, and will mean that its user growth will be impacted in coming months and years. He also said that the strategic decision was made in part by competition from TikTok, which he called “one of the most effective competitors we have ever faced.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CEO Mark Zuckerberg responds to the massive Facebook document dumpFacebook reported $29 billion in revenue for the three months ended in September, up 35% from the same period a year earlier. The company posted nearly $9.2 billion in profit, up 17% from the year prior.
Read more »
Mark Zuckerberg Wants to Pivot Facebook Back to the YoungsZuckerberg announced that Facebook would be “retooling” to make “serving young adults the north star, rather than optimizing for older people”
Read more »
Mark Zuckerberg’s dive into metaverse misses markAlongside quarterly results, Facebook said it would start reporting more financial details on its virtual reality initiatives and beyond. Any extra clarity is welcome, but the structural changes sidestep all-important Instagram. It’s a bad time to be hiding behind the headset.
Read more »
Emmerdale's Laura Norton says 'universe doesn’t want' her to marry Mark JordonLaura Norton, who plays Kerry Wyatt on Emmerdale, has explained how babies, Covid and moving houses have led to her and former co-star Mark Jordon enjoying 'the longest engagement ever!'
Read more »
Former USC dean pleads not guilty in Mark Ridley-Thomas bribery caseFormer USC dean Marilyn Louise Flynn denies federal charges she bribed former L.A. County Supervisor Mark Ridley-Thomas for county contracts with USC.
Read more »