Meta reportedly offers salaries of up to $1M to programmers to develop VR-powered games, apps, and technology for the metaverse.
The high compensation packages are double or more than double the salaries other gaming companies offer.
- Meta's
investment in the metaverse comes amid a push to reduce costs across
the company, which plans to lay off 10,000 workers and trim middle
management and redundant projects.
- The company has been facing
intense competition from new rivals, new privacy rules from Apple,
rising inflation, and market instability.
- Meta has invested
significantly in building virtual reality-powered headsets, augmented
reality-powered glasses, and related programs to create the next great
computing platform, but this complicated execution and strategy issues.
- Despite
Meta's spending on the metaverse, the company is still developing
underlying technology and researching to create glasses capable of
projecting computerized images onto the real world.
- Meta's
investment in the metaverse is part of a more significant trend in which
tech companies are laying off workers and cutting projects in response
to economic pressures.
- Over
the last two years, the tech industry has shed at least 332,614 jobs,
according to Layoffs.fyi, a website that tracks layoffs in the tech
industry.
