That doesn’t mean Reels should be overlooked. (To put that in context, Meta was founded only 18 years ago.) In the meantime, Meta is putting its full force behind Reels, a short-form video product that looks a lot like TikTok and has gotten a lot less buzz than its big metaverse bet. But the metaverse for now is mostly a concept and will take five to 10 years to build. Meta CEO Mark Zuckerberg has made the company’s long-term plan clear: It’s all-in on the metaverse, a virtual world where people can use augmented and virtual reality tech to interact with each other. What it focuses on next will determine its future and have an impact on the many people who rely on its products. While it boasts over 3.5 billion users a month across its Facebook, Instagram, and WhatsApp platforms, its user base is aging, it’s facing fierce competition from the short-form video platform TikTok, and its ad-targeting business model is confronting a painful disruption. Meta, the parent company of Facebook, needs to stay relevant.
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