The Meh-Taverse 🌎👋

👀 TLDR

In this week’s What’s Appening, we cover the news that Meta has been quietly shuttering much of its Metaverse division, wrapping up four years of one of the most expensive business mistakes in history. Could it ever have worked? And does it matter that it didn’t? We also have news on an app that’s causing drama (literally) on TikTok, a new feature that Spotify is working on for bibliophiles, news on OpenAI’s revenues, and a big lawsuit demand from Elon Musk. Plus, we keep you up to date with all the latest from 3Advance.

🎬 Our Top Take

📱📵 Meta – Layoffs and Studio Closures Signal End of Metaverse Ambitions

Remember when Mark Zuckerberg told us that we would all end up working and socializing in the Metaverse? We certainly do, as we covered it for What’s Appening on that fateful day in October 2021 after learning that Facebook would be rebranded as Meta. Back then, we (and others) mused that the name change was a consequence of the toxic-ish Facebook brand, following the Cambridge Analytica scandals and others. Now, though, the idea of the Metaverse is fading away. This week, Meta announced it was laying off another 10% of its Reality Labs staff, as well as three VR gaming studios. Importantly, Meta is also shuttering its projects aimed at bringing VR to the workplace. WFH and hybrid contracts are probably here to stay, but you know, Teams and Zoom are more than enough. It’s a sign that the project just didn’t work, and let’s face it: It feels a little ridiculous now. Some argue that Zuckerberg’s bet was on Gen-Z, erroneously thinking that they only desired virtual interaction. And in a sense, it was also a bet on the sentiment of a world just emerging from Covid-19. An expensive mistake after spending an estimated $80 billion? He could have bought Twitter (just imagine) and built a few dozen kids’ hospitals, with a little change to spare. Zuck will get away with it, even if he did rename a $1.5 trillion company after his mistake 🤦, as investors will remain buoyed as long as we keep clicking on the socials. #ExpensiveMistake Read more here.

📲 App of the Week: PineDrama

Over the last few months, TikTok has been home to a craze termed “Microdramas”. As the name suggests, they are short (one minute long, usually) television-style dramas that are intended to be consumed in bite-sized chunks. TikTok has seen the success and run with it, releasing a standalone app, PineDrama, for users to get their fix. The good news is that the app is free and ad-free, at least for now. If this sounds like the kind of thing you’re into, you can get TikTok’s PineDrama app here for iOS and here for Android.

🧐 Stat of the Week: $134B

📈📉 AI – Elon Musk Wants His Slice of the OpenAI Pie

It’s no secret that Elon Musk isn’t a fan of Sam Altman and OpenAI, but details have just emerged of how much dough he reckons he’s owed from the company, as well as its main benefactor, Microsoft. In his lawsuit, Musk is demanding up to $134 billion, claiming that his capital ($38 million at the time), business acumen, contacts, and advice helped shape OpenAI to the $500B valuation it has today. #MoMoney Read more here.

🗞️ Other Stories

📍 Meanwhile at 3Advance

This March, Paul will be representing Shift at the Oklahoma Ireland Business Conference in Tulsa, sharing what we’ve learned while building the platform – and the community that’s forming around it. The conference is part of the wider Tulsa Irish Festival, which has grown into a really special celebration of Irish culture and community – and is well worth sticking around for if you’re in town.