By November 18th, Zuckerberg had changed his tone , discussing fake news as a more serious threat, and outlining six ways Facebook would fight it, several of which launched last week. And I think that, you know, when we think about what Facebook is doing in trying to give people a voice, one of the things that we are spending a lot of time reflecting on this year and I think going forward is that we have a big responsibility to make sure that these tools are used to create the most benefit for people around the world.
And, you know, Facebook is a new kind of platform. The new feature reportedly will feature half a dozen video series for 24 hours, then refresh with new videos that include Facebook-funded shows and exclusives from its media partners. All of this makes sense given how lucrative the space is. Although Facebook's news feed already includes video, most of those clips are no more than a few minutes long. That's not enough to keep you engaged. Facebook Live provides longer streams, but monetizing them remains trickyFacebook only recently rolled out ad breaks to generate revenue for itself and its partners.
The new plan calls for episodic content, Digiday reports , of three to 30 minutes per video, making those videos a great fit for the new "mid-roll" ad format. Is the whole metaverse push also tied at all to the work on young adults and teens? Kids love Roblox. They love Fortnite. Is that a part of it, too? And generally it continues to be a strong base.
The median age of the people who use our products gets older. What young adults need to buy and sell is probably different from what people who are later in their life need to buy and sell.
So there are just all these different ways that I think the products will shift to going in that direction. We face a lot of competition from TikTok and iMessage especially now, as well as a bunch of others that have been around forever — YouTube, Snapchat.
But TikTok and iMessage are growing incredibly quickly. So I think in terms of our focus on the apps, and Facebook and Instagram in particular, that I think is going to be a bigger thing over the next one to three years. Whereas the metaverse work I think will be a little further out in terms of actually reaching a ton of people. The term metaverse. Is that something you thought about at all when you were thinking about leaning into the word?
But I think it means more than that. I also think that as these technologies develop, they take on different connotations and metaphors.
I would be very surprised if five years from now the main association that almost anyone had with the metaverse was about the initial mention of it in Snow Crash. People called it the information superhighway and stuff. None of that was was super negative, but it was pretty odd when compared to how we think about it today. I think that these things are always more dynamic.
A part of Connect that interested me was you talking about crypto and new forms of governance in the metaverse. Are you working on supporting NFTs? It seemed to me like you were thinking about DAOs. Or is it just content that someone can basically just take away from me in the future? Or because of how top-down it is, where people have little say in how it runs or an ability to make money on the platform?
Or that, on the more extreme end, any bad means the platform is net negative. I do think, in general, the last five years have been a big learning period for me and the company.
A lot of these are things that we cared about much earlier in the company and had some programs around, but we really kicked a lot of them into high gear after So then you end up not making anyone particularly happy. The investments and results far exceed the sophistication of anyone else. All rights reserved.
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