Jobs in the metaverse are evaporating as Google and Facebook slow hiring
Between April and June, the number of new monthly job advertisements with "metaverse" in the title fell by 81 percent across all industries.
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In addition to dealing with its first-ever quarterly revenue decline, Meta Platforms Inc. is currently facing the disappearance of jobs in the metaverse.
Revelio Labs, a workplace research firm, found that new monthly job posts with "metaverse" in the title fell by 81 percent between April and June after rising in the months after Facebook's makeover last October. The decline occurs at the same time as a broader slump in the tech industry, which has led to layoffs and hiring restrictions, leaving employees from Bangalore to the Bay Area increasingly uneasy. According to job site Indeed, the number of job posts in tech centres like San Francisco and Austin, Texas, fell by 8.4% during the previous four weeks.
A "short-lived hype from the demand side," according to Revelio Labs economist Jin Yan, may have resulted from Meta Chief Executive Officer Mark Zuckerberg's large wager on virtual reality and other developing, immersive technologies that prompted businesses of all stripes to look for experts in those fields. That euphoria has now collided with a grim, wholly non-virtual reality as firms reevaluate their employment requirements and labour expenditures amid mounting recessionary fears.
In response to the revenue shortfall, Zuckerberg stated on Meta's earnings call on Wednesday that he is "slowing the pace" of long-term investments and reducing employment ambitions. Apple Inc., a new competitor of Meta in the virtual reality market, announced on Thursday that it will be "more careful" in its hiring practises. Alphabet Inc., the parent company of Google, which has refrained from making sweeping predictions about the future of the internet but is making headway in fields like augmented reality, has likewise reduced recruiting.
According to freelance talent marketplace Fiverr International Ltd., the number of freelance engagements for metaverse-related services like avatar construction and 3D design has more than quadrupled while full-time metaverse jobs have become more difficult to get.
