There’s Always A Next Big Thing

Michael Hedges April 3, 2023 Follow on Twitter

Enterprises, typically of a certain size and frame, are always looking for the next big thing. Start-ups bet their futures on finding it. Customers and investors demand it. Those announcing the next big thing, usually but not exclusively in the technology sphere, will mention "very close to taking off" in their presentations. People love the hype.

When Facebook chief executive and co-founder Mark Zuckerberg revealed an immersive, virtual future of everything in October 2021 investors were on the edge of the seats waiting for the next big thing, something they do when in need of an injection. Most consumers, on the other hand, were hiding under their beds in fear of the coronavirus playing games on their mobile phones. It all coincided. Mr. Zuckerberg named his new vision the metaverse, changing the company name to Meta Platforms as a holding company for social media assets Facebook, WhatsApp and Instagram.

Mr. Zuckerberg was in need of a next big thing. Social media platforms were unable - or unwilling - to suppress trolls, disinformation, fake news and outright exploitation. The cost of containment was high. Media buyers, paying for this fun, were grumbling. Still, the money kept roaring in. The metaverse name was “borrowed” from Snow Crash, a sci-fi thriller written by Neal Stephenson and published in 1992. The book was very popular in Silicon Valley. Within a week of Mr. Zuckerberg’s announcement Microsoft introduced Mesh, with personalized avatars, as a “gateway” to the metaverse.

A year later (October 2022) Microsoft and Meta formally joined teams to “provide customers with more choice and security as they venture into the metaverse.” Other enterprises tagged along, not only in the tech sector. By December the Walt Disney Company (Disney), then led by chief executive Bob Chapek, was fully immersed. This made perfect sense, said nearly all observers at the time, as Disney is the all-time master of fantasy with television and film production, animation, theme parks, ocean cruises and more.

By January this year Microsoft bid farewell to the metaverse, shutting down one project after another. Attention would shift to artificial intelligence (AI). “We look forward to sharing additional information in the future,” said the press release (February 10). By the end of February Mr. Zuckerberg, effectively, did the same. Its Reality Labs division, housing its metaverse efforts, had lost US$13.7 billion in 2022. You could hear shareholders howling, not to be confused with shrieking over Silicon Valley Bank, their favorite, going under. "Over the longer term, we'll focus on developing AI personas that can help people in a variety of ways,” wrote Mr. Zuckerberg on social media, quoted by TheStreet (March 18).

Next to escape was the Walt Disney Company. The small - 50 person - exploratory group formed by Mr. Chapek to create “unparalleled opportunities” was disbanded, reported CNBC (March 28). Current chief executive Bob Iger announced wide ranging job cuts and other savings at the end of February, many stemming from Mr. Chapek’s spending spree. Mr. Iger had also preceded Mr. Chapek, who only lasted a few months. “Mickey Mouse has left the metaverse,” headlined the Wall Street Journal (March 28).

Sticking with the metaverse for the moment are video games makers, fashion brands (virtual runways) and, of course, the crypto people. Immersive experience, however that is defined, is the way they sell to Gen Z (Zoomers). But others have moved on to, yes, the next big thing: AI. A set of thinkers concerned with the future of the world - including notable tech bros Steve Wozniak and Elon Musk - published a letter asking for a six month pause. “Society has hit pause on other technologies with potentially catastrophic effects on society. We can do so here. Let's enjoy a long AI summer, not rush unprepared into a fall,” said the letter, published by Future of Life Institute (April 1).

See also...

• Hot Topics - Digital Transitions

• Hot Topics - Social Media

• Hot Topics - The Walt Disney Company

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