“We are in serious times and the headwind is fierce” – this is how Facebook warns its own employees. In particular, the platform’s advertising business has been doing much better. Stricter data protection rules are said to have a massive impact on business.
Facebook: Employees sworn to “hard times”.
Facebook product boss Chris Cox has written an internal message to employees in which they are sworn to “tough times”. The current headwind that the platform is experiencing is “violent” and will not abate in the near future. That Companies are now facing major challengesthat need to be mastered.
The biggest of those challenges, Cox said, are privacy changes that are have a noticeable impact on Meta’s (Facebook’s parent company) advertising business. Added to this is further macroeconomic pressure. According to Cox, monetizing Reels, Facebook’s TikTok clone, is now a high priority. New funds would have to be tapped into via reels “as soon as possible”.
To keep Facebook moving forward, Cox has identified several areas where more innovation is needed. All Metaverse products are at the forefront, but messaging is also explicitly mentioned. Facebook employees are now being called upon to “prioritize more ruthlessly” without hoping for bigger budgets or more support (source: The Verge).
Facebook has big plans for the Metaverse. Details in the video:
Facebook: Hiring stop in many areas
Facebook has already adjusted its employees to the fact that the boom times are over for the time being. In May became a extensive hiring freeze known, which extends to many areas of the company. Among other things, the shopping team should not be expanded further. The Messenger Kids app should also no longer be worked on in the future.
From the Tech crash in the stock markets Facebook is particularly badly affected. At the beginning of February, the price was still around 280 euros, but it is currently at just over 150 euros (as of July 1, 2022).