Metaverse jobs are disappearing as employment slows

Metaverse jobs are disappearing as employment slows

Tech

14:03 today

New monthly job postings in all industries with ‘metaverse’ in the title decreased by 81% from April to June

According to workplace researcher Revelio Labs, jobs in the metaverse are declining.

Revelio research shows new monthly job listings across all industries with ‘metaverse’ in the title fell 81% from April to June after a spike in the months following Facebook’s rebranding last fall Did. The decline coincides with a widespread recession across the tech sector that has caused layoffs and job freezes, further unsettling workers from the Bay Area to Bangalore.

Meta Platforms Inc. delayed adoption in May, but said it has recovered in recent months. “After temporarily suspending hiring for certain roles at the company, we are pleased to resume hiring in some of our highest priority areas,” spokeswoman Andrea Beasley said. The company, which brought in net new jobs, is looking to add talent in areas such as machine learning, AI and graphics.

Representatives for Google parent Alphabet and Apple, which are also actively working on immersive digital technology, did not immediately respond to requests for comment.

Meta CEO Mark Zuckerberg’s big bets on virtual reality and other nascent immersive technologies have led companies of all kinds to seek out experts in those fields, leading to “short-lived demand from the demand side.” “hype,” said Jing Yang, an economist at Revelio Labs. Said. Now, that hype may face a chilling reality as employers readjust their hiring needs and labor budgets amid growing fears of a recession.

Zuckerberg said on Meta’s July 27 earnings call that it was “slowing the pace” of long-term investments due to the lack of returns. Apple, Meta’s new rival in the virtual reality space, said on July 28 that it would be “more cautious” in hiring. Alphabet has avoided making grandiose, futuristic statements about the next iteration of the internet, but it’s making rapid progress in areas like augmented reality and slowing adoption.

According to freelance talent marketplace Fiverr International Ltd., while full-time metaverse jobs are in increasing short supply, the number of freelance gigs for metaverse-related services such as avatar development and 3D design has quadrupled. That’s it.

©2022 Bloomberg LP

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