The metaverse is not yet upon us, but companies are already cutting back on hiring in the sector. That’s according to a report from Bloomberg, which highlights a study by Revelio Labs, which showed that postings for jobs relating to the “metaverse” declined by a whopping 81% between April and June 2022.
That decline in metaverse job openings corresponds with fears of a looming recession as well as one of the toughest quarters that Big Tech has had in years. With the exception of a few Big Tech players, most tech heavyweights have recently posted disappointing earnings. At many companies, reduced earnings are translating into a hiring slowdown, freeze, or even layoffs.
Last month Meta CEO Mark Zuckerberg announced the company would cut hiring plans due to “fierce” headwinds. Google is taking similar measures. Even Apple, which is faring better than most Big Tech players, is adjusting its hiring. Apple CEO Tim Cook said last week that the company would now hire employees in a more “deliberate way.”
What does this say about the nascent metaverse? As of now, the metaverse isn’t a revenue driver for any major company, and it’s unknown how readily consumers will take to metaverse platforms in the future. So, companies need to slow hiring, it makes sense that metaverse jobs would be likely to go before jobs that are critical to the products that drive revenue today.