Meta is struggling with its first-ever quarterly sales drop and now has another problem, jobs in the metaverse are disappearing.
Workplace researcher Revelio Labs has found that new monthly job vacancies in all industries with “metaverse” in the title fell 81 percent between April and June.
It had steadily risen in the months after Facebook’s rebranding last fall.
The dip corresponds with a larger slump in the tech sector, which has resulted in layoffs and hiring halts, leaving employees from the Bay Area to Bangalore increasingly concerned.
In the last four weeks, job posts in tech hubs such as San Francisco and Austin, Texas, have plummeted 8.4 percent.
Meta CEO Mark Zuckerberg’s massive investment in virtual reality and other emerging, immersive technologies prompted businesses of all sizes to seek out experts in such fields.
Revelio economist Jin Yan said that this may have created “short-lived hype from the demand side.”
As firms re-evaluate their staffing demands and labor budgets in the face of mounting recessionary fears, that hype has collided with a sobering, and entirely non-virtual, reality.
Due to the revenue deficit, Zuckerberg stated on Meta’s earnings call on Wednesday, July 27, that he is “slowing the pace” of long-term investments and reducing hiring plans.
Apple, a major competitor in the virtual-reality market, said on Thursday, July 28, that it will be “more deliberate” in its hiring.
Alphabet, Google’s parent company, has reduced hiring as well.
While full-time metaverse jobs have grown more uncommon, the number of freelancing opportunities for metaverse-related services such as avatar construction and 3D design has more than quadrupled.