As businesses around the world start tightening their belts with an eye on inflation and a possible recession, even the biggest names in social media aren’t immune.
As the Verge reported, a memo to Meta staff laid out the challenge:
Meta is warning of “serious times” and preparing for a leaner second half of 2022, according to an internal memo circulated to employees this week. The note comes from chief product officer Chris Cox and outlines the company’s priorities and challenges to its business going forward.
“I have to underscore that we are in serious times here and the headwinds are fierce,” Cox wrote in the memo obtained by The Verge and published in full below. “We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets.”
Beyond the wider economic pressures felt by almost every business, Meta is worried about the end of third-party tracking cookies in Chrome next year and other privacy changes and regulations that will impact its ad business.
Even as it cuts back in some areas, expect Meta to invest heavily in fields like the metaverse, A.I., messaging, and meeting new privacy requirements. Oh, and Reels. Lots of Reels.
Speaking of which…