Metaverse Jobs Drying Up as Big Players Freeze Hiring
New research by the workplace researcher Revelio Labs shows that metaverse jobs are declining.
The Revelio report found that new monthly job postings that contain the word “metaverse” across all countries fell 81% between the months of April and June after the surge in demand that followed Facebook’s rebrand to Meta last fall.
The sharp decline coincided with a broader pullback in the tech industry which has precipitated hiring freezes and lay-offs, directly impacting metaverse jobs across the board.
Meta Platforms slowed its hiring in May this year although, in recent months, it said it had resumed hiring for what it calls some of its “highest priority areas.”
In the second quarter of this year, Meta had 5,700 net hires. The company is also planning to add new talent in other areas such as artificial intelligence, machine learning, and graphics.
Meta boss Mark Zuckerberg has bet big on virtual reality along with other emerging immersive technologies. Such a huge bet in the metaverse prompted other players to hire experts in the field and this likely generated a “short-lived hype from the demand side” according to Revelio Labs’ Jin Yan.
Recent concerns over recession have seen a lot of employers recalibrate their hiring as well as labor budgets which might have dimmed the metaverse hype.
During an earnings call in late July, Meta boss Mark Zuckerberg stated that he was slowing down the pace of the company’s long-term investments in the metaverse and other emerging technologies following a revenue shortfall.
Apple, on the other hand, has stated that it wants to be “more deliberate” when it comes to recruiting its staff for its metaverse projects. Another major player in this space, Alphabet (formerly Google), hasn’t made major announcements on its future XR plans and has also slowed down on hiring even though it is still thrusting ahead with its augmented reality plans.
All in all, the full-time metaverse jobs are becoming fewer by the day but the number of freelance jobs for metaverse-related projects like 3D design and avatar development has more than quadrupled, according to Fiverr International, an established freelance talent marketplace.