Meta, the company formerly known as Facebook, has announced its decision of pausing the F8 developer conference in 2022 as it gears up for new initiatives towards metaverse.

Instead, Meta will organize its inaugural business messaging event called ‘Conversations’, which will be virtually held on May 19, ANI reported from Washington.

Meta is pausing this year “while we gear up on new initiatives that are all tailored towards the next chapter of the internet, and the next chapter of our company too: building the metaverse,” Diego Duarte Moreira, director of developer and startups programs for Facebook, wrote in a blog post.

He added, “Similar to the early stages of the web, building the metaverse will be a collaborative effort at every stage – with other companies, creators, and developers like you.”

Meta is scheduled to organize a ‘Connect’ event later this year, where they are to announce and share the latest on the company’s VR, AR, and metaverse platform offerings.

While Meta CEO Mark Zuckerberg previously said that the company would invest around USD 10 billion in metaverse projects for 2021, it reportedly suffered a loss of $10.2 billion on revenue of $2.27 billion.

Several other big tech companies are also progressing for the same. Google I/O will take place on May 11 and 12, while Apple’s Worldwide Developers Conference 2022 is set for June 6 through 10.