Zuckerberg's Metaverse Is, Costing Meta Billions.
Zuckerberg's Metaverse Is, Costing Meta Billions.
Meta reported a $3.74 billion operating loss on its Reality Labs division, which oversees CEO Mark Zuckerberg's metaverse, according to The Byte.
Meta reported a $3.74 billion operating loss on its Reality Labs division, which oversees CEO Mark Zuckerberg's metaverse, according to The Byte.
In October, Reality Labs was hit with job cuts, slashing the division's 600-person team.
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Despite some technological steps forward, the costly virtual reality project still appears to be a long way from becoming profitable for Facebook's parent company.
Despite some technological steps forward, the costly virtual reality project still appears to be a long way from becoming profitable for Facebook's parent company.
In 2022, Meta's Quest Pro VR headset went on sale for a hefty $1,500.
In September of 2023, a Roblox conference reportedly handed out the high-price headsets to attendees for free.
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The Byte reports that a recent survey by Piper Sandler found that teens in the U.S. lack interest in current virtual reality technology.
Only 29% of the 5,600 teens who took part in the survey owned a VR device, with 4% of them saying they used it daily.
Just 7% of teens polled said they had plans to buy a VR headset in the future.
Meanwhile, 52% of teens polled said that they were either unsure or disinterested in the technology.
The Byte reports that VR has failed to find an audience among young people, a demographic which has traditionally driven the technology market.
