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Home BUSINESS

Meta’s ‘Reality Labs’ Reports a $3.74 Billion Operating Loss in Q3

BlockNews.com Team by BlockNews.com Team
October 25, 2023
in BUSINESS, METAVERSE, NFT
Reading Time: 3 mins read
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  • Meta’s Reality Labs division lost $3.7 billion in Q3 2022, bringing total metaverse losses since early 2021 to over $21 billion as CEO Mark Zuckerberg pushes forward with his metaverse vision.
  • In September, Meta released the Quest 3 VR headset, a technically improved $499 version of the older Quest 2 device that is more affordable than the high-end Quest Pro.
  • Meta launched a $7.99 per month VR subscription service in June for Quest headset owners to access new games, competing with Apple’s upcoming $3,499 mixed reality headset.

Meta‘s Reality Labs division, which is developing metaverse technologies, recorded a $3.7 billion operating loss in Q3 2022. This brings total losses since early 2021 to over $21 billion, as CEO Mark Zuckerberg continues his ambitious push into the metaverse.

🚨 NEWS: @Meta's 'Reality Labs' reports a $3.74 billion operating loss in Q3.

This division is dedicated to metaverse technologies such as AR/VR.

Despite revenue dropping 26% year-on-year, Meta remains committed to its metaverse vision.

Upcoming product launches like the… pic.twitter.com/5tdNtyTVmw

— BlockNews.com (@blocknewsdotcom) October 25, 2023

Meta’s Latest VR Headset

In September, Meta released the Quest 3 VR headset, describing it as a technically superior version of the older Quest 2 device. The Quest 3 starts at $499, which is $200 more than the Quest 2 but $500 less than the high-end Quest Pro.

Meta’s VR Subscription Service

In June, Meta launched a $7.99 per month VR subscription service for Quest headset owners. The service provides access to two new VR games each month. It works with the Quest 2, Quest Pro, and new Quest 3 headsets.

Competition from Apple

Developers say Apple‘s upcoming entry into the VR market with its own headset could push the industry into the mainstream. Apple’s Vision Pro mixed reality headset will cost $3,499 when it debuts next year. In contrast, Meta is positioning its Quest headsets as more affordable VR options.

The Road Ahead

While the metaverse market remains early stage, Meta continues to invest billions quarterly into making its vision a reality. The company faces stiff competition from major players like Apple, but is counting on affordable VR devices like Quest to drive adoption. Time will tell if virtual worlds become the next frontier.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BusinessFacebookMetametaverseNFT
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BlockNews.com Team

BlockNews.com Team

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