Facebook sees a massive $3 billion loss on VR development in 2022

Game developers and gamers themselves have thought about and tried to implement virtual reality many times over the years. Although virtual reality is still not the main method of gaming, it is growing in popularity and is largely due to the efforts of Meta (formerly Facebook).

Thanks to Meta Quest (formerly Oculus) headsets and an effort to create the Metaverse, more people than ever have gotten a taste of what virtual reality has to offer, both in and out of the game. , realizing the future that Facebook sees doesn’t come cheap, and the company continues to suffer significant losses due to its development in this area.

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Reality Labs, the division of Facebook/Meta responsible for developing virtual reality apps and headsets, released its quarterly report alongside the rest of Facebook. This report found that Reality Labs alone has recorded a loss of nearly $3 billion so far in 2022, compared to a loss of nearly $2 billion the previous year.

That’s not to say Reality Labs loses money without results. The division also generated just under $700 million in sales during the same period, an increase of more than $150 million from the same period in 2021. Although it is far from reaching break-even with the amount lost, continued losses are likely due to Facebook/Meta’s continued efforts to expand high-speed VR applications and accessibility.

So far, the mainstream Oculus/Meta Quest 2 has had major success. The device, like its predecessor, is often in high demand and has sometimes been difficult to find available for purchase. A truly wireless experience in VR has taken gamers by storm, giving them a PC-like VR-like experience without having to be tethered to a computer and without needing a wide array of sensors to enjoy experience. Since then, the device has evolved further, allowing gamers to connect to computers with a cable for a full-fledged gaming experience, or even wirelessly to use the gamer’s PC GPU for better visuals.


However, virtual reality is still far from being widely adopted. Facebook sees a future where people use Meta devices not just to play and explore the Metaverse, but also to cooperate for work. Reality Labs continues to strive to make the Metaverse a reality, and more headsets are in development, with VR units aimed at both enterprise and casual users. These developments don’t come cheap, but Facebook has deep pockets to fund these creations. There’s still a lot up in the air about the Metaverse and the future of VR, but Facebook isn’t backing down.

MORE: Everything Announced During Meta Quest Showcase


Source: VentureBeat


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