Facebook parent company Meta continues to prioritise its metaverse ambitions despite losing billions. In its recent earnings report for the third quarter, Meta shared that its Reality Labs unit, which works on metaverse technologies, had a $3.74 billion operating loss.
Meta’s accumulated revenue from the virtual reality and augmented reality section also went down by 26%, falling from $285 million last year to $210 million. According to CNBC, analysts expected the WhatsApp company to make about $299.3 million in sales but instead recorded a $3.9 billion operating loss.
Although the company doesn’t appear to be slowing down on its VR and AR plans anytime soon, it’s safe to say that the market is still quite new. Some developers who were present at Meta’s recent Connect conference for MR which also includes the State of Developer Union 2023, said that Apple’s decision to delve into the VR space could pave the way for more people to use it, leading VR to mainstream adoption.
Meta’s Quest 3
Meta showcased its Quest 3 VR headset in September, promoting it as a better and improved version of the Quest 2. The new product has an improved passthrough feature that makes a more mixed reality experience as well. The Quest 3 starts at $499, which is $200 more than the Quest 2 but $500 less expensive than the top-tier Quest Pro VR headset.
Meta is marketing its Quest headsets as a less expensive option for experiencing VR compared to Apple’s upcoming Vision Pro mixed reality headset, which will be priced at a whopping $3,499 when it comes out early next year.
In June, Meta also introduced the Meta Quest+ VR subscription service, allowing users to get two new games every month. This subscription is priced at $7.99 per month and is compatible with the Quest 2, Quest Pro, and Quest 3 VR headsets.