Tag: Reality Labs

Meta’s Zuckerberg continues to pour billions into virtual reality Multiverse

Jennifer Goula
Virtual reality - Funding - VR Tech

Despite the massive expense and the lack of popularity and interest, the CEO isn’t giving up. Meta, Facebook’s parent company, has been dumping billions of dollars into the development and production of virtual reality hardware, software and experiences, even as consumers remain essentially disinterested in taking part. From 2019 through 2022, Meta poured a tremendous $36 billion into its VR-focused division. The company’s CEO Mark Zuckerberg has been highly enthusiastic about virtual reality technology and has been convinced that the world will follow. That said, even when the company’s Quest…

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Virtual and augmented reality for healthcare to become $9.7B market in 5 years

John Montgallo
Augmented reality - Doctor Using VR headset

The next half decade will be a defining one for AR and VR in this particular niche of the marketplace. The augmented reality (AR) and virtual reality (VR) market is expected to experience substantial growth over the next 5 years within the specific healthcare niche. AR and VR in healthcare are currently estimated to be worth nearly $2.7 billion. A new report titled “Global AR-VR in Healthcare Market, By Component (Hardware, Software), By Device Type, By Application, By End Use, By Region, Competition, Forecast & Opportunities, 2017-2027F” showed that the…

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Facebook’s virtual reality investments have lost almost $20B since 2020

John Montgallo
Virtual reality - Facebook investment

Last quarter alone, Meta spent $2.96 billion to continue the company’s attempt to build the metaverse. Meta has been aggressively pursuing its virtual reality metaverse world, but this pursuit has come with a large price tag as the company has consistently lost money on the effort until now. The metaverse is meant to allow users to navigate a VR world in the form of their digital avatars. The Facebook parent company has released its first quarter 2022 financial results and has revealed that this year alone, the virtual reality investments…

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Meta reportedly splits up augmented and virtual reality headsets team

John Montgallo
Virtual reality headsets - Split between VR and AR

The team of 300 people was working on a hybrid operating system but won’t be continuing for now. A team of 300 people that had been working on Meta’s hybrid operating system for augmented and virtual reality headsets, has been reportedly split up by the company. Some of the engineers from the team will be heading to Quest gadgets and AR glasses projects. Some of those that had been working on the operating system for the augmented and virtual reality headsets will be heading to work on AR glasses or…

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FTC reportedly investigating Meta virtual reality division

Stephanie Beck
Virtual Reality - Federal Trade Commission Building

Reports show the Federal Trade Commission and several US states are looking into the VR division. The Federal Trade Commission and a number of US states are investigating the virtual reality division at Meta, according to a recent Bloomberg report. The specific number of states were not identified in the report, but they are being led by New York. New York is leading the undisclosed number of states across the country that are questioning the Meta virtual reality Oculus app developers. The investigation has been ongoing across the last few…

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