Meta Plans Major Metaverse Investments in 2023
Andrew Bosworth, head of Reality Labs, the metaverse division of Meta, has released a statement saying the company has plans for major investments in VR (virtual reality) technology in 2023. Meta has already made substantial changes to adapt to the current economic downturn. But Bosworth reiterates that the company is firmly committed to its metaverse pivot.
The
social metaverse company, Meta, will pursue the metaverse. It is planning to
continue the development of metaverse and VR-related projects during 2023. In
an article written on
December 19, Andrew Bosworth, head of Reality Labs, explains that while the
company has suffered major drawbacks due to the economic downturn, it will
continue to pursue the vision of the metaverse to achieve its goals.
Bosworth
stated:
"I
can say with confidence that after one of the hardest years in the history of
the company, Meta remains as committed to our vision for the future as we were
on the day we announced it."
The
rebranding of Facebook to Meta was announced on October
28, 2021. It also changed the scope and focus of the company to make the
metaverse a real place in which individuals will be able to socialize, find
communities, and grow businesses.
Investments in Advancements
The
level of commitment of Meta to the metaverse has been affected by the recent
layoffs. The company laid off 11,000 employees, as announced on November 9.
Nonetheless, the company has allocated 20% of its annual budget to Reality
Labs, its core metaverse division.
Bosworth
declared that this investment level "makes sense for a company committed
to staying at the leading edge of one of the most competitive and innovative
industries on earth." It can be recalled that several investors have
suggested Meta drop its metaverse business.
This
level of investment will continue to power the advancements that Meta will
introduce in 2023, which will be centered around AR (augmented reality)
research and development processes. 50% of the resources of Reality Labs are
currently being directed toward research and development activities.
A
lot is at stake for 2023! Bosworth concludes that it will be a year of big
metaverse developments for the company. Meta looks forward to replacing the
successor to the Meta Quest 2 headset and focusing on the growth and
improvement of the community at Horizon Worlds, its flagship metaverse
experience.
What
is your take on Meta’s commitment to the metaverse? Please post your comments.
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