Meta Plans Major Metaverse Investments in 2023

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.

Meta to Pursue with Metaverse

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.