Meta’s Metaverse: Billions in Losses and Rising Costs 💸

Zuckerberg's Metaverse Is, Costing Meta Billions.<br />Zuckerberg's Metaverse Is, Costing Meta Billions.<br />Meta reported a $3.74 billion operating loss on its Reality Labs division, which oversees CEO Mark Zuckerberg's metaverse, according to The Byte.<br />Meta reported a $3.74 billion operating loss on its Reality Labs division, which oversees CEO Mark Zuckerberg's metaverse, according to The Byte.<br />In October, Reality Labs was hit <br />with job cuts, slashing the <br />division's 600-person team. .<br />Despite some technological steps forward, the costly <br />virtual reality project still appears to be a long way from <br />becoming profitable for Facebook's parent company.<br />Despite some technological steps forward, the costly <br />virtual reality project still appears to be a long way from <br />becoming profitable for Facebook's parent company.<br />In 2022, Meta's Quest Pro VR <br />headset went on sale <br />for a hefty $1,500.<br />In September of 2023, a Roblox conference <br />reportedly handed out the high-price <br />headsets to attendees for free. .<br />The Byte reports that a recent survey by <br />Piper Sandler found that teens in the U.S. lack <br />interest in current virtual reality technology.<br />Only 29% of the 5,600 teens who took part <br />in the survey owned a VR device, with <br />4% of them saying they used it daily.<br />Just 7% of teens polled said they had <br />plans to buy a VR headset in the future.<br />Meanwhile, 52% of teens polled <br />said that they were either unsure <br />or disinterested in the technology.<br />The Byte reports that VR has failed to find an audience <br />among young people, a demographic which has <br />traditionally driven the technology market.