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You are here: Home / Virtual Reality News / Facebook Spending Billions per year on Metaverse

Facebook Spending Billions per year on Metaverse

October 25, 2021 By michael kozlowski Leave a Comment

25 October 2021 By michael kozlowski Leave a Comment

There is lots of buzz from Facebook about the Metaverse, the company is reportedly going to change their parent company to this name. They are also spending over $10 billion dollars per year on Facebook Reality Labs, its metaverse division tasked with creating AR and VR hardware, software, and content.

The division, which already makes the Oculus Quest headset and Portal lineup of calling devices, is clearly being positioned as the next big thing inside of Facebook. For one, CEO Mark Zuckerberg has been talking about the metaverse nonstop for the past several months. And today, Facebook said it’s going to begin reporting earnings specifically for its Reality Labs segment, while Facebook’s main ads business — a staggering $28 billion this last quarter alone — will be reported under another bucket. It’s a sign to investors that the Reality Labs business matters and should be judged separately from how they value Facebook today.

What does Facebook plan to do with the Metaverse? Right now the exact logistics are unknown. It is thought to be an online world, similar to Second Life, but in the modern era. People will be able to buy land, open businesses, sell digital goods, talk to each other, get married in a virtual world. People will be able to connect to it with VR headsets.

Facebook has already created a virtual office and meeting space, where people connect and have 3D avatars sitting around a tablet. There are interactable whiteboards to lead discussions. It seems like a natural progression from Zoom and Microsoft Teams.

michael kozlowski
michael kozlowski

Michael Kozlowski has been writing about audiobooks and e-readers for the past twelve years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times. He Lives in Vancouver, British Columbia, Canada.

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