Facebook lost billions of dollars because of metaverse
Reality Labs, Facebook's metaverse business, continued to struggle in the first three months
Reality Labs is a division that develops AR / VR devices and related software to serve the metaverse goal that CEO Mark Zuckerberg is pursuing. Last year, the division reported revenue of $2.3 billion, with a loss of $10.2 billion.
However, Zuckerberg thinks the loss is part of the plan. "While focusing on the biggest opportunity and challenge ahead, I think it's important that Meta needs to build a new foundation for the next era of social technology," the US billionaire said at the meeting today. 28/4.
Reality Labs introduced Horizon Worlds - the virtual world that Zuckerberg sees as central to his metaverse strategy - in December of last year. However, the platform has yet to contribute anything to revenue.