On Monday, Meta said it will open its first virtual store and VR exhibition where customers will be able to purchase the Quest 2. The company is also seeking to promote high-tech headsets within its division, currently called Project Cambria, which will begin launching its products later in the month. this year.
The use of virtual reality equipment and helmets is still weak due to several reasons ranging from high expenses, which need time to become acceptable to most consumers, in addition to the insufficient range of applications for these devices.
Within the video game industry for example, which has nearly 3 billion players around the world, there are only a few virtual reality games, and moreover, only 3% of users on the popular gaming platform Steam own a VR headset. Read more [China’s Tech Giants are Rushing Into Metaverses].
But of course, the Facebook giant’s owner, Meta Platforms, is trying to bet on these helmets as part of its efforts to diversify its sources of income along with advertising revenue from its Facebook, Instagram and WhatsApp group, which represented 97.5% of its revenue during the last quarter to nearly $28 billion. Read more [The Giant Facebook Announces First-Quarter Results].
However, the revenue contribution from Reality Labs, which specializes in designing products for the virtual world of metaverse, was only $695 million, and Reality Labs will remain a money-consuming venture if Meta continues to bet on it for the future.
As the division recorded a loss of $2.96 billion according to the first quarter results, compared to a loss of $1.83 billion during the first quarter of 2021, it is worth noting that the leading social media application company has allocated $10 billion to build the world of metaverse and its applications. Read more [Top 5 Stocks to Invest in for The Long Term] and [Facebook Officially Changed Its Name To Meta].