Facebook to Invest $10 Billion in Metaverse
Facebook has disclosed that it plans to spend at least $10 billion on its metaverse division this year
The CEO of the company Mark Zuckerberg had early disclosed that the company was looking to pay more attention to the VR department
The company’s revenue from ads has recently been threatened after Apple issued iOS 14 update that allows people to turn off tracking
Facebook has announced plans to spend at least $10 billion on its metaverse division before the end of the year.
The company disclosed this in its report on third-quarter earnings that was released on Monday.
“We are committed to bringing this long-term vision to life and we expect to increase our investments for the next several years,”
The CEO of the company Mark Zuckerberg had earlier disclosed that he sees AR and VR as an important part of next-generation social experiences.
The billionaire even hinted that his company was about to change its name to relate to the metaverse since it was going to be their major focus.
The Metaverse division which already makes the Oculus Quest headset is responsible for the creation of various AR and VR hardware, software, and content.
Facebook also divulged that henceforth, it was going to begin reporting earnings specifically for its Reality Labs segment.
Another major segment for the social media company- “ads” is also going to be reported under a separate bucket.
The ads business is however not short of problems after Apple issued an update that limits tracking.
The iOS 14 update prevents giants like Facebook and Google from knowing what you are up to.