March 28, 2024

Reality Labs: Meta will continue to invest in the metaverse in 2023

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Reality Labs: Meta will continue to invest in the metaverse in 2023

Despite criticism and skepticism, Meta Corporation will not reduce the amount of investment in research and development of metaverse projects.

Meta Corporation plans to continuedevelopment of projects related to our own metaverse and virtual reality in general in 2023. Reality Labs head of metaverse Andrew Bosworth said that Meta's parent corporation will continue to push forward with its vision despite the economic downturn and the challenges the company has faced because of it.

"We never thought that work would be like thisdirection will be easy, however, this year turned out to be more difficult than we expected. Due to economic problems and pressure on Meta, we have encountered a wave of skepticism about the investments we make. However, we believe that the current level of investment reflects our desire to be at the forefront of one of the most promising and innovative industries in the world,” says Bosworth.

According to the head of Reality Labs, severalinvestors asked Meta to abandon plans to conquer the metaverse, but the company did not agree. Currently, about half of Reality Labs' resources goes to such initiatives. And in 2023, Bosworth believes there will be even more projects dedicated to the metaverse as Meta prepares to launch the next generation of its Meta Quest 2 headset.

Let us remind you that at the end of October Reality Labs reported
about losses that amounted to about $3.7 billion for the third quarter and $9.4 billion for the year. At the same time, Meta said that it expects operating losses from its division to increase next year.