This week, social media and Metaverse pioneers Facebook announced plans to invest up to $10 billion USD into its Reality Labs virtual and augmented reality (VR/AR) division by the end of the year.
Facebook announced the plans in a third quarter (Q3) earnings report, which revealed ad revenues for the company reached a massive $28 billion USD. The Menlo Park-based firm will additionally track Reality Labs’ earnings separately from Facebook’s umbrella of social media apps.
The developments come after heated comments from Mark Zuckerberg, Facebook CEO and Founder, who slammed negative media criticisms in an Q3 earnings call and defended his company’s position on internet security.
Zuckerberg claimed at the time the media had been conducting a “coordinated effort” to harm Facebook’s reputation, sparking further controversy on social media.
Inside Facebook Reality Labs
The news comes as Facebook Reality Labs achieves successes under Andrew Bosworth, Vice President of AR and VR, who leads the division and allowed Oculus headsets to top markets.
Subsequently, Zuckerberg promoted Bosworth to his current position after the newly-appointed VP served as Head of Facebook Reality Labs.
Bosworth’s Metaverse division debuted earlier in August and has already secured investments worth up to $60 million, namely after pledging to hire 10,000 European workers to develop immersive content for the company and “ethically” build the new platform.
Facebook, Oculus Connect
The news arrives just days ahead of Facebook’s Connect event, where Zuckerberg will address the upcoming Metaverse rebranding.
Additionally, recent Twitter leaks this week suggest Facebook may announce a mixed reality (MR) Oculus Quest Pro headset that supports enterprise-grade collaborative tools.
