Virtual reality business Reality Labs lost $2.81 billion of $452 million in sales during the second quarter of this year as Meta anticipated a second quarter of dropping revenue.
The latest evidence of Facebook CEO Mark Zuckerberg’s and Meta’s heavy investment in virtual reality/augmented-reality goods and the so-called “metaverse,” as they’ve been dubbed.
For a corporation that made $8.36 billion of operating profit on $28.82 billion in revenue during the quarter, it’s a high but manageable cost.
When it comes to competing with tech giants such as Apple, Google or Microsoft, Zuckerberg or other Meta executives believe that headsets for virtual or augmented reality are the future of computing and can spend a lot of money on technologies that may not be ready for release for several years, as well as on a large staff of experts, it is clear that they believe in the potential of virtual – reality technology.
The most famous VR headset is Meta’s Quest 2, which is still a niche product. Meta announced earlier this week that the pricing would rise from $299 to $399.
With cameras in front of the headgear, Meta plans to unveil goggles that are more sophisticated early this year, allowing users to “pass-through” reality. By filing a lawsuit on Wednesday, the Federal Trade Commission (FTC) suggested that future purchases would be subject to intense regulatory scrutiny.
Metaverse Is Not The Same As Virtual Reality Or Augmented Reality
It is important to note that Revelio Labs’ study methodology has a caveat: Apple, Amazon, Google, or Microsoft either don’t use the phrase Metaverse at all but use it less regularly than Meta and other firms. Thus, it is not listed in employment listings.
The Metaverse’s enabling technologies, such as virtual, augmented, and mixed reality, are being sought by other large tech corporations. The amount of Metaverse employment in June 2022 nevertheless exceeded the number of positions in January 2022 and the previous year, notwithstanding the collapse.
According to Revelio Labs’ research, the phrase “metaverse” has lost some of its original significance in the working world after a recent wave of enormous publicity. In addition, this suggests that corporations are presently avoiding riskier investments. In the next months, the economy and, maybe, Meta’s Cambria and Apple’s headgear introductions will have a significant impact on whether or not the mood changes.
Since April, The Metaverse Has Lost 81% Of Its Workers
According to a new report by New York-based labour market analyzer Revelio Labs, Metaverse occupations are especially hard-hit by the present economic climate.
An analysis of Metaverse job searches found that following a spike in July 2021, notably in January 2022, and a subsequent drop of 81% in only two months in April and June 2022, interest in the Metaverse expanded rapidly. Searches for metaverse-related jobs were conducted across all sectors by the analytics business.