Facebook is planning to spend at least $10 billion this year on its Facebook Reality Labs, the metaverse division of the company that has been tasked with creating AR (augmented reality) and VR (virtual reality) software, content, and hardware.

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“We are committed to bringing this long-term vision to life and we expect to increase our investments for the next several years,” the company wrote in its third-quarter earnings release yesterday afternoon.

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Facebook sees AR and VR as being a core element to “the next generation of online social experiences.”. This comes after Facebook recently announced they were pushing for a metaverse-focused future, in which they plan to rebrand for.

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This metaverse division of the company already makes the Oculus Quest headset and the Portal lineup, and is being positioned as the next thing for Facebook, moving away from just a social media platform, to a metaverse and social company.

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