Waivly

Share this post
Facebook to spend at least $10 billion this year on metaverse division
www.waivly.com
Metaverse

Facebook to spend at least $10 billion this year on metaverse division

The tech-company is throwing large capital at its metaverse expansion to take it off the ground strong

Oct 26, 2021
Comment
Share
Facebook

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.

⠀

“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.

⠀

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.

⠀

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.

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇

CommentComment
ShareShare

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

TopNewCommunity

No posts

Ready for more?

© 2022 Waivly
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing