Despite criticism and skepticism, the Meta Corporation will not reduce the amount of investment in research and development projects for the metaverse.
Meta Corporation plans to continue developing projects related to its own metaverse and virtual reality in general in 2023. Andrew Bosworth, head of the Metaverse division at Reality Labs, said that Meta’s parent corporation will continue to push its own vision despite the economic downturn and the challenges the company has faced because of it.
“We never thought that the work in this direction would be easy, however, this year turned out to be more difficult than we expected. Due to economic issues and pressure on Meta, we have faced a wave of skepticism about the investments we are making. 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, several investors asked Meta to abandon plans to conquer the metaverse, but the company did not agree. Currently, about half of Reality Labs resources go to such initiatives. And in 2023, Bosworth believes there will be even more metaverse-themed projects as Meta gears up to launch the next generation of its Meta Quest 2 headset.
Recall that at the end of October, Reality Labs reported losses that amounted to about $3.7 billion in the third quarter, and $9.4 billion for the year. At the same time, Meta said they expect their division to increase operating losses next year.
Source: Bits
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