"Meta Platforms' ( NASDAQ:META ) journey into the metaverse began in 2014 with its $2 billion acquisition of Oculus VR, a move that positioned the company as a pioneer in virtual reality hardware. This laid the groundwork for immersive experiences beyond traditional screens. In 2019, Meta launched its social VR platform, Meta Horizon - originally called Facebook Horizon - allowing users to interact, create, and socialize in shared virtual spaces. The platform aimed to blend social networking with VR, fostering communities in a digital frontier."
"The big pivot, however, came in 2021, with Meta rebranding from Facebook to Meta Platforms, signaling a full-bore commitment to the metaverse as its future. CEO Mark Zuckerberg pledged $10 billion that year alone for metaverse development, envisioning it as the next evolution of human connection. Through its Reality Labs division, Meta has since poured billions more into VR headsets like Quest, AR glasses, and expansive virtual worlds. Yet, the bet hasn't paid off: Reality Labs has racked up $60 billion in losses since 2020."
Meta Platforms entered the metaverse in 2014 by acquiring Oculus VR for $2 billion, establishing a lead in virtual reality hardware. Meta launched Meta Horizon in 2019 to enable social VR interaction, creation, and community building. The company rebranded to Meta Platforms in 2021 and CEO Mark Zuckerberg committed $10 billion that year to metaverse development, with Reality Labs funding VR headsets, AR glasses, and virtual worlds. Reality Labs has accumulated about $60 billion in losses since 2020 and seen limited mainstream adoption. Meta plans up to 30% budget cuts for 2026 in core metaverse projects to redirect resources toward AI and other priorities.
Read at 24/7 Wall St.
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