Mark Zuckerberg’s Meta, formerly known as Facebook, continues to invest heavily in his Metaverse vision despite significant financial losses in its Reality Labs division. According to Quartz, the company reported a staggering $3.8 billion loss in the first quarter of 2024.
In 2021, Zuckerberg rebranded Facebook as Meta with promises of creating a virtual reality Metaverse where people could interact beyond physical boundaries. However, nearly three years later, the Metaverse remains elusive, raising doubts about the feasibility of Zuckerberg’s ambitious project.
Despite the financial challenges, Meta’s Reality Labs division, responsible for VR business and research, reported a $3.8 billion loss in the first quarter of 2024. However, there has been a slight decrease from the previous quarter, indicating progress in the Metaverse endeavors.
Zuckerberg remains positive about the Metaverse’s future, emphasizing Meta’s commitment to building it. While critics question the timing of the Metaverse’s arrival, Zuckerberg hopes to see it materialize within the next decade.
Although Meta is focusing on AI development, its Metaverse efforts are still in motion. Reality Labs saw a record $1 billion in revenue in the last quarter of 2023, signaling growth in the virtual reality sector. However, the division faced criticism for its lack of profitability.
For more information, see Quartz’s article here.
*Lucas Nolan is a reporter for Breitbart News covering free speech and online censorship.
