According to a report from The Information, Meta CEO Mark Zuckerberg is planning to reduce spending on the company’s Reality Labs division, which is responsible for developing virtual and augmented reality products like the Meta Quest headsets. The move comes as Meta aims to cut costs and become a “more lean and efficient” company by 2024. Reality Labs has been a significant financial burden for Meta, losing over $13.7 billion in 2022 alone. Zuckerberg’s decision to scale back investments in the metaverse reflects the company’s shifting priorities and the need to focus on more profitable areas of the business. While virtual reality remains a long-term goal for Meta, the company is facing pressure to generate returns and justify the substantial investments made in this emerging technology.
Source: https://www.businessinsider.com/mark-zuckerberg-cuts-spending-reality-labs-meta-report-2024-7