Development of virtual universes brought Meta a loss of $ 5.7 billion

Posted 28 July, 2022

Losses of the transnational holding Meta Platforms Inc. (an organization banned in Russia and recognized as extremist) associated with developments in the field of the metaverse amounted to $5.77 billion in the first half of 2022, according to the group's quarterly report .

The Reality Labs division of the holding recorded a loss of $2.8 billion for the second quarter, which is 15% more than the losses incurred a year ago - as of June 30, 2021, the loss was $2.43 billion. In the published document, Reality Labs also indicated quarterly income in the amount of $452 million, which is 35% less than the $692 million received in the first three months of this year.

Reality Labs is a separate division of the Meta Platforms holding that develops and manufactures hardware and software for virtual reality (VR), augmented reality (AR) and metaverses.

The announcement of the start of creating their virtual universe was made by Meta back in 2021. According to the plans of the developers of the Metaverse universe, its users will have realistic avatars, houses that can be made similar to their real homes, and they will be able to bring real objects into Metaverse. The company also said it was working on technology that would allow users in the Metaverse to create messages dictated by the "power of thought."

In October 2021, Facebook Inc. changed its name to Meta to be associated with its new product. The head of the company, Mark Zuckerberg, said that the company will need 5-10 years to develop and build Metaverse.

 

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