Meta is best known for featuring augmented reality and virtual reality projects from its dedicated department, Reality Labs. However, in its recent statement, the company revealed that its AR projects are getting nearly half the operating expenses from the department, taking up a massive chunk of Meta's funds to push its augmented reality experience for the public.
Meta's AR Projects Get Nearly Half of Funds from Reality Labs
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BURLINGAME, CALIFORNIA - MAY 04: Meta employee Dennis Hampton demonstrates a video game that is played using the Oculus Quest 2 virtual reality headset at the new Meta Store on May 04, 2022 in Burlingame, California. Meta is set to open its first physical retail store on May 9.
Meta Reality Labs CTO Andrew Bosworth released a blog post regarding their belief in the future, and this details the many challenges on its projects to deliver the company's promised technology for the world.
In this post, the CTO said that "about half" the operating expenses of the Reality Labs division are solely poured into its augmented reality projects.
This is one surprising revelation from Meta's department, especially as people thought that its main focus and the most funded project is for its metaverse and mixed-reality projects towards the digital world.
It is important to note that its AR projects include the Ray-Ban Stories glasses, and on the other hand, its VR centers on the Meta Quest hardware.
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What About Meta's Metaverse, and VR Projects?
While Meta's Reality Labs put massive funding into its AR ventures, the company said that this does not mean that their other projects like mixed reality, VR, and the metaverse are entirely forgotten.
It still aims to develop these technologies for the public's use in the future, one which they believe will be possible and something it can deliver with its current plans and actions towards it.
Meta and its Digital Reality Focus
Meta's rebrand puts a new focus on the company, and it is their newfound quest towards featuring a new experience for the world with the different forms of digital reality. There are different ventures towards it, and all of them are under Meta's Reality Labs department, which was previously revealed to have lost a massive $3.1 billion in one quarter alone.
In terms of VR, Meta is best known for its work on the department previously known as Oculus, featuring its headsets and apps available for the virtual experience.
On the other hand, its most prominent AR project is the Ray-Ban Stories glasses, a known collaboration with Meta to feature the wearable.
And on top of it all is the culmination of both AR and VR, centering on the significant work of Meta toward creating a digital world, with its metaverse project.
With the many focuses by Meta and Reality Labs, its budget and funding are one of the most important factors in making it work, and with the AR already getting almost half of it, Meta aims to make it work for its entire venture.
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