On July 26, 2023, Meta (formerly known as Facebook) released its earnings report for the second quarter of 2023. In this report, the Metaverse division led by Mark Zuckerberg recorded a staggering loss of $21.3 billion since 2022.
Reality Labs, a part of Meta, was established in August 2020 and focused on projects and virtual reality technologies. Mark Zuckerberg’s vision was to make Meta a leading company in the digital world through Reality Labs.
However, despite nearly three years of development in the promising field of Metaverse, it seems that this steadfast approach has not yielded positive results. Meta continues to bear the financial burden of over $40 billion for its subsidiary, Reality Labs. In 2022 alone, Reality Labs incurred a loss of $13.7 billion, while Meta’s total revenue was just over $32 billion, despite various initiatives introduced.
Nonetheless, Meta’s founder and CEO, Mark Zuckerberg, remains optimistic about this promising field. He stated that Meta will continue to invest and develop in virtual reality (VR), augmented reality (AR), Metaverse, and social platforms. He cannot guarantee success, but believes that this direction aligns with the world’s development.