Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs

Meta will continue to invest in VR (virtual reality) tech in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic atmosphere, Bosworth states that the company is still committed to its metaverse pivot.


Meta to Continue Pushing Metaverse and VR in 2023

Meta, the social metaverse company, is planning to continue to develop metaverse and VR-related projects during 2023. In an article written on Dec. 19, Andrew Bosworth, head of the metaverse division called Reality Labs, explains that while the company has suffered major drawbacks due to the economic downturn, it will still be pushing its new vision forward.

Bosworth stated:

I can say with confidence that after one of the hardest years in the history of the company, Meta remains as committed to our vision for the future as we were on the day we announced it.

Facebook’s rebranding to Meta was announced on Oct. 28, 2021, changing the scope and focus of the company to making the metaverse a real place in which individuals will be able to socialize, find communities, and grow businesses. Bosworth believes this is the right thing to do to overcome the short-term thinking that he considers disastrous.

Investments and Achievements

The level of commitment of Meta to the metaverse is being affected by the recent round of layoffs that the company announced on Nov. 9, when 11,000 employees were laid off. Nonetheless, the company still dedicates 20% of its budget to Reality Labs, its metaverse core division.

While there have been several investors asking Meta to drop its metaverse business, Bosworth declared this investment level “makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth.”

This level of investment will continue to power the advancements that Meta wants to bring to the industry in 2023, which will be centered around AR (augmented reality) research and development processes. According to Bosworth, around half of the resources of Reality Labs are currently being funneled toward this kind of initiative.

2023 will be a year of big metaverse developments for the company, Bosworth concludes, as Meta aims to ship the successor to the Meta Quest 2 headset, and it focuses on the growth and improvement of the communities part of Horizon Worlds, its flagship metaverse experience.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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