Meta will keep encouraging investments in the Metaverse in 2023

Meta will keep encouraging investments in the Metaverse in 2023

According to comments given by Andrew Bosworth, CEO of Reality Labs, the company's metaverse branch, Meta will continue to invest in VR technology in 2023. While adapting to the current unstable economic climate, Meta has made certain modifications, but according to Bosworth, the firm is still committed to its metaverse pivot.

In 2023, the social metaverse startup Meta plans to continue working on projects incorporating VR and the metaverse. The economic downturn has caused the company to suffer substantial setbacks, but Andrew Bosworth, head of the Reality Labs metaverse division, asserts in a December 19 piece that the company will continue to advance its new vision.

When Bosworth added, "I feel confident in stating that Meta is as devoted to the future we have in mind now as we were when we originally presented it," he was referring to one of the company's worst years ever.

Facebook said on October 28, 2021, that it would change its name to Meta and focus on establishing the metaverse a real place where people can interact, find organisations, and grow businesses. Bosworth believes that by doing this, he will be able to overcome his flawed short-term perspective.

Meta's level of commitment to the metaverse was impacted by the most recent round of layoffs, which the company reported on Nov. 9 and involved the termination of 11,000 employees. However, the company still allocates 20% of its resources to Reality Labs, its primary metaverse division.

Despite the fact that some investors had asked Meta to stop operating its metaverse, according to Bosworth, this amount of expenditure "makes sense for a corporation dedicated to staying at the cutting edge of one of the most competitive and innovative sectors on earth."

In 2023, Meta will be able to advance the industry with innovations centered on augmented reality (AR) research and development techniques thanks to this level of spending. Bosworth asserts that these types of projects currently account for over half of Reality Labs' resources.

According to Bosworth, 2023 will be a year of significant metaverse developments for the business as Meta plans to release the replacement for the Meta Quest 2 headset and concentrates on the expansion and upgrading of the communities included in Horizon Worlds, its premier metaverse experience.