In a March call with Forbes, Infinite Reality’s CEO John Acunto told Forbes that “the investor had an appetite for as large of a percentage of the companies we were willing to offer at the time, and we felt that we should move forward with that.” Acunto added that, “because the investor wanted to maintain his anonymity, which you’re aware of, it made it quite difficult to bring other people in with that investment who would need to know who that person is.”
You are viewing a single comment's thread from:
What do you think the relationship between blockchain and Metaverse?
Elaborate in detail.
Meta's Reality Labs is burning money. Recent layoffs may be the beginning of the end.
Meta reported a $4.2 billion loss in Reality Labs, totaling over $60 billion since 2020.
Reality Labs faced layoffs and struggles with declining revenue and underperforming Quest sales.
Meta could shift focus to AI and Ray-Ban smart glasses as metaverse projects lose traction.
Adding to the turmoil, Meta conducted layoffs in its Reality Labs division last week, primarily affecting teams that focused on VR gaming and the Supernatural VR fitness app, which Meta owns.
At least one analyst thinks the end is near.
"For now, Meta maintains two tales of one company," Forrester vice president and research director Mike Proulx told Business Insider. "Its Family of Apps continues to grow by the metrics that matter. But Reality Labs is a leaky bucket. Year-over-year, that division's revenue is down, and losses are up. I predict come end of this year, Meta will shutter its metaverse projects, like Horizon Worlds."
Horizon Worlds, Meta's social VR app in which users interact as avatars in shared digital spaces, was once the company's poster child for the metaverse. However, it has struggled to gain mainstream traction.
Over the 2024 holidays, Meta's Horizon app briefly topped app store charts — not because of surging interest in the metaverse, but because it's required to set up a new Quest headset. It signaled that the devices were a popular gift.
That momentum didn't stick. On this week's earnings call, Meta said Quest sales underperformed, dragging Reality Labs' revenue down 6% year-over-year.
On the call, Evercore analyst Mark Mahaney asked what might finally shrink those multibillion-dollar losses.