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Search resuls for: "Reality Labs"


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Luckey founded Oculus and sold it to Facebook for $2 billion in 2014. He wants the metaverse to be built, but says Facebook's current product Horizon is "not good." Luckey sold Oculus, a virtual-reality startup, to Facebook in 2014 for $2 billion. Luckey was fired from Facebook in 2016, which he said happened because of his political donations to an "unpopular" cause. He said the amount of money Zuckerberg is putting behind the project alone means there's a chance Horizon Worlds will get better and the metaverse will be a success.
Meta shareholder wants Facebook parent to cut jobs, spending
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +2 min
Oct 24 (Reuters) - Facebook-parent Meta Platforms Inc (META.O) needs to streamline by cutting jobs and capital expenditure, its shareholder Altimeter Capital Management said on Monday in an open letter to Chief Executive Mark Zuckerberg. But the company's dreams have fallen short as the Reality Labs unit, which works on augmented and virtual reality, has continuously reported staggering losses. Meta Platforms, which is set to report third-quarter results on Wednesday after markets close, declined to comment. The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn. Register now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Arun Koyyur and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Mark Zuckerberg's multi-billion dollar metaverse investment has drawn ire from at least one prominent tech investor. Brad Gerstner from Altimeter Capital published an open letter, telling Meta it has "lost the confidence of investors." Gerstner suggested layoffs and limiting the company's metaverse investment for Meta to regain "focus." At least one prominent investor is now encouraging Meta to cut back on its massive investment in Reality Labs, its metaverse project, saying the company has "lost the confidence of investors." Earlier this month, Zuckerberg presented the company's latest updates to Reality Labs, which many found disappointing.
Meta's losses from its Reality Labs project total $15 billion since last year, with no end in sight. Meta's losses have come under scrutiny after some were disappointed in Mark Zuckerberg's recent update on the metaverse. Meta's losses from its metaverse project keep stacking up. The hefty price tag on Mark Zuckerberg's metaverse project appears even more substantial when it's put into perspective. Here are other incredible things that cost less than the amount Meta has reported as losses on its Reality Labs project since last year.
Internal documents show Meta's Horizon Worlds platform is struggling to retain users, WSJ reported. Most metaverse users don't return to the Horizon Worlds platform after the first month, WSJ reported. Internal documents show Meta has fallen far short of its goals for regular monthly users, WSJ Journal reported. Most users generally don't return to the app after the first month, while more than half of Quest 2 headsets are out of use within six months WSJ reported. "Currently it's unclear where the metaverse fits in the investment framework," WSJ reported Dare Obasanjo, lead product manager for Horizon and the metaverse platform, wrote in a memo.
Meta has sunk more than $15 billion into its metaverse project since the start of last year. Some experts expressed disappointment in updates Meta provided earlier this week and thought the technology would be farther along. Meta declined to provide a comment for this story, but a spokesperson for the company said that Meta doesn't break out the financial details for its Reality Labs segment. Zgutowicz pointed out that Meta has legitimate reasons for trying to build everything themselves, though. To be sure, Meta is not the only company that has declined to itemize certain losses, which is standard practice in Corporate America.
Meta unveils its much-hyped Quest Pro mixed reality headset
  + stars: | 2022-10-11 | by ( ) www.nbcnews.com   time to read: +4 min
Meta Platforms unveiled its Quest Pro virtual and mixed reality headset on Tuesday, marking a milestone for Chief Executive Mark Zuckerberg’s break into the higher-end market for extended reality computing devices. The Quest Pro features several upgrades over Meta’s existing Quest 2 headset, which overwhelmingly dominates the consumer virtual reality market. For fully immersive virtual reality, Meta has added tracking sensors to the Quest Pro that can replicate users’ eye movements and facial expressions, creating a sense that avatars are making eye contact. Meta is pitching the Quest Pro as a productivity device, aimed at designers, architects and other creative professionals. For now, that means the Quest Pro stops short of enabling the complex commercial applications Meta has suggested it wants its metaverse tech to support.
Meta/Handout via REUTERSOct 11 (Reuters) - Meta Platforms (META.O) unveiled its Quest Pro virtual and mixed reality headset on Tuesday, marking a milestone for Chief Executive Mark Zuckerberg's break into the higher-end market for extended reality computing devices. The Quest Pro features several upgrades over Meta's existing Quest 2 headset, which overwhelmingly dominates the consumer virtual reality market. For fully immersive virtual reality, Meta has added tracking sensors to the Quest Pro that can replicate users' eye movements and facial expressions, creating a sense that avatars are making eye contact. PITCHING PRODUCTIVITYMeta is pitching the Quest Pro as a productivity device, aimed at designers, architects and other creative professionals. For now, that means the Quest Pro stops short of enabling the complex commercial applications Meta has suggested it wants its metaverse tech to support.
Facebook CEO's Mark Zuckerberg's vision for the metaverse is one that is "open" and "interoperable." In an effort to get there, Facebook will join with the likes of Microsoft for work tools and games. Facebook CEO Mark Zuckerberg needs his expensive bet on the metaverse to work, and now he's talking up and partnering with rival companies to support that outcome. "I strongly believe an open and interoperable metaverse will be better for everyone," Zuckerberg said at the conference. Besides Microsoft, Facebook teamed up with Zoom and Accenture.
CNN Business —Meta’s newest virtual-reality headset, the Meta Quest Pro, is a slick, powerful device. Buyers can pre-order the Quest Pro as of Tuesday, and it will ship out on October 25. Meta's latest VR headset, the Quest Pro, is aimed at business users and costs $1500. Updated hand controllersThe headset is also more of a mixed-reality headset than a VR headset, as it isn’t meant to block out all ambient light all the time. The Quest Pro headset has sensors that can track your eyes and facial expressions.
Cordwell said Meta will see about 11% growth in digital advertising excluding ad-search compared to topping 20% in previous years. That marks a turn from growth in market share before the pandemic and holding steady during it. Cordwell said growth in Instagram Reels is a reason for optimism, but that does not outweigh competitive pressure in other areas. Meanwhile, Meta is struggling to limit costs that will weigh on the bottom line more substantially as revenue growth slows, Cordwell said. "Our revised $160 YE23 PT requires a 14x FY24 PE, a ~10% discount to the market," Cordwell said.
Amazon, Google, Microsoft, and Facebook have scaled back their ambitious "moonshot" projects. Moonshots like Google X and Amazon Grand Challenge allowed tech firms to build innovative projects. Before Amazon, Parviz led a similar team at Google called Google X. Page and Brin championed X projects they loved, helping them gain funding and headcount within the unit. Parviz, who created the once-hyped-up Google Glass, left Google X in 2014 to start Amazon's Grand Challenge.
New York CNN —Mark Zuckerberg, in response to a torrent of critical memes mocking the graphics of Meta’s newest project, has heard his critics – and changed his selfie. Many compared the Metaverse design to early 90’s graphics and pointed out how lifeless and childish the Zuckerberg selfie looked. It quickly won the designation “dead eyes.”Well, Zuckerberg has apparently seen the memes, because on Friday he announced there are major updates coming – along with new avatar graphics. On Facebook and Instagram, Zuckerberg posted a photo of his more advanced-looking avatar. Facebook planned to spend at least $10 billion in 2021 on Facebook Reality Labs, dedicating significant resources toward its augmented and virtual reality products and services in last year’s third quarter results.
"Make Instagram Instagram again," the half sisters advised in posts on the platform, circulating a petition to stop the changes. And Zuckerberg won't be able to say Kim and Kylie didn't warn him. This after Facebook — Meta's former crown jewel — back in February reported a loss of users for the first time. But it all mostly boils down to the fact that Meta doesn't know how to innovate its product anymore. Flying a plane into a virtual mountainNow, none of this is to say that Meta doesn't make money.
But there’s already one problem that some users have reported cropping up in the nascent space: harassment and other unwanted behavior, particularly in social VR apps and games, including in Horizon Worlds. It’s hard to tell how widespread VR harassment is, but a December report from the nonprofit Center for Countering Digital Hate gives a sense of its prevalence in VRChat. In hopes of stopping and preventing bad behavior, social VR apps tend to offer a number of common tools that people can use. There aren’t established normsAn overarching challenge in addressing VR harassment is the lack of agreement over what even counts as harassment in a virtual space versus a physical one. “Because it’s immersive, the embodied feature of social VR, those behaviors kind of feel realistic, which means it could feel damaging because it feels physical, the threat,” Freeman said.
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