New VR Subscription Service Launched By Meta, Facebook's Parent Company

Jun 27, 2023

Meta, the owner of Facebook, has launched a virtual reality (VR) subscription service in an attempt to make its VR division profitable. The service, called Meta Quest+, offers paying users access to two new games per month. However, Meta's VR unit incurred a loss of $4 billion in the first quarter of the year. The company faces competition from Apple, which recently unveiled its highly anticipated mixed-reality headset.

The Meta Quest+ subscription service, priced at $7.99 per month or $59.99 annually, is compatible with Meta's existing Quest 2 and Quest Pro headsets, as well as the upcoming Quest 3 headset. Meta's CEO, Mark Zuckerberg, has expressed the company's commitment to building a "metaverse," an online world where people can engage in gaming, work, and communication in a virtual environment. He envisions Meta being recognized as a metaverse company, with a focus on the future of virtual reality.

While Meta reported a profit of $5.7 billion for the first quarter of the year, its Reality Labs division, responsible for VR products, experienced a net loss of $4 billion. This indicates that despite the company's overall profitability, the VR division is currently operating at a loss. In contrast, Apple's Vision Pro mixed-reality headset, set to be released in early 2024, will be priced at $3,499, positioning it as a high-end offering in the market. In comparison, Meta's VR headsets range from $299.99 to $999.99.

Overall, Meta aims to establish its VR division as a profitable venture through the introduction of its VR subscription service, despite facing competition from Apple's forthcoming headset. The company's focus on the metaverse aligns with its long-term vision for virtual reality and online interactions.

Originally Published By: BBC News