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

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

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

Facebook owner Meta has introduced a groundbreaking VR subscription service, offering users the opportunity to explore a virtual world through their VR headsets
Jun 27, 2023
New VR Subscription Service Launched By Meta, Facebook's Parent Company

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

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