Meta Platforms is hoping Apple’s launch of the Vision Pro can reinvigorate its $50 billion metaverse effort, which consumers have yet to widely embrace. The social-media company wagered its reputation on the technology in 2021, changing its name to reflect an expansive vision that the future would rest in immersive virtual worlds. Three years later, Meta’s Reality Labs division accounts for less than 1% of overall revenue, and the company has struggled to expand the cache of its Quest devices beyond a niche market.
Reality Labs is expected to lose $115 billion between now and 2030, according to FBB Capital Partners. On the eve of the arrival of Apple’s Vision Pro, which will hit U.S. stores Friday, executives at Meta are optimistic, believing the iPhone maker’s entry into the market will validate Chief Executive Mark Zuckerberg’s gamble and draw more consumers, according to people familiar with their thinking.
Meta employees see the Quest and its software ecosystem emerging as a primary alternative to Apple in the space, filling the role played by Google’s Android in smartphones, the people said. Apple’s encroachment into the headset space marks the latest chapter in a bitter rivalry with Meta. The two have clashed on several fronts in years past, ranging from consumer privacy on the iPhone to, more recently, the distribution of apps in Europe.
The battle that Meta executives and industry insiders see coming centers on software makers who will play an outsize role in developing applications that will draw more users. “Meta is going to have to step up their game and make sure that whatever they’re making still attracts that core developer," said Kim Forrest, chief investment officer at Bokeh Capital Partners. “This could
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