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Meta plans to reduce investment in Metaverse team, saving funds for VR glasses business
Summary: According to sources cited by Jin10 data and The New York Times, Meta Platforms (META.O) is considering layoffs in a branch of its Reality Labs department that focuses on the 'metaverse' business, potentially starting as early as next month, affecting 10% to 30% of the team. The team is primarily responsible for VR headsets and ...
According to sources cited by Jin10 data and The New York Times, Meta Platforms (META.O) is considering layoffs in a branch of its Reality Labs department that focuses on the 'metaverse' business, potentially starting as early as next month, affecting 10% to 30% of the team. The team is primarily responsible for VR headsets and VR-based social networks. Reality Labs consists of the metaverse department and wearable devices department. Insiders indicate that management plans to redirect the saved funds from the layoffs into the AR glasses project. Meta partnered with Ray-Ban in 2021 to launch AR glasses, which have exceeded internal sales targets. Insiders suggest that Meta is reassessing its investment in the metaverse, with executives considering significant cuts to VR-related positions within the metaverse department.
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