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Metaverse division loses $2.8 billion despite rebranding Meta

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Mark Zuckerberg, the founder of the social networking site Facebook, re-branded his company as Meta last year. Along with this, he hinted at bigger plans in the metaverse segment. However, his attempt has met with a major setback. Meta’s Metaverse division has once again suffered heavy losses in the second quarter of this year.

Metaverse division suffers heavy losses again in Q2

Zuckerberg said in the announcement of quarterly results that the loss of this division, called Facebook Reality Labs (FRL), was about $2.81 billion. It generated revenue of $452 million, which is about 35 percent less than the previous quarter. Despite this, Zuckerberg is confident that Metaverse technology will benefit the company in the coming years. “It will cost a lot for the next several years. I’m sure we’ll play an important role in building this as the use of the Metaverse grows,” he said.

FRL has been assigned the responsibility of developing hardware, software, and content to fulfill the company’s plan to become a major force in the metaverse. For this, this division is hiring tech workers from big companies like Apple and Microsoft. These especially include people associated with Augmented Reality (AR). Recently, the government of South Korea announced an investment of $ 177 million to finance the Metaverse projects. Investment in this segment will also increase employment opportunities. South Korea is one of the first countries to invest to grow the metaverse.

It achieved revenue of $452 million

According to an estimate, this segment can reach $800 billion in the next two years. South Korea’s Minister of Science, Information and Communication Technologies Lim Hyesook had said that there is a lot of potential in this segment. The Seoul Metropolitan Government is set to make Seoul the first city in South Korea to enter the metaverse.

This segment is expected to reach $800 billion in the next two years

It is being said that the metaverse will take internet parity to a whole new level. Creators such as the gaming industry are expected to be a major contributor to the growth of the metaverse. Global automobile companies Nissan and Toyota also debuted in the metaverse

Nissan and Toyota have also made their debut in the metaverse. These Japanese companies plan to attract their customers with  real video experience.

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