Meta will continue to push metaverse investments in 2023 according to Reality Labs head

Meta will continue to invest in virtual reality technologies in 2023, according to statements from Andrew Bosworth, head of Reality Labs, the company’s metaverse division. Although Meta has made some changes and adapted to the current economic atmosphere, Bosworth says the company remains committed to its metaverse pivot.

Meta will continue to promote the Metaverse and VR in 2023

Meta, the social metaverse company, plans to continue developing metaverse and VR-related projects in 2023. In an article written on December 19, Andrew Bosworth, head of the metaverse division called Reality Labs, explains that while the company has suffered significant setbacks due to the economic recession, it will continue to push forward with its new vision.

Andrew Bosworth stated:

I can say with confidence that after one of the most challenging years in the company’s history, Meta remains as committed to our vision for the future as the day we announced it.

Facebook’s rebranding to Meta was announced on October 28, 2021, changing the company’s scope and focus to make the metaverse a real place for individuals to socialize, find communities and build businesses. Bosworth believes this is the right thing to do to overcome what he sees as disastrous short-term thinking.

Investments and Achievements

Meta’s level of commitment to the metaverse is affected by the recent round of layoffs the company announced on November 9, with 11,000 employees laid off. Nevertheless, the company still devotes 20% of its budget to Reality Labs, its core metaverse division.

While several investors have called for Meta to abandon its metaverse business, Bosworth said this level of investment “makes sense for a company committed to staying at the forefront of one of the most competitive and innovative industries on the planet.”

This level of investment will continue to fuel the advancements Meta hopes to bring to the industry in 2023, which will be centered on AR (augmented reality) research and development processes. According to Bosworth, about half of Reality Labs’ resources are currently dedicated to this type of initiative.

The year 2023 will be a year of big metaverse developments for the company, Bosworth concludes, as Meta aims to ship the successor to the Meta Quest 2 headset, and focuses on growing and improving the community portion of Horizon Worlds, its flagship metaverse experience.