Meta might lay off 10% of its Metaverse department

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According to The New York Times, Meta is planning to reduce the number of employees at its metaverse division, Reality Labs. That said, what should you know about it?

 

Is Meta losing money with Metaverse?

For your information, this move appears to be taken in line with the metaverse division being seen to be spending a lot of money to operate, but not generating revenue in line with it. Previously, Meta had focused on developing metagames and made significant investments in them.

Moreover, the same business unit is also responsible for developing smart glasses, which are seen to have a higher demand, compared to virtual reality software and others. This move is also seen as in line with Meta's current focus on developing its own artificial intelligence model, which requires higher spending.


Stay tuned to TechNave.com for more updates.