In 2023, Meta, a company that specializes in developing augmented reality technology, plans to devote 20% of its overall budget to its Reality Labs division, with half of that money going toward AR projects. This year, Meta has come under fire for its heavy investment in metaverse initiatives and $9.4 billion loss over the first three quarters of 2022.
But according to Andrew Bosworth, chief technology officer of Meta, changing course at this time may have “disastrous implications” and a 20% investment in Reality Labs makes sense for a business devoted to being at the forefront of AR technology.
Reality Labs is now trying to enhance its fundamental avatar system, and in the upcoming year, the company expects to unveil a gaming demonstration and the Meta Quest 2 headset replacement. Additionally, the business wants to support the metaverse platform Horizon Worlds.
