Meta's annual Connect conference commenced last week with a captivating opening keynote presentation by founder and CEO Mark Zuckerberg. Over the course of two virtual days, the event featured a diverse line-up of 20 presentations covering a wide array of topics, including virtual reality, artificial intelligence, and the highly anticipated Meta Quest 3.
The future of Meta
Meta finds itself amid an extensive corporate transformation, a journey CEO Mark Zuckerberg acknowledges will span multiple years. The company is shifting from its identity as a social media platform provider and setting its sights on becoming a dominant force in the emerging realm of virtual reality.
Despite this shift in focus, Meta's primary revenue source continues to be advertising on its social media platforms, Facebook and Instagram. However, this transformative undertaking has progressed more slowly than initially envisioned, incurring significant financial costs estimated to run into billions of dollars.
In response to these shifts, Meta has implemented workforce reductions, amounting to a substantial 20,000 job cuts since November 2022. These decisions were prompted by a decline in online advertising and heightened uncertainty within the global economy.
Meta Quest 3
During Meta Connect Live they also released more information on their Meta Quest 3 mixed reality VR headset. This headset will be available from £479.99 and will include 110-degree field of view, full-colour passthrough tech, and a system that is powered by the Qualcomm.
Alongside this headset, Zuckerberg also teased the next generation of Meta Quest software. This software is a virtual screen that can float in either a virtual or mixed reality which is coming in December.
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