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Meta to Detail Investment in AR/VR and Metaverse Technologies at Connect Conference

  • September 27, 2023

Participants at the Meta Connect conference expect details of the company’s investment in the metaverse at the 2-day event.

The CEO of Meta Platforms Inc (NASDAQ: META) is expected to provide information on the company’s investment in the long-awaited Meta metaverse development at the Meta Connect conference today and tomorrow.

Participants at Meta Connect expect to hear details about Meta’s plan to attract investment in artificial intelligence powered by virtual reality (VR) and augmented reality (AR) technologies. Many participants and observers are waiting on the details Zuckerberg will announce, especially since Meta has heavily funded its metaverse endeavors since the initial announcement. Speaking on the upcoming conference, Creative Strategies president Carolina Milanesi said:

“I would expect AI to play a big role, but unclear what their angle will be as far as how they will provide a hook for consumers. For businesses, I am sure it will all be about targeted ads and data.”

In May, Meta initiated a round of company layoffs targeted at 6,000 employees. At the time, many suggested that Meta was freeing up funds to continue investing in its metaverse. Between November and May, the social media giant had already cut over 20,000 jobs.

Meta Investment in Quest

As part of announcements at Meta Connect, many expect some information on apps for the company’s hardware devices, including the new virtual reality Quest headset scheduled for release this year. There are also expectations for virtual assistants powered by artificial intelligence. Two sources familiar with the matter hinted that the company plans to integrate these assistants with apps.

Meta Connect should significantly announce details on Quest. The VR/AR device is already in competition with Apple’s Vision Pro headset announced in June, and could divide the market depending on Meta’s announcements. SmartTech Research principal analyst and CEO Mark Vena said:

“How does Meta compete with Apple’s Vision Pro? I want to know how Meta is prioritizing innovation, investing heavily in hardware and software development for its augmented and virtual reality solutions, Oculus and Quest.”

The rivalry between both companies in the reality headset space will depend considerably on their executions. In June, Meta revealed that the Quest 3 will support AR and VR technology. Starting at $499, the new device is Meta’s first attempt at full mixed-reality features. Interestingly, Quest 3 is expected to be smaller than Quest 2.

Recently, Meta expanded access to its Horizon Worlds 3D social platform to web and mobile platforms. The game will now be available to users outside the metaverse for the first time since its 2021 launch. According to a company publication, Meta believes everyone should have access to the metaverse regardless of their device. The company believes that while the Quest headset is the best point of access, there should be others.

Meta said initial access is restricted to a select number of Android users, with plans for an iOS version a little later. The publication also stated that web browsers can enjoy early access.

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Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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