Meta, the parent company of Facebook, has launched a virtual reality (VR) subscription service in an attempt to make its VR business profitable. The company announced that paying subscribers will have access to two new games every month. This move comes after Meta’s VR unit incurred a loss of $4 billion (£3.1 billion) in the first three months of this year.
Meta faces tough competition from other tech giants such as Apple. It recently unveiled its highly anticipated mixed-reality headset. In response, Meta introduced the Meta Quest+ service. That is priced at $7.99 per month or $59.99 for an annual subscription. It is compatible with Meta’s Quest 2, Quest Pro, and upcoming Quest 3 headsets.
In 2021, Meta CEO Mark Zuckerberg unveiled plans to create a “metaverse,” an online world where users can engage in gaming. In addition to work, and communication within a virtual environment, often using VR headsets. Zuckerberg expressed his vision for Meta to be recognized as a metaverse company.
Although Meta reported a profit of $5.7 billion for the first quarter of this year, exceeding market expectations. Moreover, its Reality Labs division, which is responsible for producing VR headsets and related products experienced a net loss of $4 billion during the same period.
Apple, on the other hand, recently announced its Vision Pro mixed-reality headset. However, marking its first major hardware launch in nearly a decade. Priced at $3,499, the Apple headset will be available in early 2024 in the United States. Moreover, setting it apart from other headsets currently on the market. Meta’s VR headsets range in price from $299.99 to $999.99.
With its new subscription service, Meta aims to boost its VR business and establish a stronger presence in the competitive VR market.