Meta continues to pump money into the growing VR gaming segment

Previously a PlayStation A VR exclusive, emIron Man VR/em will arrive in Quest 2 after Meta's purchase of developer Camouflaj and developer Camouflaj. sony </digit> Meta Connect's Keynote presentation on Tuesday afternoon spent a lot of time talking about how virtual reality - and the upcoming high-end Quest Pro headset - would help revolutionize the future of work and socializing. But the company has also spent a lot of time talking about the gaming sector which has so far been the primary use case behind the Quest 2 headset's relative success in the market. <p>To build on this success, the company today officially announced its recent acquisition of three other major VR game studios:</p> Twisted Pixel, the studio behind the spooky <em>Wilson's Heart</em> (which Meta actually bought on the sly last November). Camouflaj, one of the developers behind 2020's PSVR exclusive <em>Iron Man VR</em> (now coming to Quest 2 on November 3). Armature Studios, the developers behind the popular <em>Resident Evil 4 VR</em> port for Quest 2. <p>These recent purchases add to a recent flurry of acquisition spending by Meta Game Studios that already included Beat Games (<em>Beat Saber</em>), Ready at Dawn (<em>Lone Echo< /em>), Sanzaru Games (<em>Asgard's Wrath</em>), Downpour Interactive (<em>Onward</em>), and BigBox VR (<em>Population One</em>). In July, the Federal Trade Commission filed an antitrust lawsuit in an attempt to stop Meta from buying Within, the makers of the popular VR fitness app <em>Supernatural</em>.</p> Grow, but how fast? Meta's extra spending on even more VR developers comes as Quest 2 headset owners appear to be spending more on software than ever before. In total, Meta said today that $1.5 billion has been spent on games and apps on the Quest store since the platform launched in spring 2019. That's up from $1 billion. dollars in cumulative app revenue the company announced in February, suggesting VR spending is accelerating at a decent pace. <p>On the other hand, Meta's 30% share of those sales amounts to just $450 million in direct revenue over three years. For context, Microsoft recently revealed that it generated $2.9 billion in revenue from a single year of Xbox Game Pass console subscriptions alone, making the VR gaming market seems like a relative drop in the bucket.</p> <p>Meta's VR software revenue is still well below the $2 billion Facebook paid for Oculus eight years ago. And that figure doesn't even take into account the high operating, R&D and acquisition costs the company has incurred since the purchase.</p> <p>Meta's

  Technology   Oct 12, 2022   0   67  Add to Reading List
Meta continues to pump money into the growing VR gaming segment
Previously a PlayStation A VR exclusive, emIron Man VR/em will arrive in Quest 2 after Meta's purchase of developer Camouflaj and developer Camouflaj. sony </digit> Meta Connect's Keynote presentation on Tuesday afternoon spent a lot of time talking about how virtual reality - and the upcoming high-end Quest Pro headset - would help revolutionize the future of work and socializing. But the company has also spent a lot of time talking about the gaming sector which has so far been the primary use case behind the Quest 2 headset's relative success in the market. <p>To build on this success, the company today officially announced its recent acquisition of three other major VR game studios:</p> Twisted Pixel, the studio behind the spooky <em>Wilson's Heart</em> (which Meta actually bought on the sly last November). Camouflaj, one of the developers behind 2020's PSVR exclusive <em>Iron Man VR</em> (now coming to Quest 2 on November 3). Armature Studios, the developers behind the popular <em>Resident Evil 4 VR</em> port for Quest 2. <p>These recent purchases add to a recent flurry of acquisition spending by Meta Game Studios that already included Beat Games (<em>Beat Saber</em>), Ready at Dawn (<em>Lone Echo< /em>), Sanzaru Games (<em>Asgard's Wrath</em>), Downpour Interactive (<em>Onward</em>), and BigBox VR (<em>Population One</em>). In July, the Federal Trade Commission filed an antitrust lawsuit in an attempt to stop Meta from buying Within, the makers of the popular VR fitness app <em>Supernatural</em>.</p> Grow, but how fast? Meta's extra spending on even more VR developers comes as Quest 2 headset owners appear to be spending more on software than ever before. In total, Meta said today that $1.5 billion has been spent on games and apps on the Quest store since the platform launched in spring 2019. That's up from $1 billion. dollars in cumulative app revenue the company announced in February, suggesting VR spending is accelerating at a decent pace. <p>On the other hand, Meta's 30% share of those sales amounts to just $450 million in direct revenue over three years. For context, Microsoft recently revealed that it generated $2.9 billion in revenue from a single year of Xbox Game Pass console subscriptions alone, making the VR gaming market seems like a relative drop in the bucket.</p> <p>Meta's VR software revenue is still well below the $2 billion Facebook paid for Oculus eight years ago. And that figure doesn't even take into account the high operating, R&D and acquisition costs the company has incurred since the purchase.</p> <p>Meta's

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