Meta chief technology officer Andrew "Boz" Bosworth said in an internal memo shared with Business Insider that the company's Reality Labs division needs to turn things around in a big way in 2025, or else its whole venture into mixed and virtual reality could go down as a "legendary misadventure."
Reality Labs has sunk tens of billions of dollars into VR development, but the technology has never broken through to "next big thing" status as once predicted. As we said in August 2024, the losses for Meta "are spiralling out of control, with no end in sight." The division suffered nearly $50 billion in losses over 2020-2024, and the news has not gotten any better since: In its fourth-quarter earnings report released last week, Meta said Reality Labs recorded yet another operating loss of $5 billion.
