Meta's multi-billion gamble: Why VR still struggles for success

Contrary to predictions, VR (Virtual Reality) hasn't taken off in the gaming market. Sony has reduced the price of PlayStation VR2, for which it hasn't released a new game since the device's launch. Nintendo has only made a small attempt with a cardboard set. Microsoft hasn't engaged with this technology at all.

Meta bought Oculus VR technology in 2014. The attempt to make Meta Quest a mainstream hit cost $8.3 billion (around €7.7 billion) this year alone. There's no indication that Mark Zuckerberg plans to give up despite the lack of enthusiasm from players. Since the end of 2020, Oculus VR now rebranded as Reality Labs, has accumulated losses of about $50 billion (around €46 billion). These are not final amounts; the latest results are even worse than in the first quarter of 2024.

Despite the lack of obvious success, Meta is not giving up or slowing down. Even though their efforts in this technology unrelated to games have become objects of jokes, like Mark Zuckerberg's infamous VR selfie, the entire concept of the Metaverse is being mentioned less and less, although there is no indication that Meta intends to abandon it.

The main problem with VR isn't necessarily the quality of its content but the fact that you need to wear such a large device to use it. Meta Quest 3 is capable and doesn't need to connect to another device to work, but it still seems to demand too much. PlayStation creator Ken Kutaragi said in an interview with bloomberg.com in 2022: "Headsets are simply annoying."

Commentators on reddit.com gave a similarly brief diagnosis of the current situation in the VR market. One of them wrote: "Equipment is bulking and annoying - people don't want to wear a bucket on their head." Many people also agreed with another statement: "Roomscale VR will never be mainstream due to the physical requirement to play. At best, VR HMDs will replace the monitor/screen you sit in front of with your controller/kbm and game with."